04/10/2024
This is a complete ripoff.
As an immigrant myself, the sound of earning in dollars felt like freedom. My relatives back home would boast about how previlege we were, if only they knew.
Sheesh… 😬
This $100 bill still shows 100 even though it’s only worth about $58 now. 😭
$100 in 1999 is equivalent in purchasing power to about $171.03 today, an increase of $71 over 25 years. The dollar had an average inflation rate of 2.17% per year between 1999 & today, producing a cumulative price increase of 71%.
This means that today’s prices are 1.7 times as high as average prices since 1999, according to Statistics Canada consumer price index. A dollar today only buys 58.5% of what it could buy back then.
In my entire lifetime the Canadian Dollar has lost 41.5% of its purchasing power.
I hope my relatives back home understands, I’m not so rich after all. Ouch.. 🫣
If you knew it was going to continue to go down what would you trade it for?