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Canada ranked 6th-most miserable country by think tank

Canada ranked 6th-most miserable country by think tank

Due to its high rates of inflation and unemployment, a conservative-leaning think tank has ranked Canada the sixth-most miserable country in the world.

On Tuesday, the Fraser Institute revealed where 35 countries rank on its Misery Index, an economic measure based on inflation and unemployment rates.

With its Misery Index score of 10.88, Canada was the sixth-most miserable country, thanks to its 3.15 per cent inflation rate and 7.7 per cent unemployment rate in 2021.

Spain was the most miserable, with a score of 17.61, followed by Greece with 15.73, Italy with 11.96, and Iceland with a score of 11.26.

Japan and Switzerland were the least miserable countries, with scores of 2.61 and 3.57, respectively.

France, the U.S., Australia, and the U.K. were all deemed less miserable than Canada.

“Canadians are rightly concerned about the country’s high inflation and unemployment rates, and, when compared to other developed countries, Canada is not doing well,” said Jason Clemens, the Fraser Institute’s executive vice-president.

Ideally, a healthy economy scores six to seven per cent on the Misery Index, according to Balance, a personal-finance website.

The index fell out of Canadian favour in the 1990s after the country brought inflation under control, the Fraser Institute says.

“The fact that we are again discussing the Misery Index and Canada’s high ranking on it is bad news for all Canadians, who will suffer as a result,” Clemens said.

“Governments across Canada, particularly the federal government, should prioritize policies that will make Canadians less miserable by lowering inflation and unemployment,” he continued.

In 1991, Ottawa and the Bank of Canada introduced inflation-control targets. The bank’s job is to either raise interest rates to cool inflation or cut them to encourage spending and borrowing.

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How to Grow a Local Job-Rich Economy

How to Grow a Local Job-Rich Economy 

At a time when huge debates are raging over all the subsidies required by the 1 per cent of the business elite, Michael Shuman is working to shift public attention to the other, ultimately more positive, side of the picture – the sheer neglect of the 50 per cent of businesses that are local and independent, and don’t get much help from governments.

Shuman has long been an expert in the field of small, local and independent business, and has several excellent books to his credit. His latest, The Local Economy Solution, puts the issue of the 50 per cent versus the 1 per cent front and centre.

Half the population in North America works in public service or for large corporations, but half work in small and regional businesses. That half gets talked about a lot, but helped very little.

Shuman poses a choice that needs to be top-of-mind for people interested in the future of food, cities and regions. Victory for one side or the other will determine how food will shape the careers, lives, health and environment of the 50 per cent of the world population living in cities, as well as the 50 per cent of the world population living in countryside regions, where food security for entire nations comes from. From a city and food perspective, this book is about the 100%, not the 1% or the 50%.

A huge amount of taxpayers’ money hangs in the balance. According to Shuman, over 80 billion dollars a year now go to corporate boondoggles in the US that provide little in the way of jobs, community, public health or environmental benefits. In Canada, the level of annual corporate giveaways is even higher on a per capita basis. In 2014, the Fraser Institute documented a total expenditure of $684 billion over the years from 1981 to 2009.

…click on the above link to read the rest of the article…

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