Juno News - Things won't just cost more, you'll make less in 2021

00:00:00.000 so I hate to be the bearer of bad news and if you've been paying attention to what's been going

00:00:10.200 on you probably already know what I'm about to say and that it's not necessarily bad it's just

00:00:14.700 a fact of life. Now what I'm going to talk about is something that very few people at least in the

00:00:20.120 mainstream media or some of the outlets that I check out have been speaking about and it's a

00:00:24.060 difficult topic because it's hard to really explain. Now I'm going to talk about the debt

00:00:28.920 that we have to repay but not from the way that I've covered it before in some of my other videos

00:00:33.140 and we'll try and put those in the description below but I want to talk about it from the

00:00:37.240 income side. We've been talking a lot about the expenditures what's going to cost you more there's

00:00:41.500 going to be a fuel surcharge you know groceries might cost you more and home heating might cost

00:00:45.760 you more a lot of things might cost you more at the end of the day starting in 2021 because we're

00:00:49.700 going to have to pay back that debt and it's very clear that the government had to incur some debt

00:00:54.180 I mean I'm not here to argue what programs were good or what programs were bad it's clear that

00:00:58.760 there's going to be some debt incurred and that that debt was going to be rather large given the

00:01:02.980 disturbance that COVID caused to the entire economy and not only the economy but just every

00:01:07.680 facet of the way we live our lives in certain industries you know may just never recover so

00:01:11.820 it's clear that there's debt and there was going to be debt that we were going to have to repay

00:01:15.300 but talking about the income side so what money do you have left after your deductions and your

00:01:22.820 payroll taxes and all of that stuff what money do you have left that is going to be changing

00:01:27.200 because a lot of Canadians are going to be hit with a cpp premium increase starting in 2021 and

00:01:34.840 that basically means that you're going to have less money at the end of the day now theoretically

00:01:38.860 programs like cpp or ei work in such a way that you know you pay into the system and you're going

00:01:44.640 to get some money maybe maybe similar amounts of money back out at the end of the day and the

00:01:48.600 government's really just forcing you to save for cpp or you know employment insurance it's it's

00:01:53.060 really that it's supposed to be insurance it's supposed to be that kind of automatic system

00:01:57.200 pay in and then you get out if you need but the issue here is not cpp itself and it's not ei it's

00:02:03.160 not other programs that might go up it's the fact that these programs might go up or the premiums

00:02:09.180 that you pay might increase and very few people are actually talking about them and so it's not

00:02:13.920 just the taxes that you're going to pay and again we've covered that a lot here it's the fact that

00:02:17.980 you're going to have less take-home pay at the end of the day and that's really going to squeeze

00:02:20.660 people in 2021 but why is this a serious issue it's not just a serious issue because you're going to have

00:02:26.600 less pay it's a serious issue because the government started us off in a fairly bad financial position

00:02:32.460 you know it's very difficult to justify the type of spending that we did before when really we're

00:02:39.700 supposed to be having some money aside for a rainy day i mean the government is constantly encouraging

00:02:43.680 canadians to spend and save money right so you're supposed to save money save for your retirement save

00:02:49.300 for this and that governments are often warning or people are often warning about levels of household

00:02:53.180 debt or credit card debt in this country and yet the government itself seems to be just spending

00:02:57.840 money willy-nilly it's almost like they're buying you know a 300 000 car and yet they can't afford it

00:03:03.620 and then they go to the bank and say you know i i know i spent all that money and i don't really have

00:03:06.940 a way of repaying it but i would like to borrow some more money then that's essentially essentially

00:03:11.160 what the government does and that is a very big problem because again the amount of money that you have

00:03:16.400 to pay for certain things it very often can end up being a a punishment or a penalty or just a fee

00:03:23.020 placed on lower income canadians so people who have no choice but to pay these fees but to purchase

00:03:29.160 those things we you know i spoke about that previously about the fuel tax that's going to hit

00:03:33.160 it's going to go up 12 cents but when you not only have to pay more for what you'd like to purchase

00:03:38.480 pay more for your you know for your life right for your basic services but you're also going to lose

00:03:43.140 on your paycheck right that is really going to hurt a lot of canadians and i think more people

00:03:47.820 need to focus on that side more people need to focus on the income side and i really think this

00:03:52.840 is something we need to talk about as we're entering 2021 there's obviously a lot of debt that we have

00:03:57.320 to repay we have to figure out how we're going to do that but we need to do it in such a way that

00:04:02.360 doesn't hurt or financially strain even more people and put them into an even worse situation which is

00:04:08.020 then going to require even more government spending or more fixing of the so-called problem

00:04:12.700 when we could have done a lot to try and offset that or fix it or at the very least prevent it

00:04:17.960 from the beginning so i think it's really important and again making sure that we hold

00:04:22.420 our governments accountable that we are ready for times of crisis because there's always going to be

00:04:27.380 times of crisis you know hopefully they're not there's not going to be another another event like

00:04:30.440 this ever ever again hopefully um but hopefully governments will be prepared for these crises that can

00:04:37.440 happen and will not spend so recklessly on things that you know maybe we didn't even need

00:04:41.560 to begin with so hopefully that is something that we can all take away from this year from

00:04:47.380 all the things that have been happening we can find some interesting stuff that we're going to

00:04:53.020 look forward to learning in 2021 about our government about how it operates so we can

00:04:57.760 better hold our politicians accountable and that is something i think that is really important for

00:05:02.100 2021 so for true north i'm sam ashkenazi thank you so so much not only for watching my videos

00:05:07.080 but for watching all of the content here on true north i know that myself and a lot of my colleagues

00:05:11.380 pretty much all my colleagues strive to provide really great original canadian content and we thank

00:05:16.220 you so so much for watching so have yourselves not only a great day but a great year and here's hoping

00:05:20.720 that 2021 will be that much better for you and your family

00:05:23.720 you

Juno News - January 01, 2021

Things won't just cost more, you'll make less in 2021

Episode Stats

Summary

Transcript