Josh Sigurdson talks with author and economic analyst John Sneisen about the multiple problems hitting Newfoundland and Labrador.
While the population of the province is just a third of Manitoba, it has a huge deficit and debt which is stemmed in several seriously deep rooted problems.
While there’s inflation hitting Canadians hard alongside the vast amount of taxes, regulations and legislation that always keeps people from succeeding, there is a massive dependency on a few industries in Newfoundland, most notably oil.
Exxon Mobil is planning to move out of downtown St.John’s next year.
This has lead to a climbing rate of office vacancies in places like St.John’s as surveyed by Turner Drake and Partners recently. This also affects employment. As with the United States, the Canadian government hides the true employment rate in the labor force participation rate allowing for the state to shape the numbers however they wish. However it may benefit them and misguide the populace.
Individuals are becoming subservient due to this collective dependency on certain industries alongside their dependence on the government and the banking system. This will not end well. The only solutions (and there are many) all come down to the individual. One must understand money and be self sustainable. They must prepare themselves. As the everything bubble begins to burst throughout the world affecting pensions, the auto industry, the oil industry, housing, derivatives and more, individuals must protect their purchasing power and escape the centralized debt based systems meant to keep them subservient.