Why does it feel like young Canadians can’t get ahead anymore?

In this episode, Cara Stern and Mike Moffatt break down the growing generational divide in Canada, and why Millennials and Gen Z are being squeezed from both sides. From skyrocketing housing costs to rising taxes and massive government spending on programs like Old Age Security (OAS), the financial pressure on younger Canadians has never been higher.

We explore how Canada’s aging population is reshaping the economy, why healthcare and retirement spending now dominate government budgets, and how policy decisions around housing have made affordability worse. With fewer workers supporting more retirees, and homeownership increasingly out of reach, this episode uncovers the systemic forces driving a massive wealth transfer from young to old.

Is this sustainable? Why hasn’t policy changed? And what can younger generations actually do about it?

Chapters:

00:00 Introduction: The Hidden Wealth Transfer From Young to Old

00:18 Canada’s Aging Population and the Fiscal Squeeze

01:32 Why Fewer Workers Are Supporting More Retirees

01:54 How OAS Became Canada’s Biggest Federal Expense

03:04 The Truth About Who Paid for Old Age Security

04:14 Young Canadians Are Being Squeezed From Both Sides

04:59 How Housing Policy Made Homes More Expensive

06:29 Did Boomers Intentionally Build This System?

08:23 The Unintended Consequences of Housing Restrictions

09:13 Why Millennials and Gen Z Feel Locked Out

10:20 How Government Spending Shifted Toward Seniors

11:42 Why Younger Generations Struggle to Organize Politically

12:49 Would Lower Home Prices Crash Canada’s Economy?

13:34 Why Cheaper Housing Would Make Canada Wealthier

13:52 Why Young Canadians Need Political Power

15:00 Final Thoughts and Outro

Research/links:

An Oligarchy of Old People

https://www.theatlantic.com/magazine/2026/05/gerontocracy-wealth-power/686585/

Are Boomers Bankrupting the Future?

https://www.youtube.com/watch?v=lbM3_BPDJ5Y

2026 Ontario Budget

https://budget.ontario.ca/2026/pdf/2026-ontario-budget-en.pdf

Page 196

Annual Financial Report of the Government of Canada 2024-25

https://www.canada.ca/content/dam/fin/publications/afr-rfa/2025/afr-rfa-2024-25-eng.pdf

Pg 15

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/