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How the Strait of Hormuz Crisis Is Hitting Your Wallet Right Now

Published May 17, 2026  |  Category: Oil Prices & Energy  |  By MoneySavings.ca If you've winced lately at the gas pump or noticed your grocery bill creeping up, you're not imagining it. A geopolitical crisis unfolding halfway around the world — at a narrow strip of water between Iran and Oman — is directly squeezing Canadian budgets. Here's everything you need to know, and what you can do about it. What Is the Strait of Hormuz? The Strait of Hormuz is a narrow waterway just 33 kilometres wide at its tightest point, connecting the Persian Gulf to the open ocean. Despite its modest size, it is the world's single most critical energy chokepoint. Before this crisis, roughly 20 million barrels of oil moved through it every single day — about 20% of all the world's seaborne oil supply, plus significant volumes of liquefied natural gas (LNG). Think of it as the world's energy jugular vein. When it gets blocked, the entire planet feels it. What Happened? On Februa...
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A Comprehensive Approach to Addressing the US Debt Problem

 

The US debt problem is a complex issue that requires a multi-faceted approach to solve. While closing the $688 billion tax gap is a step in the right direction, it is not a panacea for the US debt problem. According to a recent article by AOL, even if the IRS achieves a 100% collectible rate and closes the estimated $688 billion tax gap, that won’t be enough to meaningfully shrink the US debt gap. The article suggests that the US government needs to focus on other areas such as reducing spending, increasing revenue, and improving economic growth.

The US debt problem is a critical issue that requires immediate attention. The current debt-to-GDP ratio indicates that current policy under this report’s assumptions is unsustainable. If lawmakers fail to take action soon, the report projects that the federal debt could “exceed 200 percent [of GDP] by 2046 and reach 566 percent by 2097”. To stabilize the federal debt at current levels, the Financial Report estimates that the government will have to run “primary surpluses” equal to 0.6 percent of GDP, 4.9 percentage points higher than current projections, between 2023 and 2097 .

Therefore, it is imperative that the US government takes a comprehensive approach to address the debt problem. The government should focus on reducing spending, increasing revenue, and improving economic growth. A balanced approach that includes a combination of these measures is necessary to address the US debt problem.

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