Our living standards and quality of life are rapidly declining
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You don’t need an economics degree to tell that prices have skyrocketed over the past few years. Any Canadian who buys groceries, fills up the gas tank or pays rent knows that inflation has taken a big bite out of their take-home pay.
The same goes for our crumbling standard of living. Canadians can sense that it’s deteriorating in a number of ways: fewer job opportunities, higher taxes, mounting debt, and less money to pay the bills.
In a recent study by the Fraser Institute, it was confirmed that living standards in Canada are declining, evident through per-person GDP drops. The Quality of Life Index also paints a grim picture, with Canada now ranking 33rd globally due to various factors. The primary reason behind this decline is the shift from a manufacturing economy to a financial one, resulting in job losses and industry erosion.
Furthermore, in the competitive global economy, countries like China strategically dominate key sectors, weakening Canada’s industrial prowess. A solution lies in economic revitalization through profit-sharing, tax reforms, and reduced government spending. If such sound principles are applied, prosperity awaits; otherwise, Canada risks lagging behind. As Frank Stronach aptly notes, innovation, skilled trades, and entrepreneurship must be nurtured to reverse the downward trend in living standards. Let’s act now to regain our economic strength and secure a brighter future.\
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