State of personal indebtedness in Canada. You may focus on student Research Paper

State of personal indebtedness in Canada. You may focus on student debt or the society as a whole - Research Paper Example Recent figures suggest that the current level of personal debt in Canada is on the highest level for the past 8 years. The average non-mortgage personal loan of a Canadian is approximately $26,221 in the second quarter of 2012 suggesting that the overall debt levels are on the rise. (Johnson, 2012) There can be various reasons for this including the general trends and preferences of the consumers as well as the ability of Canadian banks to remain profitable and continue to supply consumer debt despite the fact that overall global scenario may not be encouraging. These trends are considered as troublesome as persistently high levels of personal debts can actually create serious consequences for the economy as a whole. This paper will discuss about the personal debt in Canadian society as a whole and will discuss the concerns as well as solutions for it. Personal Debt in Canada The recent trends of personal debt in Canadian society as a whole have been alarmingly high. The current aver age debt level in the second quarter of 2012 stood at $26,221 higher by $192 from the previous quarter. This figure is also considered as the highest during the last eight years since Credit Bureau actually started to track the personal debt levels. (Johnson, 2012) Studies have shown that debt to income ratio is on the rise as well as the debt-to total assets is on the rise too. These trends indicate that more and more portion of consumers’ income is taken by the debt and higher debt payments can actually reduce the disposable income for the individuals. Average annual growth rate of household debt in Canada grew by 7.4% in nominal terms and 5.3% in real terms during 2000-2011. Such consistent level of increase in household debt has actually put personal debt at the level which may not be sustainable for consumers in the long run. It is also important to note that this rise in the consumer debt is mostly in the non-mortgage debt class and is also secured against the household items. Such characteristics of the personal debt may therefore create significantly more economic consequences for the households. (Crawford & Faruqui, 2012) It has been suggested that such high level of personal debts can actually put Canadians at more vulnerability towards the economic shocks as any adverse change in employment dynamics can put lot of stress on the disposal income of the consumers. Sharp decline in home values as well as increase in interest rates as well as relatively higher level of unemployment can put individuals at more risk considering the current levels of debt in the country. (Chawla & Uppal, 2012) IMF has also shown its reservations over the higher levels of personal debt in Canadian economy and indicated that higher levels of personal debt can actually reduce the economic growth of the country. IMF has even cut its economic forecasts for Canada owing to higher personal as well as mortgage loans and suggested that higher debt levels at consumer level can actually create more risk for the economy as a whole. (BABAD, 2012) Some data indicates that this trend is on the rise across all ages and there are different factors which are actually at play causing the consistent rise in the personal debt levels. It has also been suggested that the persistent increase in the level of income as well as low interest rates have also contributed towards these trends. Some theoretical

Is the use of placebos as a control ethical when an effective standard Essay

Is the use of placebos as a control ethical when an effective standard of care medication is available (YES or No) - Essay Example This does not exclude the use of placebo, or no treatment, in studies where no proven prophylactic, diagnostic or therapeutic method exists.1i The revision does not ban placebo but allows it only when there is unanimous agreement among members of medical community that no effective treatment is available. In the absence of effective preferred treatment, placebo controlled trials are permissible. In all other cases, its use has been restricted on ethical grounds. Critics have raised objections to the absolutism of the revised version. The basic ethical concern is grounded in one complex question: Are the rights of the subject more important than potential for greater good of the society If it is felt that inefficacy of drugs can be tested through placebos and new drugs can be developed, should the researchers proceed with the trial or should they be concerned about welfare of the subjects to the extent that they abandon the research This is a question which definitely is not easy to answer. Proponents of the revised version support the declaration that: "In research on man, the interest of science and society should never take precedence over considerations related to the well being of the subject."ii Supporters of placebo controlled trial are of the view that use of an inactive agent is preferable to an active one because it provides an important static reference pointiii. Another major argument in favor of placebo use is connected with Food and Drug Administration in the US that does not approve any drug that has not been tested with placeboiv. While it is true that many resent the imperialistic stance of FDA, the fact remains that in most cases, clinical trials with placebo might appear to be the only option. It is true that welfare of the subjects is an important concern but equally important is the development of a better and more effective treatment. In case an effective treatment exists and the patient is suffering from a life threatening disease, it is better not to proceed with the placebo control method. But where a slight delay might not significant affect a patient and a clearly effective treatment is unavailable, use of placebo should be allowed unhindered. FDA on one occasion for example "argued that the low risk to subjects justifies the use of placebo arms in clinical trials when effective treatments are available and equipoise is therefore impossible."v It is possible to reach a consensus on the issue if we study the placebo control method carefully and delineate some clear rules as to when it can be applied. Emanuel, Miller offer a sound solution when they say, "A placebo-controlled trial has a sound scientific rationale if the following criteria are met: there is a high placebo-response rate; the condition is typically characterized by a waxing-and-waning course, frequent spontaneous remissions, or both; and existing therapies are only partly effective or have very serious side effects; or