Bank of Canada might need to raise rates if companies keep raising prices, Macklem warns

It hurts to see so many fail when they try and succeed even if that is life.

It does.

The cycle of banks and the 1% dictating all our actions seems so redundant.

There's a lot of blame to go around. Neither the wealthy nor the banks have as big of an influence as you think, IMO. These problems are complex and inter-connected and the fact that we live in a democracy doesn't help (not that I'm proposing an alternative but rather any policy change has winners and losers and the losers in any given change are going to do their best to fight the person/party making the change). One thing I personally wish for is a much better education system and generally better support for childrens' well being. A lot of problems can be mitigated by a smarter, healthier and more mentally stable society.

We also see the value of the dollar decreasing as the cost of everything goes up.

Interest rate rises fight both of these things and although it takes time, they will have an impact on both eventually.

My kid will never be able to afford a house at the current rate but I guess he won't have to worry about bills or food on my watch.

Never say never (see above: higher interest rates also depreciate the value of assets) and history tends to show that places that fail to solve this problem lose their vitality/dynamism so he may not even want to live in your local RE market (because it'll be so boring/devoid of variety) when he grows up if the problem isn't fixed.

I fully agree with you on the last part..and also most of what you said lol.

I will be forever trapped in the middle class but maybe that's good enough. It beats poverty.

Again...never say never. I don't know your personal situation but generally speaking most people who achieve wealth due it from either lots of education/job training + investing + time or through entrepreneurship.

I've personally seen people retrain for higher paying careers at older ages and start companies and make it big in older ages.

I'm not old (late 30s) but 15 years ago I was falling asleep every night in a walk in closet that I was renting as a bedroom in Manhattan and making $23k a year (USD, but still) working in a dying field. Now I fall asleep every night in a $2m+ house that's fully paid off and I'm hoping to semi-retire into a fun/fulfilling job next year (if I can snag it).

A lot of luck was involved but IMO it always is, even the most capable and hardest working rich people had the luck of being born smart/healthy enough to work hard and almost certainly had other lucky shit like timing contribute to their wealth.

So..who knows. Don't shut out the possibility of being wealthy, keep your eyes open for opportunity and if you have the mental/temporal/financial means and the inclination, consider more training or education if making more money is indeed something you really want.

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