Federal Government & Politics II

[whatnext]

Originally Posted by Truenorth00

This is a provocative piece. But I urge people to read it. It really shows how badly this country has abused young people. I'd normally pull out juicy bits. But there's just too many.



https://thehub.ca/2024-04-16/eric-lo...adians-future/

I disagree with a lot of that. For example, Justin Trudeau is the one who has really "leaned heavily on increased immigration to sustain population growth" and he's no Boomer. Similarly to say there's "an evident decline in state capacity" when you have the Lib/NDP pushing free dental care, a national school lunch program etc seems disingenuous.

he does have some valid points, like why Canada can't seem to build anything big anymore without it beign wildly expensive and time consuming

[Innsertnamehere]

Originally Posted by whatnext

I disagree with a lot of that. For example, Justin Trudeau is the one who has really "leaned heavily on increased immigration to sustain population growth" and he's no Boomer. Similarly to say there's "an evident decline in state capacity" when you have the Lib/NDP pushing free dental care, a national school lunch program etc seems disingenuous.

he does have some valid points, like why Canada can't seem to build anything big anymore without it beign wildly expensive and time consuming

I mean TMX is about to open and it's one of the largest infrastructure projects on the planet. Expensive, yes.. but we built it.

[GenWhy?]

Originally Posted by Truenorth00

This is a provocative piece. But I urge people to read it. It really shows how badly this country has abused young people. I'd normally pull out juicy bits. But there's just too many.

https://thehub.ca/2024-04-16/eric-lo...adians-future/

"Eric Lombardi stands at the forefront of urban development and advocacy as the founder and president of More Neighbours Toronto, a volunteer organization committed to ending the housing crisis. Professionally, he specializes in strategy management consulting in the finance and technology sectors."

Say no more.

[VANRIDERFAN]

Originally Posted by Innsertnamehere

I mean TMX is about to open and it's one of the largest infrastructure projects on the planet. Expensive, yes.. but we built it.

I still don't know how it ballooned to 30 Billion. They twinned the established line so did they replace all the old pipe as well?

But then again we've priced a reno to an old house at 38 million so I can see why TMX would cost 30 billion. LOL!

[YOWetal]

Originally Posted by Innsertnamehere

I mean TMX is about to open and it's one of the largest infrastructure projects on the planet. Expensive, yes.. but we built it.

"without it beign wildly expensive and time consuming"

Two huge strikes on this project. It will take an absolute wrecking ball on reducing regulations and mandates to get this under control. The vested interests of consultants, Indigenous owned businesses etc will of course fight it tooth and nail.

[Truenorth00]

Originally Posted by whatnext

I disagree with a lot of that. For example, Justin Trudeau is the one who has really "leaned heavily on increased immigration to sustain population growth" and he's no Boomer. Similarly to say there's "an evident decline in state capacity" when you have the Lib/NDP pushing free dental care, a national school lunch program etc seems disingenuous.

People elect governments. And we didn't get to this point entirely because of Trudeau. It's decades of poor policy that got us here. And as the largest cohort for a long time, it has been the Boomers mostly voting in these policies. Even now, we can't discuss cutting OAS even though it's basically displacing every other priority from the federal budget. All of Trudeau's promises this year combined don't equal the total being spent on OAS just this year. Think about that.

All our government policy, from federal spending to the housing market is aimed at transferring wealth from the young to the wrinkled.

[VANRIDERFAN]

Originally Posted by Truenorth00

People elect governments. And we didn't get to this point entirely because of Trudeau. It's decades of poor policy that got us here. And as the largest cohort for a long time, it has been the Boomers mostly voting in these policies. Even now, we can't discuss cutting OAS even though it's basically displacing every other priority from the federal budget. All of Trudeau's promises this year combined don't equal the total being spent on OAS just this year. Think about that.

All our government policy, from federal spending to the housing market is aimed at transferring wealth from the young to the wrinkled.

I'm a couple of years away from being eligible for OAS and I definitely do not need it. I intend to keep working for as long as I can and would support cutting OAS to folks like me who do not require the extra cash.

[Truenorth00]

Originally Posted by VANRIDERFAN

I'm a couple of years away from being eligible for OAS and I definitely do not need it. I intend to keep working for as long as I can and would support cutting OAS to folks like me who do not require the extra cash.

As I've pointed out before, the income system for seniors is nuts. GIS is too low. Especially for a single person. CPP for the average person doesn't get them above the poverty line, so OAS and GIS could be needed. And yet we don't clawback OAS until $80k and keep paying until $150k. It's insane. And on top of all that we literally spend twice as much on OAS as child benefits. We are paying vacation money to seniors while sending kids to food banks. Nothing says a society is fucked more than that.

[O-tacular]

Originally Posted by Truenorth00

This is a provocative piece. But I urge people to read it. It really shows how badly this country has abused young people. I'd normally pull out juicy bits. But there's just too many.



https://thehub.ca/2024-04-16/eric-lo...adians-future/

I saw a video the other day that really resonated. It was from a 40 year old dad in Texas recapping his introduction to adulthood.

- Highschool graduation: 9/11

- College graduation: 2008 financial collapse and recession

- Prime earning years: Global pandemic, recession, inflation, housing crisis.

- Future: Out of control Climate Change

Millennials have been fucked. Gen Z has it even worse. As a parent of young kids (like you) I really struggle with the fact that we live in smaller multifamily homes while the grandparents live alone in large SFH's with big backyards that were designed for families but now sit as a piggy bank for retirement. It's completely messed up and backwards. Boomers inherited a better situation from their parents. We are inheriting a far worse one.

[SignalHillHiker]

Originally Posted by O-tacular

I saw a video the other day that really resonated. It was from a 40 year old dad in Texas recapping his introduction to adulthood.

- Highschool graduation: 9/11

- College graduation: 2008 financial collapse and recession

- Prime earning years: Global pandemic, recession, inflation, housing crisis.

- Future: Out of control Climate Change

Millennials have been fucked. Gen Z has it even worse. As a parent of young kids (like you) I really struggle with the fact that we live in smaller multifamily homes while the grandparents live alone in large SFH's with big backyards that were designed for families but now sit as a piggy bank for retirement. It's completely messed up and backwards. Boomers inherited a better situation from their parents. We are inheriting a far worse one.

Agreed. I'm fortunate in that my parents get it. They helped me with a down payment on my first house (and selling that got me the down payment for my current one). They really got it when I went to college, working over the summer, and not even putting a dent in my tuition despite living with them, and being very open with them about what I was bringing in and where it was going. Mom wasn't surprised, but sad - but Dad was truly shocked, angry They've been best kind ever since. And luckily their families (12 siblings each) are the same, not shy about helping out my dozens and dozens of cousins. "Brother Will got Siobhan an apartment in Whistler...", "You want to contribute to a car payment for your cousin Abby in Nova Scotia? Sister Jess is on her own and with two sons in college, she can't do it on her own..." etc.

People who don't have supportive (and large) families, I genuinely don't know how they get ahead. I assume they just don't? I'd still be renting without that shot of help in 2012 or whenever I got that first place. Definitely.

And the worst part is there's not enough recognize that's bad for all of us. Doesn't matter how rich you are when you have to pay for military-grade security for your gated compound. Doesn't matter how successful your business when there's no one left, at least in your country, who can buy whatever you're selling.

[Truenorth00]

Originally Posted by SignalHillHiker

Doesn't matter how successful your business when there's no one left, at least in your country, who can buy whatever you're selling.

They'll sell it to foreigners. Just look at condos in Vancouver.

[lio45]

Originally Posted by Truenorth00

They'll sell it to foreigners. Just look at condos in Vancouver.

Yeah, if the "thing you're selling" is either food or housing, then you're golden, no matter how impoverished Canadians are, as long as there are as many of them as possible (42M and going up steadily).

[whatnext]

Seriously? How many groups can they pander to? Maybe just tell that constituency to join the 21st century capitalist world we all live in.

Federal government to begin exploring ‘halal mortgages’
By Xiaoli Li

Posted April 16, 2024 4:21 pm. Last Updated April 16, 2024 4:22 pm.
The federal government says it plans to explore new measures to expand access to “alternative financing products, like halal mortgages.”

According to the federal budget, the Liberal government has already begun consultations with financial services providers and diverse communities “to understand how federal policies can better support the needs of all Canadians seeking to become homeowners.”

The Islamic faith considers the charging of interest to be a form of usury, and considers gains made through interest to be unjust.

Liberals table housing-focused budget with emphasis on generational fairness
Other Abrahamic faiths – like Judaism & Christianity – also consider usury to be a sin. However, financial institutions operating in the Islamic world are unique in offering mortgage and lending products that avoid conventional interest payments....

https://toronto.citynews.ca/2024/04/...t-2024-canada/

[Truenorth00]

Just saying....

[lio45]

Originally Posted by whatnext

Seriously? How many groups can they pander to? Maybe just tell that constituency to join the 21st century capitalist world we all live in.

Federal government to begin exploring ‘halal mortgages’
By Xiaoli Li

Posted April 16, 2024 4:21 pm. Last Updated April 16, 2024 4:22 pm.
The federal government says it plans to explore new measures to expand access to “alternative financing products, like halal mortgages.”

According to the federal budget, the Liberal government has already begun consultations with financial services providers and diverse communities “to understand how federal policies can better support the needs of all Canadians seeking to become homeowners.”

The Islamic faith considers the charging of interest to be a form of usury, and considers gains made through interest to be unjust.

Liberals table housing-focused budget with emphasis on generational fairness
Other Abrahamic faiths – like Judaism & Christianity – also consider usury to be a sin. However, financial institutions operating in the Islamic world are unique in offering mortgage and lending products that avoid conventional interest payments....

https://toronto.citynews.ca/2024/04/...t-2024-canada/

Is that a joke?

In all seriousness, I'll swear I'll immediately convert to Islam, if that means Canadian banks are forced to adjust the interest rates on my mortgages accordingly

[YOWetal]

Originally Posted by lio45

Is that a joke?

In all seriousness, I'll swear I'll immediately convert to Islam, if that means Canadian banks are forced to adjust the interest rates on my mortgages accordingly

No they just call it something else. It one of the stupidest fudges that exist in religion. Up there with pork from pigs raised on crates. That said it's a decent business and if it can let Muslims enter the property market why not support it.

[SignalHillHiker]

Originally Posted by lio45

Is that a joke?

In all seriousness, I'll swear I'll immediately convert to Islam, if that means Canadian banks are forced to adjust the interest rates on my mortgages accordingly

Yeah, they still pay for the service, it's just labelled differently. It can be a little cheaper than mainstream banks in the very few countries that offer both, but so can credit unions, etc.

[casper]

Originally Posted by VANRIDERFAN

I still don't know how it ballooned to 30 Billion. They twinned the established line so did they replace all the old pipe as well?

But then again we've priced a reno to an old house at 38 million so I can see why TMX would cost 30 billion. LOL!

I think you start with it being a pipline through two major mountain ranges.

BC has established some of the most demanding environmental standards the world for an oil pipeline. (Something I many in BC fully support). The project also includes purchasing and setup a small fleet of emergency response ships to respond to oil leaks along the coast. (Again something most of us in BC agree with). There was a once in 100 year storm that washed out a fair bit of the work that was done near as well as a number of roads and bridges part way through the project.

BC is with great and justified concern taking on the liability for this pipeline for the better good of supporting Alberta exports.

[casper]

Originally Posted by lio45

Is that a joke?

In all seriousness, I'll swear I'll immediately convert to Islam, if that means Canadian banks are forced to adjust the interest rates on my mortgages accordingly

These have been available for a while. I could be wrong, but I was under an impressive there was a premium being paid for these.

[YOWetal]

Originally Posted by casper

These have been available for a while. I could be wrong, but I was under an impressive there was a premium being paid for these.

There is of course a huge premium. They do things like joint ownership in a corporation or rent to own schemes. I guess in fairness to the government they get a lot of poor tax treatment. They add a lot of risk to the lender. This is mitigated in Sharia countries where they put you in jail for not paying your debts. Not having the right to foreclose isn't appealing to Canadian lenders who don't have the law to bludgeon, literally, the non payer.