middle class

Tuesday April 30, 2024

The proposed changes to capital gains taxation and a change in election timing which stands to endow more that 80 MPs Parliamentary pensions, reveals a troubling pattern of government prioritizing political interests over the financial struggles of middle-income taxpayers, highlighting a pervasive culture of double speak and self-serving governance.

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Tuesday April 30, 2024

Inequity Unveiled: The Double Speak of Capital Gains Tax and Political Pensions

Canada's complicated tax system is leaving the middle class burdened, with promises of simplification unmet, calling for urgent reform.

February 27, 2024

As middle-income taxpayers navigate the labyrinth of economic challenges, recent debates surrounding capital gains tax and political pensions have unveiled a disconcerting pattern of double speak within the corridors of power. A proposed change in electoral laws would have the next fixed election date moved one week later to Oct. 27, because the original date coincides with Diwali, and this fine tuning would guarantee pensions for more than 80 MPs whether they win or lose as they pass the 6 year threshold. While the government champions tax reforms as a matter of fairness, their underlying motivations, intertwined with rewarding loyal MPs, reveal a troubling disregard for the struggles of everyday Canadians.

News: Liberals’ elections law reforms could yield generous pensions for dozens of MPs

September 16, 2021

At the heart of the matter lies the proposed changes to capital gains taxation, ostensibly framed as a means to level the playing field and ensure equitable contributions to societal welfare. However, this narrative crumbles under scrutiny when one considers the government’s staunch defence, which seems more motivated by appeasing its political allies than by genuine concern for fiscal equity. By raising the inclusion rate on capital gains, the government not only targets wealthier earners but also conveniently provides a platform for rewarding MPs who prop up their policies.

This isn’t just about balancing the books; it’s about wielding power to benefit the few at the expense of the many. Middle-income taxpayers, already grappling with the harsh realities of inflation, stagnant wages, and mounting expenses, see through the facade of fairness. They recognize the thinly veiled attempts to placate political allies under the guise of progressive taxation, all while their own burdens continue to mount.

March 27, 2023

Moreover, the proposed changes to the set timing of the coming federal election add insult to injury. As MPs maneuver to secure their financial futures with taxpayer-funded pensions, the hypocrisy of preaching fiscal responsibility while indulging in self-serving perks is glaring. While the middle-income earners tighten their belts and make sacrifices, the political elite revel in the comfort of taxpayer largesse, further eroding public trust in the integrity of our democratic institutions.

Analysis: Doctors say capital gains tax changes will jeopardize their retirement

December 13, 2013

It’s time to call out this charade for what it is: a betrayal of the public trust and a gross misallocation of resources. Middle-income taxpayers deserve better than to be pawns in a political game of self-interest. They deserve leaders who prioritize the common good over personal gain, who champion transparency and accountability, and who are committed to lifting the burdens that weigh heavily on the shoulders of hardworking families.

As we navigate these uncertain times, let us not forget the fundamental principle that government exists to serve the people, not the other way around. It’s time to demand integrity, fairness, and genuine representation from those who wield power in our name. Anything less would be a disservice to the very fabric of our democracy. (AI)

Editorial Cartoon reposted to Scripturient: Why Are Canada’s Conservatives Opposed to Everything Good?, and Reddit: Pals of Poilievre.

From sketch to finish, see the current way Graeme completes an editorial cartoon using an iPencil, the Procreate app, and a couple of cheats on an iPad Pro. If you’re creative, give illustration a try:

Thursday April 11, 2024

The decision by the Bank of Canada to maintain interest rates at 5% underscores the economic struggles faced by middle-income families, who play a vital role in driving economic activity but bear the brunt of stagnant wages, rising costs of living, and financial pressures exacerbated by high borrowing costs.

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Thursday April 11, 2024

The Struggles of The Middle-Income as the Economic Engine

Yesterday’s announcements highlight the challenges of high inflation and housing costs in Canada. The report on food banks shows the growing need for affordable options, while the Bank of Canada's focus on managing inflation could lead to rate hikes. It's clear that addressing affordability, inflation, and social support is crucial.

October 26, 2023

In light of the recent decision by the Bank of Canada to maintain interest rates at 5%, it’s crucial to examine the profound impact this has on the struggles faced by middle-income people and families, who often serve as the backbone of our economy. This decision reflects broader economic realities that disproportionately affect ordinary households, exacerbating existing challenges and highlighting the crucial role of middle income working people as an economic engine.

The middle class play a vital role in driving economic activity, fuelling consumption, and sustaining businesses through their spending habits and contributions to the workforce. However, they often bear the brunt of economic policies and decisions, particularly in an environment of stagnant wages and rising costs of living.

News: Bank of Canada to Hold as It Debates When to Start Easing Rates

September 8, 2023

One of the primary concerns for these households is the impact of sustained high interest rates set by central banks like the Bank of Canada. While these rates are intended to manage inflation and maintain economic stability, they can inadvertently burden households with higher borrowing costs, particularly for mortgages, loans, and credit card debt. This strain on disposable income can limit the ability of middle-income families to save, invest, or adequately cover essential expenses.

Moreover, middle-income families face persistent challenges in accessing affordable housing, managing healthcare costs, and ensuring quality education for their children. The decision to maintain higher interest rates adds an additional layer of financial pressure, making it harder for families to achieve financial security and upward mobility.

July 18, 2023

In the context of the Bank of Canada’s decision, it’s essential to recognize that the middle class are not only affected by interest rates but also by broader economic trends such as job market dynamics, globalization, and technological advancements. These factors can contribute to income inequality and precarious employment conditions, further undermining the financial well-being of households.

To address these challenges, policymakers must prioritize policies that support and empower middle-income families. This includes targeted measures to enhance income growth, improve access to affordable housing, and provide adequate social safety nets. Additionally, there is a need for greater transparency and accountability in monetary policy decisions to ensure they align with the interests of everyday Canadians.

Opinion: As the Bank of Canada resists cutting interest rates, is it falling behind the curve again?

March 27, 2023

Ultimately, the struggles faced by middle-income families underscore the urgency of adopting holistic economic policies that prioritize inclusive growth and address systemic barriers to prosperity. As we navigate the complexities of our economic landscape, let us remember that a thriving middle class is not only a measure of economic success but also a reflection of societal well-being and resilience.

The decision by the Bank of Canada to maintain interest rates at 5% highlights the ongoing challenges faced by the middle class as the true economic engine of our society. It is imperative that we advocate for policies that promote economic fairness and opportunity for all, ensuring that middle-income families can continue to fulfill their vital role in driving sustainable and equitable growth. (AI)

 

Tuesday March 12, 2024

Loud budgeting emerges as a powerful societal roar against corporate exploitation, stagnant wages, and governmental financial burdens, empowering individuals to reclaim control over their finances and challenge systemic inequities.

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Tuesday March 12, 2024

Roaring for Financial Justice: The Empowering Wave of Loud Budgeting

Despite falling inflation, the Bank of Canada is likely to keep interest rates steady, raising questions about an immediate drop in borrowing costs.

March 5, 2024

In the midst of economic tumult, a refreshing wave is sweeping over personal finance—the “loud budgeting” movement. More than a passing trend, it serves as a bold call to shift our resistance from loved ones to the architects of our financial struggles: corporations, employers, and governments. Loud budgeting isn’t just a financial strategy; it’s a spirited stand against consumerism, a declaration to reclaim control over our finances, especially in social settings.

Coined by comedian Lukas Battle and making waves on platforms like TikTok, loud budgeting encourages us to break free from societal expectations and boldly declare, “I have the money, but I choose not to spend it.” In a world bombarded with product advertisements and unattainable lifestyles, loud budgeting becomes a beacon of authenticity and empowerment.

Opinion: ‘Loud budgeting’ is a personal finance trend to watch

Rising costs of live Christmas trees due to inflation, higher production expenses, and a shortage stemming from reduced plantings during the 2008 financial crisis are prompting consumers to consider artificial alternatives as the festive tradition becomes an increasingly expensive affair.

December 2, 2023

The movement doesn’t advocate for complete social withdrawal or the rejection of every invitation. Instead, it urges us to prioritize meaningful social engagements, steering clear of peer pressure to say ‘yes’ to every outing. Battle urges us to send a message to corporations about the impact of national inflation, shifting the narrative from “I don’t have enough” to the empowering stance of “I don’t want to spend.”

The true magic of loud budgeting unfolds in social gatherings, where turning down friends and relatives for activities you’d rather not spend on can be uncomfortable. Loud budgeting steps in as the remedy, providing a toolkit for open and clear communication about financial boundaries. It’s about fostering authentic conversations, breaking the taboo around discussing finances, and setting firm goals that align with individual values.

At its core, loud budgeting extends beyond personal conversations to challenge the real culprits against whom we can make a difference in the face of the affordability crisis: corporations, employers, and governments. We may be powerless against the fight against inflation and the transfer of “fun” money to cover skyrocketing borrowing costs, but after recruiting masses, loud budgeting can evolve into a resistance movement against these entities.

August 2, 2023

Loud budgeting should extend into challenging corporate practices like shrinkflation, demanding honesty and fair deals. Employers must also be under scrutiny, with our collective shout in boardrooms advocating for wages that match today’s financial challenges. Governments, too, are not spared; our collective energy becomes a plea for reconsidering tax hikes and efficient financial management.

Alaina Fingal underscores the transformative impact of authenticity and spending boundaries. Loud budgeting isn’t just about saving more money; it’s about paying off debts and creating a financial narrative aligned with personal values.

News: Understanding ‘loud budgeting,’ TikTok’s newest finance trend

March 27, 2023

In essence, loud budgeting becomes a form of financial self-expression, allowing individuals to navigate social pressures while staying true to financial goals. It challenges systemic issues and empowers individuals to reshape their financial narratives. This empowerment should extend to being a united call against practices that exploit us, ignore fair pay, and add unnecessary financial burdens. Our loved ones shouldn’t feel the weight of our frustrations. Instead, let’s channel our energy into a harmonious push for change.

Loud resistance against corporations, employers, and governments isn’t just valid; it’s a call for financial fairness. It’s a declaration that the cost of living shouldn’t be an impossible hurdle for us or our loved ones. As we navigate economic challenges, let’s raise our voices, join forces, and harness the strength of loud resistance for a future where financial well-being is something we all share.

So, as we ride the wave of loud budgeting, let’s collectively amplify our voices, resist the pressure to spend needlessly, and reclaim control over our financial destinies. It’s time to make our roar heard. (AI)

 

Tuesday March 28, 2023

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Tuesday March 28, 2023

Freeland Promises Affordable Life for Canadians with Budget 2023, But Taxes and Spending Raise Doubts

January 24, 2023

Oh joy, it’s that time of year again: Budget season. On March 28, Finance Minister Chrystia Freeland is set to release the government’s plan to make life more affordable. But don’t get too excited, middle-class Canadians, because just four days later, taxes will be hiked. And it’s not just one tax increase – it’s several. Federal alcohol taxes are going up by 6.3%, adding to the already exorbitant taxes Canadians pay for their brews. Carbon taxes are also increasing, with the average household facing a bill of between $402 and $847 after rebates. And that’s not all. Payroll taxes will cost those making $66,600 or more an extra $305 this year. Feeling more affordable yet?

Prime Minister Justin Trudeau may tout his government’s $10-a-day childcare, GST rebate, dental care, and housing benefit, but let’s not forget that it’s all being paid for with borrowed money. And with the debt reaching $1.2 trillion and interest charges totaling $35 billion annually, Trudeau’s borrowing is only delaying the bill to taxpayers. So much for making life more affordable.

November 3, 2022

The government could show some spending restraint and make life more affordable for Canadians, but don’t hold your breath. Freeland already overspent by $20 billion in just seven months last year. And while there will be some measures aimed at helping Canadians, like an extended GST tax credit and a higher ceiling for withdrawing money from education savings plans, it’s not enough to outweigh the tax increases and borrowing.

News: Chrystia Freeland’s federal budget will tackle high cost of living: sources 

Perhaps if the government took a more balanced approach to spending and taxation, Canadians could actually feel some relief from the pressure on their wallets. But until then, it seems like we’ll just have to get used to being overtaxed and overburdened. Cheers to that! (AI)

From sketch to finish, see the current way Graeme completes an editorial cartoon using an iPencil, the Procreate app, and a couple of cheats on an iPad Pro. If you’re creative, give editorial cartooning a try.

 

Tuesday January 24, 2023

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Tuesday January 24, 2023

Liberal Cabinet Retreat

Prime Minister Justin Trudeau made his first stop in Hamilton Monday a chance to grab lunch to go with MP Filomena Tassi at The Burnt Tongue on Locke Street.

October 28, 2022

The prime minister and his cabinet are staying in town this week from Jan. 23 to 25 for their post-holiday retreat.

After ordering a cheeseburger and broccoli cheddar soup, Trudeau took a moment to shake hands with the lunch crowd and pose for some photos.

Leaving the restaurant, he posed for a photo with Ashley Acacio and her three-week-old son Mac in his stroller, even correcting the position of a staffer taking a photo for the pair.

On the way to his vehicle, Trudeau hopped on an HSR bus that stopped to greet riders.

Meanwhile, about 200 demonstrators gathered downtown Monday to protest the retreat, calling for migrant rights. They were joined by anti-war demonstrators and about 25 anti-Trudeau and anti-vaccine mandate protesters.

The protesters marched along Main Street, across Summers Lane and blocked King Street in front of the Sheraton Hamilton Hotel for around 20 minutes.

Trudeau’s itinerary said he is expected to attend the retreat, which will focus on affordability and the economy, at 5:30 p.m. Monday. (Toronto Star) 

December 9, 2022

Meanwhile, it’s at the grocery store. It’s at the gas pumps. It’s at your favourite restaurant.

Nearly everywhere Canadians have gone in the past year, every bill might as well have had an extra charge tacked on to the bottom reading simply: inflation.

A shorthand for what’s essentially the rising cost of living, inflation swept across the globe in 2022 and Canada was not immune from its sting.

Canadians eager to travel in June after years of COVID-19 restrictions were met by a 49.7 per cent year-over-year hike in the cost of accommodations. The rest of that summer saw the average price for regular gasoline soar past $2 per litre in many parts of the country. And in October, Canadians were paying 44.8 per cent more for pasta from the grocery store than the same month a year earlier.

April 25, 2014

Poll after poll showed how stretched Canadian dollars had become amid 40-year highs in inflation, with many forced to make impossible decisions about how to feed their families, pay for medications and keep a roof over their heads.

More than a third (36 per cent) of Canadians say their financial situations are very bad or somewhat bad heading into 2023, according to Ipsos Public Affairs polling conducted exclusively for Global News between Dec. 14 and 16. (Global News) 

In the swearing-in of cabinet following the 2021 federal election, the dropping of the awkwardly named Minister of Middle-Class Prosperity, held by Mona Fortier, signalled the short termed portfolio (2019-2021) was an ill conceived addition to the executive team under Prime Minister Trudeau.