Trudeau’s budget’s ability to restore ‘generational fairness’ is doubted by economists – here’s why

Can Trudeau's budget restore 'generational fairness'? Economists say don't bet on it

‘Generational Fairness’: The Unavoidable Truth

In a world where Millennials and Gen Z are taking over the reigns of creation, service, and commerce, Prime Minister Justin Trudeau has made a bold declaration. A budget aimed at achieving “generational fairness” is his plan to address the imbalance that has plagued the economic landscape for years.

Generational Divide: A Reality Check

With older generations seemingly benefiting from economic trends more than the younger ones, the concept of generational fairness has stirred debate and discontent among Canadians. The sentiments of younger Canadians, who feel the weight of unattainable dreams like home ownership and economic instability, are echoed in discussions on how the economy has shifted to favor the older demographic.

The Pessimism Plaguing the Youth

Pessimism among younger Canadians is at an all-time high, with surveys indicating a lack of faith in the present and future. This disillusionment has translated into diminishing support for the Liberal Party, which once garnered significant backing from the youth demographic. Housing affordability, particularly, has emerged as a pivotal issue in winning over disenchanted younger voters.

A Call for Intergenerational Equity

The narrative of “over-extraction” by the older generation, whether in real estate wealth consolidation, environmental degradation, or governmental spending, has pushed the younger generation to demand accountability and justice. The housing crisis serves as a glaring example of a problem decades in the making, one that cannot be rectified with a single budget measure.

A Long Road to Reconciliation

The road to achieving generational fairness is a long and arduous one, requiring a fundamental shift in economic policies and attitudes towards intergenerational equity. The acknowledgement of the problem in the 2024 budget marks a crucial first step towards rectifying the disparities that have plagued Canadian society.

Closing the Housing Gap: A Daunting Task

While the focus on addressing the housing crisis is commendable, economists caution against expecting quick fixes. Years of neglect and mismanagement have led to a situation where restoring the dream of home ownership will require patience and sustained efforts. The generational gap in economic opportunities and wealth accumulation cannot be bridged overnight, underscoring the need for a comprehensive, long-term strategy.

In the quest for generational fairness, it is imperative to confront the uncomfortable truths about economic disparities and intergenerational inequities. Only by acknowledging the reality of the situation and committing to meaningful change can Canada pave the way for a more equitable and prosperous future for all generations. The 2024 budget stands as a testament to this crucial shift in mindset, but the journey towards true generational fairness has only just begun.



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