Today the Federal Government announces its’ budget. Canadians will see approximately $8 Billion in spending reduced; Old Age Security moving mandatory retirement from 65 to 67 years of age. Anyone 55 years and younger will need to give more blood, sweat and tears. Research and Development; Defence-no more Afghanistan; Foreign Affairs; Public Service; Aboriginal Funding; Immigration and Health- try not to ever get sick.

Meanwhile with housing prices going gang-busters, and Canadians already mortgaged to the nines, the worry is that an interest rate rise of 2% could quickly erode affordability of home ownership. Many are heavily leveraged.  Recently a home in Willowdale listed for $750,000 sold for $1.2million as foreign money blew away any competition. For the average Canadian these wars are a losing battle.

US Jobless Claims and Consumer Confidence improved to the best levels since April 2008. As more people work, they have the ability to buy. The Fed needs the consumer to come back as economic sustainability will be  limited with out them. I recently read that many families are dipping into education funds to make ends meet.

Arab League Summit opens in Baghdad with 10 leaders of 22 present. As  bombs explode outside who will be the next leader to be evicted from power. The major problem within these countries is that a small percentage is extremely wealthy and the majority are poor and dependant on the leadership’s handouts.

Don Filippo is expanding see www.donfilippo.ca and Twitter @DonFilippo_
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