Bryan Logel

Calgary Real Estate Professional, family man, proud Dad, hockey fan, volunteer, student of all things guitar.

[Bryan Logel @condocalgary]

@globeandmail Waste of $.

[Dan Knight @DanKnightMMA]

Today, we shed light on the realities that have emerged from the troubling decisions and missteps made by the Trudeau administration and the Bank of Canada. From soaring interest rates to generous bonuses and missed inflation targets, we're dealing with an economic scene that's fast turning into a debacle.

On July 12, 2023, the Bank of Canada jolted the nation with an announcement that sent shivers down the spines of ordinary Canadians: a 5% hike in the policy interest rate. This sharp rise, from the record low levels seen during the pandemic, translates to pricier borrowing for the everyday citizen. Whether it's a mortgage for a new home, a car loan, or credit for a small business, the cost has escalated sharply, burdening Canadians and adding to their financial stress.

The Bank's decision to raise interest rates was a response to the astronomical inflation rates Canada has been wrestling with. As of May 2023, inflation had eased to 3.4%, but this is still significantly above the Bank's target range of 1-3%. The record shows a whopping 6.8% in 2022 and an alarming 8.1% in the summer of 2023. Such figures paint a picture of an economy under immense pressure, with prices of goods and services rising relentlessly.

Notably, the Bank's report pinpoints strong population growth from immigration as a significant factor driving robust consumer demand, a surging housing market, and labor market pressures. Unfortunately, the Trudeau administration's handling of immigration seems to be worsening the situation, as the increased demand from a growing population amplifies the pressures on supply and exacerbates inflation.

While Canadians grapple with these financial woes, some shocking revelations made by the Canadian Taxpayers Federation underscore the disconnect between the Bank's decisions and the country's economic realities. The Federation disclosed that amidst the inflation crisis, the Bank of Canada distributed a staggering $20 million in bonuses and $6.5 million in raises in 2022. No employee at the bank faced a pay cut during this period, raising serious questions about the Bank's priorities and its commitment to the nation's economic stability.

This revelation didn't sit well with Conservative Leader Pierre Poilievre. His criticism of the Bank's actions and the current governor, Tiff Macklem, has been scathing. Poilievre accuses Macklem of straying from his primary role of managing inflation and instead indulging in quantitative easing, effectively supporting the Liberal government's substantial spending during the COVID-19 pandemic. According to Poilievre, this is a significant cause of the rampant inflation, and he has been vehement in his calls for a return to fiscal discipline and for Macklem's dismissal.

Even in these times of economic hardship, it seems as though the Trudeau administration and the Bank of Canada are more intent on rewarding failure than driving success. In a bewildering move, the number of six-figure earning bureaucrats within the Bank nearly doubled under Trudeau's watch. And while Deputy Prime Minister Chrystia Freeland and Trudeau seem to find solace in the fact that other countries are facing worse inflation, this offers little comfort to Canadians who are battling with a 5% interest rate and record inflation.

Canadians now find themselves caught in an economic stalemate, where the promised federal budget's spending cuts are their only solace. However, with the current regime’s culture of bonuses and generous pay seeming more interested in rewarding failure than managing inflation effectively, it begs the question of whether we can expect any real change. In this case, perhaps the only feasible path towards a balanced budget is a change of guard in the 2025 elections. After all, in Canada, under Trudeau's leadership, it appears that incompetence isn't just accepted; it's richly rewarded. But hey, who needs a balanced budget when you can reward failure, right? #InterestRates #Inflation #Cdnpoli

[Bryan Logel @condocalgary]

@PierrePoilievre Personally I don’t want to hear anyone complain who voted for him. Harper tried to tell everyone in 2015.

[Bryan Logel @condocalgary]

@kevberze Congrats Berze!

[Bryan Logel @condocalgary]

@scribeskapin He isn’t going to panick and he has an incredible amount of hockey “brain power” surrounding him. Draft picks are sexy but it’s the roll of the dice if they will ultimately make it.

[Bryan Logel @condocalgary]

@CTVCalgary Defend? Good luck with that. Alberta took years to rebound and Notley and co should never again have access to Alberta tax payers hard earned money. Like Bob Rae did in Ontario, they proved socialism = economic disaster. #AlbertaElection2023

[Bryan Logel @condocalgary]

@nivende2 @calgaryherald What oil and gas is left. She is targeting small business as well, many of which are still trying to climb out from her last rein of economic devastation. Notely should have left in disgrace post last election. Her past performance determines future behavior. NDP=Bad news.

[Bryan Logel @condocalgary]

@calgaryherald @bopo108 The NDP devastated Alberta with their policies and drove business, jobs and investment out of the province. It took years to get back on track and many are just now getting on their feet. Why would any Albertan want that again? NDP=Debt and economic devastation. No to NDP!

[Danielle Smith @ABDanielleSmith]

Thank you Stephen Harper.

You are an exceptional leader with an unwavering commitment to economic growth, job creation, and Canadian energy.

I look forward to working with all Albertans to keep Alberta moving forward.
#forward #cdnpoli #abpoli

[Bryan Logel @condocalgary]

@acoyne The Western Premiers disagree.

[Bryan Logel @condocalgary]

@TrueNorthCentre What about the electrical grid upgrade announcement? Yesterday there was two electrical emergency announcements because the grid had reached its max. Imagine adding a few millions cars being charged. #cartbeforethehorse #wethinkelectricitypricesarehighnow

[Bryan Logel @condocalgary]

@brian0807 @rotcentennial Santa!!

[Bryan Logel @condocalgary]

@brian0807 @insightbrad Leslie Nielsen king of deadpan humour and Canadian of course.

[Bryan Logel @condocalgary]

@EricFrancis Just need to replace Mathew now.

[Bryan Logel @condocalgary]

@MTone123 Shocking yes but does it really surprise you though?

[Bryan Logel @condocalgary]

@CandiceMalcolm @TrueNorthCentre Warnings from CIBC in Dec., to pay Canada’s debt #1 priority and instead they decide to spend. Everything is going to get more expensive (to live) and stay that way. Classic Trudeau move. Throw money at the the issue and make it worse. Remember the 70’s under his Father?

[Bryan Logel @condocalgary]

@brian0807 Suites for the homeless.

[Bryan Logel @condocalgary]

@mikehildy24 Except for your wife. 😜

[Bryan Logel @condocalgary]

@ZZTop Any Calgary dates on the Western Canada swing of the tour? #pearlygates #waitingforthebus

[Bryan Logel @condocalgary]

@ryck_nancy North American reliance & foreign production of key staples directly related to future prosperity has never been greater. All of which are super carbon intensive. (Steel) Think about that and how powerless anyone will be to make meaningful change when it comes to climate.