As everywhere in the world, Canadians are equally bothered by the rising inflation. While Americans are living in the era of all-time high inflation today, Canadians are not far behind either; the gas prices are high, and the cost of living is rising in an unprecedented way. Thus, Canadians are worried about the anticipated recession that looms over their heads.
However, the Trudeau government is seemingly active in coping with the rising inflation. In August 2022, the Canadian government announced that the Trudeau government would ‘financially aid’ Canadians with a yearly income of less than $80k. The announcement was then followed by a package of $4.5 billion to help Canadians cope with the rising inflation. This package is dedicated to renters and low-income families throughout Canada.
But the problem is that this fund is not enough. Many Canadians, including financial experts, argue that this package can not help average Canadians cope with the high prices. Since the cost of everyday essentials is high in Canada, this package is not an effective step to help Canadians in the long run. A Candian financial expert termed this initiative of Prime Minister Justin Trudeau “a hoax.”
Thus, average Canadians also think that the government is not affluent enough to help them during this financial crisis. That is why they are opting for a solution elsewhere. And it is something naive: Crowdfunding.
Is Crowdfunding the Ultimate Solution to the Current Rising Inflation?
Essentially, the current rising inflation is not a problem in Canada. Rather, it is a global issue. Thanks to the pandemic and the ongoing geopolitical skirmishes – between Russia and Ukraine – every country in the world suffers from rising inflation. At this point, many countries assume that crowdfunding could be a great place to kick off. Platforms like GoFundMe offer a sheer amount of crowdfunding opportunities. and so far, it has been pretty successful.
So, it may not be ‘the ultimate solution, but it definitely is one of the effective solutions. A solution that can work for the long-term.
According to the latest updates, Canada does not have a good standing on the biggest crowdfunding platform; GoFundMe. Now, Prime Minister Trudeau has decided to up Canada’s standing on the platform. Experts argue that if that is true, it can be a long-term solution to the current rising inflation.
However, there is another side of the coin as well. The fact that Canadians are opting for crowdfunding itself is proof of the government’s failure. An ideal case could have been that Canada had initiatives in place to cope with any financial uncertainty. But no! The Trudeau government does not have any such initiatives in place. Consequently, Canadians are left at the mercy of crowdfunding.
