Wednesday, May 12, 2021

Workers House Debt Problems.

The latest figures released by Stats-Canada on Canadian household debt, may be disturbing to some. These include a record amount of mortgage debt, $34.9 billion, in the last quarter of 2020, which beat the previous high of $28.7 billion set in the third quarter. Household debt as a proportion of income rose to 175 per cent, as debt grew while incomes went down. 

In other words, Canadians owed $1.75 for every dollar of household disposable income. 

This should make Canadian capitalists very happy; a worker who is up to his eyes in debt is less likely to make waves.

S.P.C. Members.

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