Juno News - August 11, 2022


The left is infatuated with ＂affordable housing＂

Mentioned
Justin Trudeau Jagmeet Singh
Reality Check： Why is housing unaffordable？ Too much government Poilievre continues to trigger the media

Episode Stats


Length

3 minutes

Words per minute

179.0

Word count

542

Sentence count

29


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

In this episode, we talk about the housing affordability crisis in Canada and how the federal government is to blame for it. We also talk about how the government is spending more than $1 Trillion a day on infrastructure, and how this is contributing to the problem of housing affordability.

Transcript

Transcript generated with Whisper (turbo).
Hosts, guests, and mentioned names generated with spaCy (en_core_web_sm), reconciled against Wikidata.
00:00:00.000 Next up let's talk affordable housing. Leftist politicians are obsessed with affordable housing
00:00:05.120 as a solution to Canada's unaffordable housing market. Take a listen.
00:00:09.280 It hasn't been treated like the crisis it is. So what we're proposing is some concrete steps.
00:00:14.720 Let's massively invest in housing as a way to create jobs locally in communities and as a way
00:00:21.200 to ensure people have a place to call home. We want to see people have a place they can buy.
00:00:26.480 We want to make sure that there's affordable rental and so what we're proposing is investing
00:00:30.480 massively to create half a million new homes, investing in cooperatives, in not-for-profits,
00:00:35.440 building apartments, building townhouses, building houses. We want to build massively as a way to
00:00:41.280 recover out of this pandemic and a way to build forward for the future.
00:00:44.640 For our audio only listeners that was federal NDP leader Jagmeet Singh talking about affordable housing
00:00:50.320 in Canada. But he's not the only one who thinks that this is a solution to the housing affordability
00:00:54.960 crisis. Under Prime Minister Justin Trudeau the Liberal plan also includes spending and I quote
00:01:00.560 $2.7 billion over four years to build and preserve more affordable housing.
00:01:05.920 But the problem is the government doesn't have money to pay for this. Either we're going to have
00:01:10.400 to increase current taxes or we're going to have to add this onto the national credit card
00:01:15.840 and ask taxpayers to pick up the tab plus interest down the line. Obviously either of these scenarios would
00:01:21.360 exacerbate affordability in Canada. And just as a reminder, adding a tab to our future credit card
00:01:26.800 bill really is not a good idea because Justin Trudeau has been doing that since the moment he got into
00:01:31.120 office. He's already doubled the debt, the country's national debt has already surpassed $1 trillion
00:01:36.720 and he adds over $144 million to the debt every single day. So remember at the beginning of the podcast
00:01:43.840 when we read that clip from RBC Economics that said inflation is spurring a rate hike that should worry
00:01:49.840 everybody? Yeah, Justin Trudeau's spending has a lot to do with that. What causes inflation?
00:01:54.640 Government spending. In a nutshell, inflation went through the roof following Covid because during Covid
00:02:00.000 Prime Minister Justin Trudeau's government spent well beyond its means historic levels of spending.
00:02:05.440 Long story short, the Bank of Canada facilitated that spending spree by printing money.
00:02:09.600 When there's more money in circulation without the economic growth to justify it,
00:02:13.200 that's when inflation occurs. Now the main way that the Bank of Canada can curb inflation is through
00:02:17.840 raising interest rates. And while this tool may be good at curbing inflation, it has other downsides
00:02:22.160 as well. Obviously it will add fuel to the fire of the affordability crisis in Canada's housing market.
00:02:27.120 And as you'll recall from the beginning of the show, RBC Economics stated that a one percentage point
00:02:32.320 rate increase raises mortgage payments by more than $600 per month in Vancouver and $554 per month in
00:02:40.640 Toronto. So while the federal government loves to say that they really are invested in this housing
00:02:45.120 affordability crisis and they really care, clearly you have them to thank for your increased mortgage
00:02:50.800 interest payment every month.