I make a lot of money (top 1%), but I've cut back my spending on some things like eating out for dinner. I don't buy Starbucks often because the prices are ridiculous. I don't poon anymore because I have a girlfriend that I'm committed to.
Gas prices are unbelievable and are a tax on working people and a disincentive for them to work. Carbon taxes are pointless at these prices and if gas is over $1.25, the carbon tax should scale to zero.
We're overtaxed. Everybody at every turn has their hands out. It's not just tipping when you buy a muffin, it's government services too. We're getting nickel and dimed for just existing.
The economy is a mess. The handing out of free money during Covid and stopping people from working has caused this inflation and economic unbalance. The reason we continue to have economic growth is partly inflation. People have to consume and spend money and when things are more expensive, GDP ticks up. This isn't healthy economic growth.
The biggest sector in the BC economy is real estate and with rates at these levels, the market is going to correct. I think BC is going to get hit harder than any jurisdiction in North America. Population growth is the only thing keeping us out of recession, but soon there won't be jobs or housing for immigrants and they won't come and many will head back to their home countries where living is cheaper.
Discretionary spending will be the first to go. The restaurants that survived Covid are now going to get hit because their prices are too high for consumers. But I get it, they have to pay higher and higher rents, increased property taxes, higher energy costs, higher food prices and higher wages.
Something has to give and it will.
