Like most people I am not an economist, just a perplexed Canadian citizen, trying to make sense of what is meant when people refer to our economy as booming. I look around and see the price of housing going through the roof, energy costs sky rocketing, and taxation has totally gone wild.
Did I miss the memo on how to get rich quick in Canada?
I am noticing families with two kids who have “normal” type jobs building homes, buying cars, taking vacations, and living a great lifestyle. How do two people with two kids, living on a combined joint gross income of $100,000 afford all these big ticket items?
Even if they did get help from family along the way, how can they even afford a mortgage, property taxes, utilities, and still buy a decent grocery order every week. Most of the citizens I meet have trouble just getting a full time job, and have to continually deal with company closures, layoffs, and down sizing.
According to the powers at be we are living in a prosperous times, with a booming economy. It sure seems that way if we consider all the new construction or the actual amount of people in the parking lots in our box store world.
Here’s my version of a booming economy
People are working at jobs were they are making a great living, can save up to buy a car cash, put money away for their retirement, buy a house with a sizeable deposit, put their kids through university, and have some spare cash to throw around for entertainment or hobbies.
My feeling is we are living in false economy, not a booming one. At some point the walls are going to come tumbling down, people will run out of credit, or their monthly nut will just get to high to deal with. So if you live with the belief that nobody can take away what you had, then enjoy these prosperous times.
Arnold Nadler is a long-time entrepreneur and founder of The Startup Business Doctor, a private company specializing in helping new and small businesses get their company off the ground. Programs include professional coaching, franchise opportunities and inexpensive advertising packages. You can get more information at StartUpBusinessDoctor.com