A Vision of Economic Challenges Ahead Navigating Through Unprecedented Times. Carrying the weight of unfavorable news is universally disliked, yet I’m deeply convinced that challenging times lie ahead for us in the coming years in Canada and around the world.
How challenging? To start with, we’re looking at levels of unemployment reminiscent of the Great Depression. This surge in unemployment will be triggered by a convergence of factors, including revolutions in digital technology and artificial intelligence that will eliminate a significant number of jobs in the white-collar sector, and disruptions in global trade due to escalating regional conflicts and armed confrontations. A recent illustration of this trend is Bell Canada’s decision to eliminate 5,000 jobs, which constitutes nine percent of its workforce, and to divest from numerous radio stations in small Canadian towns. The reason provided for selling 50 radio stations was that they were
“no longer a viable business,”
with the digital overhaul reshaping the company’s entertainment and news sectors cited as a contributing factor.
A Vision of Economic Challenges Ahead: Navigating Through Unprecedented Times
This scenario is not isolated. We can expect similar contractions or even collapses in various traditional sectors in the near future, such as the auto industry.
Another serious concern is the impending scarcity of food, leading to steadily rising grocery prices. This will make certain staple foods, once easily affordable, increasingly inaccessible for a large segment of the Canadian population.
A recent survey by the Financial Services Regulatory Authority of Ontario disclosed that over 80% of Ontarians—residents of one of the nation’s most affluent provinces—are more worried about affording groceries, rent, and mortgages than saving for retirement. Additionally, 44% of respondents indicated that the high cost of living impedes their ability to start saving for retirement. This signifies a growing struggle not only to provide basic necessities but also to secure savings for the future. Drawing from my parents/grandparents experiences during the Great Depression, families endured by making do with what they had, which in their household meant consuming beans, and potatoes. Although I don’t anticipate the forthcoming downturn to be as prolonged or harsh, I predict it will be the most severe recession we’ve faced in nearly a century.
Also Canada and the United States might initiate public works projects akin to the New Deal by the Roosevelt administration, aimed at aiding those most affected by the Depression—unemployed individuals, farmers, youths, and the elderly.
For numerous small business owners in Canada, the economic crisis is already a reality.
A recent report by the Office of the Superintendent of Bankruptcy indicated a 75% increase in business bankruptcies in 2023 compared to the previous year, marking the most significant rise in nearly four decades. This reflects poorly on the current business climate in our nation. Although major economic downturns can sometimes be outside our control, it leads me to question our role in our economic difficulties.
Nevertheless, there are actionable steps we can take immediately to fortify our economy against the looming economic crisis.
A critical strategy for strengthening our economy involves adopting an economic charter of rights, aimed at stabilizing government finances and the economy. Such a charter could transform Canada by elevating income and living standards while mitigating the impacts of excessive government expenditure and spiraling public debt.
This charter would be particularly advantageous for small business owners, currently facing immense challenges, by abolishing their business taxes and significantly reducing the regulatory burdens stifling small enterprises. However, this charter is effective only if you refrain from exploiting and damaging the country in which you operate to maximize your profits like Magna International’s black swanning of investors and employees for a upper management bonus.
The non-unionized auto industry has increased hourly wages by $4, bringing it to $25 per hour starting. However, they have reduced your dental and medical coverage by 50% by transitioning from SunLife to ManuLife.
However, small businesses and distressed Canadians cannot afford to passively await improvement. It’s imperative to advocate for change. The national coalition Franky boy established to campaign for an economic charter of rights represents another politically driven BS as his companies fairness committee, and Joint health and safety committee. When you move your funds abroad, exploit workers, and manipulate Canadian laws, your actions speak solely of greed, leaving no room for a different narrative.
Related Posts:
Introduction to JavaScript – Data Types(Opens in a new browser tab)
Rising from the Ashes: Bitcoin and Lebanon’s Path to Economic Recovery(Opens in a new browser tab)