I could just as easily say that this the result of 40 years of the upper class shifting the tax burden downward to the middle class, while lobbying for the passage of laws to ensure that all of the economic gains during that period are funneled upwards towards themselves.
Telling the middle class to tighten their belt because - despite a growing economy - there just isn't enough to sustain the lifestyle that their parents enjoyed isn't sound economic principles, it's class war.
I don't understand how it relates to the article, or even Canada in general. Are they contending that the Canadian government running deficits is causing the population to live on cheap credit? Canada historically runs small deficits. The most recent government has had deficit spending as part of their platform, but I don't think they've been in power long enough to be the source of this problem.
It just looks like vague anger at greedy governments from "the whole world" without anything to substantiate it or talk about.
It's not vague anger in the least. From what I just looked up, it seems Canada has ~1.6T in total debt (federal and provincial levels of government) and around the same in GDP, which is better than the US because the US has more than that amount just from the federal.
The issue with deficit spending is simply stated as this - you can print money, but you cannot print value. Meaning that people produce value and just because there are X more dollars in circulation doesn't mean there are now miraculously a proportional increase in the amount of goods and services the economy produces. Roughly the same number of people are working so the GDP is more or less unchanged. So what happens? Well supply and demand does its thing and prices rise because now there are more dollars and approximately the same number of goods and services.
Deficit spending is effectively a hidden tax on everyone. And it's truly vile because it cuts down the purchasing power of everyone equally, meaning those with the lowest incomes get the same % hit to their purchasing power.
When you think about the impact of deficit spending, it should induce rage. What's more, think about this. If Canada has to pay off that debt in full (without even taking interest into consideration), it means that everyone who is currently working would have to work an entire year for free (100% tax rate) just to close the debt. That's how much of the people's labor they have stolen through deficit spending.
Or think of it this way - it usually takes the average person until they are around 30-33 to save up a full one year's pre-tax salary. That's about ~7-10 years of savings (assuming graduating college around 22-23). That means they have spent/stolen 7-10 years of savings for the average person!
The destruction of purchasing power is directly proximate to the use of credit as a means of survival for the middle class.
To add further in India top 5-8 per-cent population is described as 'middle class' by media. Because real middle class there looks like malnourished, emaciated masses.
It hardly fits into narrative of young people doing modern jobs, have a motorized vehicles, eat out and go for movies every week.
True, many people are ignorant, but also we've been target of massive, decentralized, decades-long pysops campaigns (aka marketing and public relations) that have steered us in this direction.
Update: edited for clarity.
>The whole world's middle class is on the brink of ruin thanks to modern era politicians whose gluttony for easy money
I guess that depends on what you define as "middle class". The bottom 50% of people earn 15% of all income in the US. These people are struggling. Not sure I'd consider them "middle class" though.
On the other hand, the segment from median income to $100,000 is 50% of all income earned, and that figure is rising.
