Canada’s economy grew by a greater-than-expected 0.3% in May and looks set to turn in its best annualized quarterly performance for more than three years, official data indicated on Friday.
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[The growth] indicates annualized second-quarter growth of 3.4%, significantly higher than the Bank of Canada’s July 15 forecast of 2.5%, and the highest annualized quarterly increase since the 4.3% seen in the first three months of 2023.
The central bank left its benchmark overnight rate unchanged at 2.25% on July 15 and said growth would strengthen in the second half of the year as inflation pressures eased and firms continued to adapt to U.S. tariffs.
“The economy appears to have found ways to navigate the current cloud of uncertainty relating to trade with the United States,” said Royce Mendes, managing director and head of macro strategy at Desjardins.
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Not true when services are being cut
Also not true for a lot of people if they were actually supported.
Services are being cut for two reasons: we’re in a recession and we need to triage, and people aren’t so keen on the policies being cut as they are for those remaining in place. This means that essentials stay, and perks get dropped. Sadly, those perks usually most benefit the ill and downtrodden, as those resources/services are very cost intensive for the return to society.
You’re right about my comment on unemployable. That wasn’t said properly. If we were fully funded, warning signs would be caught earlier and supports would be put in place to keep the individual as a contributing member of society.
Cutting services isn’t “triage” if it impacts the most vulnerable and poor. Triage would be cutting tax breaks for multi billion dollar oil corporations and raising taxes on the wealthiest people in the country.
Fun fact, the class with the biggest share of the country’s wealth, is also the one most on Lemmy.
Like, sure, that probably is the answer, but let’s not pretend there’s some kind of distant, invisible group of billionares that will be the only ones effected. And that’s why it’s hard for politicians to actually raise taxes.
Wealth taxes are actually very popular. The reason they aren’t implemented is because libs and Tories are captured by capital
Really? Go to someone on the street and ask if they want to pay more taxes. You might get a yes, but you’ll get a lot more nos.
Politicians are captured by middle or upper-middle class voters, yes.
Onviously if you ask a slanted question like that, you will get slanted answers, but we are just talking hypotheticals right now. While its a little dated, the data suggests you are quite wrong and wealth taxes are popular.
So, that puts the cutoff at 20 million. Most people don’t know anyone that rich, but if you ask someone with just a few million, they might, and they’ll probably be against it. And guess what, they’re going to know a lot of people with just hundreds of thousands, and those are the white picket fence people who vote and donate the most.
It’s slanted, not the original question, in that it passes the buck to some distant third party. Politicians don’t have the luxury of just ignoring that they have one big interconnected populace to satisfy, and none of them are an island. They raise taxes, and the big narrative is that they raised taxes for no reason, and that can cost an election.
It has nothing to do with it being a good idea or not. It’s just politically difficult, and not because of anything spooky. (And FWIW OP was about income taxes; wealth taxes have additional complications)
What argument are you making here? Government won’t do it because raising any taxes is bad? Maybe if a government is shit at messaging, they could lose political capital through a wealth tax but its clearly popular policy.
I brought up a wealth tax because the OP said thay services needed to be cut because we dont have enough money coming in. My point is that services don’t need to be cut if the country’s wealthy actually paid their fair share and I dont understand why everyone acts like financial troubles means that poor people have to suffer rather than rich people paying more.