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Originally Posted by logicbomb
I work for the public sector (in the Vancouver area) and can solidly say that the mean age of the employee there is in their late 40's. Many of them absolutely loath the NDP and fear their property prices dropping. Many of those nearing retirement have firm plans to sell and move to the Interior or the Island. I hear it every day. "Robbing them of their dream" will ensure they never trust or vote for a socialist government again.
The next generation is also bound to an economy tied to real estate. Decreasing demand and softening the market will undoubtedly result in many layoffs as projects are delayed/stalled. Realtors, mortgage brokers, specialists, underwriters, insurance brokers, construction, restoration workers etc...will all be impacted.
As bad as the Liberals were ethically, the economy in BC boomed with them in power. The NDP are literally catering to the poor and only the poor. Affordability was propped up to a major issue when most were doing comfortably well. Those that were wise have migrated elsewhere. The NDP has to get with the times and realize there is a lot at stake here.
With regards to Nanaimo. I know a Liberal constituency assistant that has stated that the NDP MLA's have flooded the area doing last minute campaigning and door canvassing. Based on what I am hearing...it's a lost cause. The Liberals are already preparing for a provincial election in the spring/summer.
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In economics, we must differentiate between earned and unearned income. Income from rent and the speculative increases in real estate are in the realm of the latter, not the former. Those who purchased 20 years ago are getting rich from increases in an arbitrary economic system based on compound interest. They are wealthier simply because of being older, not by working more that the generation that is entering the workplace at the moment. In fact, younger people have to work more because a vast majority of the increase in productivity in the past 30 years has gone to the one percent, thereby increasing the gap between socio-economic classes. The situation for those under the age of 30 is untenable. Basically, the future has been sold for the present; there is a significant problem of attracting workers to come and be employed in this province because of the inflated cost of living.
There is the real economy, of building buildings, cars, and etc., and the fake economy, called the FIRE Sector (Finance, Insurance, and Real Estate). The former creates while the latter makes claims on the former. The money that could be circulating in the economy has to go to finance ever increasing debt loads. Indeed, a debt load of 242% seen in BC is unsustainable, hence why interest rates went up. With this much debt in the system, the Bank of Canada had to act. It is the steep interest rates that have led to the market stalling and that China has cracked down on the amount of currency leaving the country. In other words, the spigot has been turned off, easy credit and foreign money via Asia, bot legal and illegal. The Speculation Tax and the School Tax will only have a negligible effect on the real estate sector. What we have seen in Vancouver in the last few years was simply unsustainable.
We should not be fearful of the Socialist "hoards." What we must be fearful of is the creation of economic systems that benefit a small portion of the population. BTW, I am someone who has a stake in the system as I own a Condo and have a home that I will partially inherit.
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We pursue all crimes, and choose to allocate more resources to the worst crimes. Its just logic.
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