Juno News - January 01, 2021


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


Episode Stats


Length

5 minutes

Words per minute

226.47382

Word count

1,237

Sentence count

4


Summary

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

Canadians are going to have less take home pay at the end of the day in 2021 because of the amount of debt that the government will have to repay starting in 2021. In this video, I discuss why this is a serious issue and why we need to do something about it.

Transcript

Transcript generated with Whisper (turbo).
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