Many people in Canada are caught in a poverty trap and/or a debit trap and do not know how to get out of that trap.
As a society we do not help these people get out of the trap. Kids are not taught how money works - they don’t know how to budget, they don’t understand the true cost of borrowing (of debit), they don’t know how to save, they don’t know how to spend wisely, they don’t know how to plan, etc It is not surprising we have poverty problems. This is an idea that could help many Canadians. This could break the poverty/debit cycle for many. The government of Canada will work with all those institutions who issue credit and debit cards to incentivize or require them to issue a special Better Life Debit/Credit Card to anyone who wants to sign up for a Better Life. These special cards will have a phone companion app. Here’s how Better Life works.
Better Life can be life changing for many Canadians who are perpetually caught in a poverty / debit trap. This program could even be beneficial for many people who are not officially in poverty or have huge debts, but are living paycheque to paycheque. This program will help Make Canada a Better Place to Live. If these people learn to save, they will contribute more to society over the long term and have better retirement prospects. There are many social benefits to breaking the poverty cycle. Here is a link to the Canadian Government “Dimensions of Poverty” https://www.statcan.gc.ca/eng/topics-start/poverty It is estimated that 3.7 million Canadians live below the poverty line. That is 10% of the population. Not all will choose to participate in the program. Costs
However, there could be a huge payback involved in reducing poverty and all the social costs of poverty. Also, as people are lifted out of poverty, they will pay more taxes. Over time, Better Life will more than pay for itself.
0 Comments
|
If you already have a feed reader set up, choose that reader and add this blog. Otherwise I suggest you select FeedBlitz to get email notifications of new blog posts.
AuthorRetired and loving life. Archives
February 2024
Categories
All
Link to my Climate Change blog: |