You might have seen the headlines saying Canada’s economy is “moving in the right direction” and wondered why you personally still feel strapped for cash. It’s because we’re experiencing what Alberta Central’s chief economist, Charles St-Arnaud, calls a “me-cession” (not to be confused with a recession). Here’s what he means: As a country, Canadians are spending more, which is pushing overall economic output higher. But on an individual level, Canadians are still pulling back on purchases. This dissonance is due to one simple reason: record population growth. There are more people in Canada spending, which helps increase the country's overall gross domestic product (GDP), but our GDP per person is still low. Even though the overall economic pie is getting bigger, you might still be feeling the pinch in your wallet because your slice hasn’t grown — or it could even be shrinking. Most households in Canada actually saw their disposable incomes drop in the first quarter because their wage increases didn’t keep up with higher interest payments. So, what can you do? Practise patience. Lower interest rates will help reduce debt repayments, but it may take time to start feeling the benefits.