4
Canada's economy grew 1% in the third quarter from higher government, household spending (www.cbc.ca)
submitted 8 hours ago by Sunshine@lemmy.ca to c/canada@lemmy.ca
6 comments fedilink hide all child comments
top 6 comments
sorted by: hot top controversial new old
[-] Showroom7561@lemmy.ca 4 points 5 hours ago

Household spending rose as people spent money on new trucks, vans and sports vehicles

I have a hard time reconciling the fact that we have nearly half the country living paycheque to paycheque, with half also reporting that "rising prices are greatly impacting their ability to meet day-to-day expenses".

Yet enough people are buying vehicles they absolutely don't need in numbers great enough to impact our economy.

Can someone explain what's going on?

Are people struggling because they are mismanaging their finances, or are people “struggling” because they didn't buy that F150 to drive their kid to school in?

[-] sbv@sh.itjust.works 1 points 33 minutes ago

There's two ends of the spectrum. The bottom twenty percent who are screwed; the middle sixty who saw their effective income decrease enough that it hurts, but they still have some buying power; and the top twenty who can afford investments.

I'd guess that folks at the top end are buying vehicles for fun, while the majority of us are buying vehicles to get to work.

[-] eezeebee@lemmy.ca 5 points 3 hours ago

"The top 20 per cent of Canadians hold more than two-thirds of the country's wealth"

https://www.cbc.ca/news/politics/canada-highest-level-income-inequality-recorded-1.7349077

[-] Showroom7561@lemmy.ca 3 points 3 hours ago

That begs the question: What are multimillionaires doing with "trucks and vans"???

[-] eezeebee@lemmy.ca 4 points 3 hours ago

I'd imagine raising families, since they can afford it.

[-] Showroom7561@lemmy.ca 1 points 2 hours ago

That doesn't seem to be the case.

There have been numerous global studies showing an inverse relationship between income and fertility rates. Higher income usually equals lower fertility. And we even see this pattern when comparing developed (rich) countries to underdeveloped (poor) countries... the same can be said for education, with higher education typically meaning lower fertility rates.

Granted, these studies tend to cap the high-end of the income spectrum to around $100,000, which is near poverty in 2024, but I'd be interested in knowing if millionaires are actually having so many kids that they need to justify a ~~sports car~~ van.

this post was submitted on 29 Nov 2024
4 points (100.0% liked)

Canada

7230 readers
391 users here now

What's going on Canada?

Related Communities

🍁 Meta

🗺️ Provinces / Territories

🏙️ Cities / Local Communities

Sorted alphabetically by city name.

🏒 SportsHockey

Football (NFL): incomplete

Football (CFL): incomplete

Baseball

Basketball

Soccer

💻 Schools / Universities

Sorted by province, then by total full-time enrolment.

💵 Finance, Shopping, Sales

🗣️ Politics

🍁 Social / Culture

Rules

Reminder that the rules for lemmy.ca also apply here. See the sidebar on the homepage: lemmy.ca

founded 4 years ago
MODERATORS
otter@lemmy.ca