Canadian Societal Reform - The Wealth Gap

[Bob Armstrong]

CityNews Toronto @CityNews

Richest one per cent of tax filers earn a tenth of all income: StatsCan

Bob A

[Bob Gillanders]

Re: Canadian Societal Reform - The Wealth Gap

CityNews Toronto @CityNews

Richest one per cent of tax filers earn a tenth of all income: StatsCan

Bob A

I think this stat demonstrates the widening wealth gap:
http://www.montrealgazette.com/busin...946/story.html

To quote the Montreal Gazette:
"In 1982, the median income of the top filers was $191,600 or seven times the median income of $28,000 for the other 99 per cent. By 2010, the median income of the top filers increased to $283,400, about 10 times the median income of $28,400 for the rest."

So, in constant dollars, in the last 28 years:
The 1% saw their median income rise $ 91,800.
For the 99% the median income rose $ 400.

[Tom O'Donnell]

Re: Canadian Societal Reform - The Wealth Gap

Earning a big income does not guarantee you will be in the top 1% or even 10% in terms of accumulated wealth. Recently a study was done on ex-NFL players. A staggering 78 percent are estimated to either be broke or nearly broke within two years of exiting the league. With smart planning it is quite possible for even people with moderate to low incomes to accumulate sizable sums. No need to win the Lotto649 or have your long-lost uncle will it to you to do it, either. Just like in many sports: offense gets all the notice but defense wins games. ;-)

[Brad Thomson]

Re: Canadian Societal Reform - The Wealth Gap

Insofar as humans are greedy and corrupt by nature, the greatest level of overall happiness will be provided by the most relaxed forms of capitalism. These are the only systems that allow human nature to function as it is. Socialistic systems are doomed to failure because they do not recognize human nature. If you don't like the ratio, seek to reach the top percentage and then give away your money. There will be lots of greedy, corrupt people willing to take it.

[Gary Ruben]

Re: Canadian Societal Reform - The Wealth Gap

CityNews Toronto @CityNews

Richest one per cent of tax filers earn a tenth of all income: StatsCan

Bob A

Eat your heart out. :p

[Aris Marghetis]

Re: Canadian Societal Reform - The Wealth Gap

... If you don't like the ratio, seek to reach the top percentage and then give away your money. ...

I love that line Brad! :)

[Erik Malmsten]

Re: Canadian Societal Reform - The Wealth Gap

Insofar as humans are greedy and corrupt by nature, the greatest level of overall happiness will be provided by the most relaxed forms of capitalism. These are the only systems that allow human nature to function as it is. Socialistic systems are doomed to failure because they do not recognize human nature. If you don't like the ratio, seek to reach the top percentage and then give away your money. There will be lots of greedy, corrupt people willing to take it.

It's not so simple, that any complaints means Socialism. This is not same-old Capitalism, it is in a destructive hyper drive which is wiping out the middle class and the middle-class market in many communities. We live in a mixed-economy. There has been a role of government in this: The richest are paying less and less taxes while their riches are accelerating and we have big government debts. Their taxes shouldn't have been decreased until the debt is eliminated. Governments have propped up many industries who have taken the money and fled. There has also been heavy social costs in this era of computer capitalism where investors don't care about a company's health, but look for short-term profit (triangles on graphs) even when that means closing down old factories and losing 1,000s of jobs. Still, I'm happy to have a job in one of the most resource prosperous and peaceful countries in the world.

[Gary Ruben]

Re: Canadian Societal Reform - The Wealth Gap

This is not same-old Capitalism, it is in a destructive hyper drive which is wiping out the middle class and the middle-class market in many communities. We live in a mixed-economy. There has been a role of government in this: The richest are paying less and less taxes while their riches are accelerating and we have big government debts.

I know. They've been saying this since at least the 1940's when our veterans were coming back from the war in Europe. They were given back their old jobs and those who had been doing them during the war became unemployed.

They've been wiping out the middle class since at least the 1940's and yet there is still a middle class. How can you explain that?

This is the golden age of socialism in this country. Union dues are tax deductible. Teachers are getting paid as professionals instead of hourly paid seasonal workers.

Why should investors care about the companies health when the workers don't care? The workers and their unions only care about what they can get from the employer so why should a company owner worry about anything other than his bottom line?

[Erik Malmsten]

Re: Canadian Societal Reform - The Wealth Gap

The successful government supported auto pac and film industries are well-paid union jobs. But in the US the number of union members have plummeted, a large number of workers work at or below minimum wage, and yet they are in economic decline, probably never to recover.

I'm looking to put $5,000 in a RRSP for a 2012 tax break. I guess funds of bank stocks are safe, as their profits parallel government debt. But I want 5% -- 10% payback right now! So I'm aware of the nature of Capitalist greed.

[Gary Ruben]

Re: Canadian Societal Reform - The Wealth Gap

The successful government supported auto pac and film industries are well-paid union jobs. But in the US the number of union members have plummeted, a large number of workers work at or below minimum wage, and yet they are in economic decline, probably never to recover.

I'm looking to put $5,000 in a RRSP for a 2012 tax break. I guess funds of bank stocks are safe, as their profits parallel government debt. But I want 5% -- 10% payback right now! So I'm aware of the nature of Capitalist greed.

The U.S. will recover, in my view. My suspicion is they will eventually inflate their way out of their problem. We could see a situaltion like the inflation we had around the 1980/81 when it was running around 12% or more. Interestingly, in around 1951 it was also around 12%. Now it's another 30 years and we're about due. Remember interest rates back around 1980?

Not sure what you mean by funds of bank stocks. Do you mean mutual funds or that sort of thing? Canadian bank stocks look expensive to me in relation to US bank stocks but I don't really follow them. The balance sheets are too complicated for me to understand. Safe is CDIC guaranteed GIC's. Not very sexy but it tends to guarantee your investement. Not 5% either.

[Bob Armstrong]

Re: Canadian Societal Reform - The Wealth Gap

from CBC.ca: http://news.ca.msn.com/top-stories/c...ty-says-report

Canada falling behind on poverty, inequality, says report

Canada isn't living up to its potential or its reputation when it comes to societal issues like poverty, government and inequality, according to the Conference Board of Canada.

The group gave Canada a 'B', good for a 7th place ranking out of 17 developed countries, but it said the "middle-of-the-pack" ranking leaves room for improvement.

Getting an 'A' at the top of the rankings were the Scandinavian nations (Denmark, Norway, Sweden and Finland) as well as the Netherlands and Austria. At the bottom were Japan and the U.S., both getting a 'D' ranking.

Income inequality the biggest challenge

Canada ranked a 'C' on both income inequality and the gender income gap.

Many studies have pointed to the rise of income inequality in Canada over the past 30 years. The top 10 per cent have seen their average income rise 34 per cent, while the bottom 10 per cent have seen their earnings rise just 11 per cent. The report says income inequality is cause for concern, especially in education.

“Better education is a powerful way to achieve growth that benefits all,” writes Brenda Lafleur, the report’s author. But if the cost of education in Canada continues to rise, “it is very hard for the child of poor parents to do well.”

Bob A

[Bob Armstrong]

Retirement Among the 99%??

CP24 @CP24
More Canadians say they'll need to work past 66 to be able to retire. Only 27 per cent of respondents believe they'll retire by 66, a nearly 50 per cent decline from the previous year.

And, for the first time since the insurance giant began this poll five years ago, it found that the number of Canadians who plan on retiring by 66 is nearly equal to the proportion that plan on working full-time past the age of 66 -- 26 per cent. Another 32 per cent of respondents said they anticipate doing part-time work past 66.

Article - http://www.cp24.com/news/more-canadi...ests-1.1163880

Bob A

[Kerry Liles]

Re: Retirement Among the 99%??

CP24 @CP24
More Canadians say they'll need to work past 66 to be able to retire. Only 27 per cent of respondents believe they'll retire by 66, a nearly 50 per cent decline from the previous year.

And, for the first time since the insurance giant began this poll five years ago, it found that the number of Canadians who plan on retiring by 66 is nearly equal to the proportion that plan on working full-time past the age of 66 -- 26 per cent. Another 32 per cent of respondents said they anticipate doing part-time work past 66.

Article - http://www.cp24.com/news/more-canadi...ests-1.1163880

Bob A

And my financial adviser indicates that things have improved: I only have to work 5 years after I die... until recently, it was 8 years.

[Gary Ruben]

Re: Retirement Among the 99%??

And my financial adviser indicates that things have improved: I only have to work 5 years after I die... until recently, it was 8 years.

I wonder if that "insurance giant" sells a product which will help a person retire sooner. :)