News

 

Middle class Canadians better off than American counterparts

Still no reason to celebrate, says CIBC

A report in the New York Times suggests the Canadian middle class is better off than its American counterpart.

The newspaper says an analysis it did with a data centre shows Canadian median income was far behind the United States 14 years ago.

However, the report says Canada caught up to the United States in 2010, and is now likely ahead of the U.S.     The report says middle class incomes in the U-S are stagnating, while they're growing in Canada.

Benjamin Tal, CIBC's deputy chief economist, provides some perspective though.

Tal says it's not so much that Canada's middle class is doing great.

He says it's more a case of the U-S is doing ``very badly'' when it comes to the widening income gap.

And, says Tal, that's no reason for Canada to celebrate.

Leave a comment:

showing all comments · Subscribe to comments
Comment Like
  • 16
  1. Mark posted on 04/23/2014 07:11 AM
    Wait !!!!!!!!!!!! According to twinkle toes Justin Trudeau the so called middle class in this country has been gutted by the Cons. Sorry little Justin, actually the Cons have been running our ship quite well thank you very much. It's dweeb liberals like you who wreak havoc on peoples bank books.
  2. The Real Explanation posted on 04/23/2014 07:29 AM
    Wrong again, Mark.
    It's all relative.
    The Yanks' middle class has been devastated.
    The Canadian middle class has been almost devastated.
    Stop being so deluded - our middle class is in very rough shape thanks to "economist" Harper.
    This is the worst slide for the middle class in Canadian history outside of the Great Depression of the 1930's.
  3. HP posted on 04/23/2014 08:03 AM
    The decline of the middle class in America is a result of the collapse of their union movement and the shift from manufacturing to service sector jobs. With privatization and off-shore sourcing, Americans now accept jobs paying half of what they did 15 years ago.

    Back then union jobs were the only way that unskilled, uneducated Americans could move up into the middle class...kids quit school at 16, got a job for life at GM, then retired with a Cadillac pension. Canada is in the same boat except that we have the natural resource sector to soften the blow.

    I spend about 30% on my time in the U.S., mostly in the deep south and the changes in lifestyle I've seen would blow Canadian minds. Once the richest nation on earth, America now lets it's people live in mud filled trailer parks, begging in parking lots for scrap...they let people live in cars, many work three jobs totalling 20 hours per week...a WalMart even had a food drive for it's own employees to get them something to eat last Thanksgiving. America now has the kind of poverty normally seen in third world countries.

    And it can all be blamed on a low minimum wage, the gutting of the unions, right to work legislation, and the 1% sucking the economy dry. Many wonder why Louisiana, America's richest state in natural resources has the lowest average income. Those that work, work for pennies, the company owners don't live in the state, and the politicians are sucking the lifeblood out of their people.

    Canada is not far behind if people like Ford, Hudak, and Harper continue to get elected.
    1. The Real Explanation posted on 04/23/2014 09:00 AM
      @HP Succinct and 100% correct.
    2. Mark7 posted on 04/23/2014 11:18 AM
      @The Real Explanation Stop replying to yourself HP under this new name. Also stop lying!!!

      It is NEVER the Cons fault and has always been the criminal Fiberals doing. The vast majority of the time it is the criminal Fiberals in power. It is their decades of money squandering, stealing, lying, etc that is the root cause.
    3. Mark7 posted on 04/23/2014 11:18 AM
      @The Real Explanation 100% utter hogwash!
    4. The Real Explanation posted on 04/23/2014 11:33 AM
      @Mark7 I will reply to this poor attempt at trolling - but only once - that way you can feel successful. I am not HP as you mistakenly assert. I am 100% in my comments - you are blinded by your uneducated, brainwashed Neo-Con Tea Party lack of cogent thought.

      Troll away Mark7 - loser that you are.
    5. Mark7 posted on 04/23/2014 11:58 AM
      @The Real Explanation My my, how quaint you are, son. Intelligent thoughts are wasted on you.

      I do troll, but only when fishing. For you to say Conservatives are the cause of our financial ruin is laughable at best, and indeed that of the real troll. No need to waste my time with short sighted people like you in future posts.

      ps...You proved your true RED colours by calling me a loser. Criminal Fiberals are always the hypocrites and biggest name callers.
    6. arthur posted on 04/23/2014 12:33 PM
      @The Real Explanation either Ford or Hudak will be first to go then the other then Harper.
      some very good points!
    7. Ernie posted on 04/23/2014 03:09 PM
      @HP HP - close but its not entirely correct.

      The union movement was neither the saving grace or the job killer in this case.

      The real issue is that in 2000 Bill Clinton stopped the annual review of duty tariff rates for goods imported from China. This was the beginning of low duty costs for Chinese imports to the USA and Canada. This is what killed our manufacturing sector - because unionized or not - we cant compete against 40 cents an hour!

      Harper and Obama have done nothing to put the duties back to their historic levels and that's what drives down the labour wage rate.
  4. john posted on 04/23/2014 10:59 AM
    we dont have a doushbag ruining the country unlike the USA .
    1. The Real Explanation posted on 04/23/2014 11:35 AM
      @john On the contrary - our douche-bag is bigger than theirs - his name is Harper.
    2. HP posted on 04/23/2014 11:36 AM
      @john Americans, and now Canadians, have been betrayed by their leadership...political, corporate, financial, even law enforcement, military, and their clergy.

      All leaders are out to make their living off the regular, hard working people who don't stand a chance, politicians tax their money away, corporate leaders cheat, financial leaders steal...the police, military, and the clergy keep them in line and make them think they're happy.

      The sheeple simply don't realize hat they're working for others who eventually get all of their money, factor in taxes, interest rates, inflation, etc. they leave nothing for those that work for the few pennies left for them.

      Politicians like Ford and Harper lie with impunity, treat the voters with nothing but contempt, and have a hand in everyone's pocket. It happened in America, starting with Nixon, ending with Bush...now it's happening here.
    3. Mark7 posted on 04/23/2014 12:04 PM
      @HP I agree with all of your post HP, except the last paragraph.

      Is is those like Rob that actually go against the grain. This is why the biggest political witch hunt in Toronto's history has been against Rob. From day one The Tabloid Star... long before any scandals arose.
  5. arthur posted on 04/23/2014 11:28 AM
    because we have better social standards. unlike the greedy capitalists to the south
  6. Frankie posted on 04/23/2014 01:28 PM
    Comrade HP, please enlighten us as to why all those socialist countries that don't have the evils of capitalism you describe either no longer exist or are in dire financial straits. Also, why did your beloved Soviet Union collapse and the old China move towards evil capitalism if life were so perfect?
showing all comments

Your GTA

Sign Up For Breaking News Alerts

Becoming a member only takes 60 seconds! Members get access to exclusive information and products that non-members do not, including concert ticket presales, trips, advance notice on upcoming entertainment events, movie screening passes, music giveaways and more!

Login with Facebook

Stay connected 24/7! Receive breaking news and programming alerts right to your inbox. CLICK HERE to sign-up.

Today's Poll

With the recent controversy surrounding the NFL and the way the league has handled player discipline, are you less likely to watch on Sundays?

Voting is restricted to one vote every 24 hour(s) VoteResults

Top Stories

Facebook

Twitter