#neoliberalism Under Flaherty the #cdnecon since 2006 has been a debt-fuelled financialized one only with little real production, productivity, or significantly increased employment to drive demand. Credit card debt has gone from $35.6 billion in February 2006 to $77.4 in February 2012, a staggering 117% increase.
Mortgage debt has gone from $672.5 billion to $1111.8 billion in February 2012, an eye-popping 65.3%. And these figures do not account for the past 12 month period, in which we already know personal debt has substantially increased even more. The personal debt to income ratio is 165% - which ought to be an embarrassment to all Canadians not just the so-called Finance Minister.
Why has Flaherty remained credible to the mainstream media? Because he's enabling them to make record profits, we know why he has to the financial community, especially since all his private sector economic consultants are from the banking sector. And of course it is these same consultants to whom the press turns for its stories. They're both inside the neoliberal bubble.
Yes, I'm repeating myself.