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  • #76
    “The Next Recession Will Destroy Millennials”

    This article speaks to the US experience so I’m not sure how comparable it is to the Canadian situation.

    Anyway, I’d say that free trade hasn’t helped. A market place re-focusing on specialization and concentration in winning exports and hence being anti-diversification brings in more money in the aggregate to fewer but bigger winning companies - and their shareholders. The rich have gotten substantially richer.

    However not every citizen can work for the winning companies and if the winnings are allowed to be kept and accumulated by the winners, maybe then invested abroad in other specialized comparative advantage companies, then the losers in the domestic economy never get to share in any of the wealth gain obtained through their sacrifice of economic protections and domestic economic diversification.


    The Next Recession Will Destroy Millennials - The Atlantic

    “Virtually all members of the cohort are “not saving adequately,” experts warn, and two-thirds of Millennials have zero retirement savings. This means that Millennials have benefited not a bit from the decade-long boom in stock prices, as their parents and grandparents have.”


    https://www.theatlantic.com/ideas/ar...ession/596728/
    Last edited by KC; 27-08-2019, 08:50 PM.

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    • #77
      Madu: Spending by Alberta's two big cities— is unsustainable
      BY KAYCEE MADU, OCT 22, 2019

      “According to the Canadian Federation of Independent Business, between 2006 and 2016, spending at the City of Calgary increased by 58 per cent, while the city’s population increased by 25 per cent. Over this same period of time, spending at the City of Edmonton increased by 60 per cent, while the city’s population increased by 26 per cent.

      These inflation-adjusted numbers mean that property tax bills in Edmonton and Calgary rose by more than double what growth might have called for.”

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      • #78
        ‘A reckoning is coming’: City council has mixed opinions on financial update
        BY JEFF LABINE, OCT 8, 2019

        He said the situation is only to get more complicated when the provincial budget is tabled later this month.

        “I do believe a reckoning is coming,” he said. “Everyone else has faced that reality for some time now in their own household and we have to do better.”

        Ward 1 Coun. Andrew Knack felt more optimistic about the city’s finances and believed overall, Edmonton was going to be in a good position by the end of the year.

        https://edmontonjournal.com/news/loc...nancial-update





        City of Edmonton projecting $14-million deficit for 2018 – Edmonton Journal
        ELISE STOLTE, Updated: September 4, 2018

        Excerpt:

        ...

        “Taking on debt

        Edmonton currently carries $3 billion in debt, which is 56 per cent of the provincially-set debt limit. Interest rates are fixed on the debt Edmonton has taken on so far, but officials are predicting increased borrowing and interest costs for new debt in the future.

        That news had councillors starting to test what appetite they might have for more debt this fall. They’re staring at a particularly tight capital budget and they don’t yet know what funds the province will contribute in the final year.

        Councillors Moe Banga and Sarah Hamilton asked about the wisdom of borrowing now, rather than waiting and potentially facing higher costs later. Hamilton has been lobbying to get the roughly $200-million Lewis Farms Recreation Centre built in the west end.

        But others worry the future is too uncertain to take on much risk. “There’s a lot of flashing lights telling us not to borrow,” said Coun. Michael Walters.”


        https://edmontonjournal.com/news/loc...llion-for-2018



        An Edmonton City Council clash is coming on debt as other money dries up - Edmonton | Globalnews.ca
        September 4, 2018
        Excerpt:

        ...
        “The city needs to start thinking about what it’s not going to do to prevent any more risk to our borrowing, our debt, our tax levels and so on,” Councillor Mike Nickel said.
        “We’ve reached the point of no return here. Our backs are broken, as far as I’m concerned, at our level of taxation.”

        “There’s a lot of warning lights flashing about telling us not to borrow,” Councillor Michael Walters said.”

        ...

        https://globalnews.ca/news/4427277/e...deliberations/
        Last edited by KC; 22-10-2019, 06:31 PM.

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