The Epoch Times writes about David Dodge testifying before the House of Commons finance committee and telling members that in the coming years, Canadians at every level of society will be facing financial challenges and making sacrifices.
“However unpalatable such curtailment may be, failure to invest in adaptation will condemn Canadians to a much more unpleasant future,” David said.
He pointed to four elements of “structural change” facing the country.
First, he said, an aging population will require more spending on care for the elderly. Second, climate change will require more spending on adaptive measures, as well as on the reduction of greenhouse gas emissions.
Third, the fragmentation of global markets means Canada will have to produce more of its own goods, rather than buying from other countries. Fourth is artificial intelligence (AI).
And at the same time all of this is happening, David said debt levels are high, both for individuals and governments, and savings are weak.