Posts Tagged ‘inequality’

How Global Elites Profit from Unaffordability

April 1, 2017

..if you belong to the community of wealthy elites that also gravitate to these cities, unaffordability means something else entirely. Insanely high real estate costs don’t dissuade the extremely rich from buying homes in places like Sydney, London and Vancouver. High prices make owning a house there more desirable. They confer social status. And if, like many members of this elite, you own several homes — one as a place to live in and the others as investments or safe havens for your wealth — you want home prices to keep going up. They are, after all, making you even wealthier.


New Canadian study explains why working class should be angry

November 16, 2016

A newly released study by the Canadian Centre for the Study of Living Standards (CSLS) might explain some of that working class anger.

The study’s innocuous sounding title is: Labour Productivity and Real Earnings in Canada, 1976-2014. But its conclusions are almost explosive.

It shows that in Canada, the productivity of labour — the amount workers produce per unit of effort — went up by over one per cent per year over the 38 years between 1976 and 2014.

The average worker’s earnings, however, barely budged over that same period. The rise in wages was less than one-tenth of one per cent per year. Put differently, the rise in productivity was more than 10 times that of earnings.

Half Of Working Canadians Live Paycheque To Paycheque

September 11, 2016

TORONTO — A new poll suggests that about half of working Canadians would be hard-pressed to meet their financial obligations if their paycheque was delayed for a week.

The survey released Wednesday by the Canadian Payroll Association found that 48 per cent of respondents said they rely on each payday to cover their bills, with 40 per cent admitting they spend an amount equal to all or more of their net pay each week.

A quarter of those polled also said they wouldn’t be able to scrounge up $2,000 if an emergency situation happened within the next month.

The CPA said the survey highlights the growing number of Canadians who are living paycheque to paycheque, and unable to put away savings due to mounting debt and a weak economy.

When the top fifth of Canadians are worth 1,250 times the lower fifth, it’s time for a wealth tax

April 7, 2016

Wealth inequality, then, affects everything it can touch and therefore demands a policy response all its own. Unlike many of our OECD brethren, Canada does not currently levy an inheritance, estate or wealth tax of any sort. Where they do exist, wealth taxes are increasingly under both rhetorical and technocratic threat.

Joseph Stiglitz on Canada’s Housing Inequality: ‘It’s Very Disturbing’

November 29, 2015

Skyrocketing housing prices in Canada’s cities, most dramatically in Vancouver, threaten the cohesion of our society, argues Nobel laureate and former World Bank chief economist Joseph Stiglitz.

The Boy Who Cried Wolf in Canada

January 27, 2015

Target CEO’s Golden Handshake Pretty Much Matches The One For All 17,600 Canadian Employees

January 24, 2015

An interesting talking point has seized the interwebs today: The amount of money Target has set aside to pay its Canadian staff is slightly less than the money it paid out to one former employee: Its CEO.

Gregg Steinhafel took a total of $61 million U.S. from Target when he left the company last spring, according to Fortune’s calculations. Meanwhile, the fund Target set up to pay employees as it winds down operations over the next four months is set at $56 million U.S. (That’s $70 million Canadian, at current exchange rates.)

The Way We Get By: The Story of Wes & Kim

January 8, 2015

Canadian CEOs Raking In Nearly 200 Times Average Worker’s Pay

January 3, 2015

While Canada continues to trudge slowly out of its economic recession, top-paid corporate executives are raking in the benefits as the country’s average workers struggle, a new study published Thursday by the Canadian Center for Policy Alternatives has found.

The study, Glory Days: CEO Pay in Canada Soaring to Pre-Recession Highs (pdf), analyzed the 2013 earnings of executives of the country’s 240 publicly listed corporations, and found that their average compensation that year was $9.2 million—almost as high as their $10 million average salary in pre-recession 2007.

As the study notes, it is also 195 times more than the average Canadian citizen earns in a year and 237 times more than the average Canadian woman.

Canada’s Income Gap

December 5, 2014