Hows that boom working out for you?

We live in a time of unbridled prosperity, a boom time filled with opportunity and lots of chances to get filthy stinking rich… Unless you happen to be one of those Canadians that aren’t already rich.

Marco sent in this story about a report released by the Canadian Center for Policy Alternatives. Apparently the rich are getting richer and the poor getting poorer, we now have the widest wage gap we’ve seen in 30 years. From the Globe and Mail version of the story:

The rewards of Canada’s booming economy are going disproportionately to a select few while the majority of Canadian families either falling behind or treading water, a new study suggests.

The report, released Thursday by the Canadian Centre for Policy Alternatives, says that the lion’s share of Canada’s economic growth is going to the richest 10 per cent of families, even as Canadian families put in more time at work.

“Canada’s gap is growing at a time when Canadian families are playing by all the rules – working harder, contributing to a growing economy – but most aren’t getting payback,” study author Armine Yalnizyan said in Thursday’s report.

So how’s that boom working out for you? Do you feel like you’re getting ahead or falling behind? Can this disparity be pushed further or does ‘something have to give’?

Heres the original report.

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Ulsterman
Ulsterman
13 years ago

A small but hopefully enlightening anacdote from the home of the Olympics. I take groups of students to Whistler about 7 times a year with a school club.Over the past few years, Intrawest has rewarded the club organizers (who bring them tens of thousands of $$ of income) with an Edge Card and a few free passes.This year we didn't get the pases. Why? The story goes (from the staff at Whistler) that since Fortress bought out Intrawest earlier this year all the budgets have been cut AND (!) all the staff have to do more work for the same money. This is just a tiny example of what has been happening for the past 3 decades in Western economies. The average person does more for less and the owners get rich (er). Yes, I KNOW, anyone with a pension… Read more »

digi
digi
13 years ago

the real estate lunacy has made a lot of people richer on paper.Being rich on paper is nice and all, but its not the same as being rich. If you had a million dollars in New Century Financial stock (a US subprime mortgage lender) up until a few weeks ago you were rich, but unless you cashed out before the crash, you're now half as rich as you were then.

digi
digi
13 years ago

My income has gone up considerably in the last five years, but my standard of living certainly hasn't matched it. I know that this a problem across canada, but I don't think there's any other canadian city as bad as Vancouver for cost of living.

Clarke
Clarke
13 years ago

This has been going on for a while, and is becoming a pretty common thing in most first world countries. For a long time, statistics have indicated that real wages have remained more or less stagnant since the 1980s. I recall throughout most of the 90's the North American press raved about how great businesses were doing, profits were way up, etc. But, in the meantime the downsizing frenzy was playing havoc among white collar types. For those who were not downsized, workloads tended to increase. The blue collar crowd faced similar problems as more and more manufacturing jobs were lost. Most employment gains are in the service or self employed sector, and most of these jobs do not pay as well or offer comparable benefits. As has been pointed out in other related blogs, Vancouver's median family incomes are… Read more »

satv
satv
13 years ago

comon story world wide and report is true, because dad runs family and bussiness men runs government and drives people like nuts.productivity trend is killing jobs because 100 people can work behalf of 150.small bussines doesn't pay more than $8.00 have to have union but union can't do much too. see what happend in safeway contract last time employee have to loose because rich can sit on chair but poor always dying to pay rent or mortgage so they can be punished easly.more we work 2 jobs or 16 hour shift more tax we pay.still at the end i wanna say people who do attempts can make future better.because all people have cumunities bussiness class,rich class,middle class,and poor class if we replace one with another they will perform almost in same manners,So it is me a prime minister or you… Read more »

quack
quack
13 years ago

I am always suspicious of any form of hype that promotes "prosperity" and always ask "for whom". I shook my head at the time of the 2010 "vote" and continue to shake my head today at the countless fools that believed this was going to be good for them. Good for somebody, for sure, but not for Average Joe and his 2nd cousin Joe Six-Pack. And certainly not for me. Nothing's free and as soon as someone mentions "easy money", "big profits", "flipping" and talks about the growth of "services" in our economy (but not "goods") I see nothing but impending inflation eating away at my relatively fixed income and savings.

northvan
northvan
13 years ago

Ok.. I will start.The wealthy/connected will say I am whining, but I am just saying as it is.The housing market went nuts.Savings is a joke, by the time you factor in interest, you are loosing.Investments, isnt that for the insiders? I bet they knew about the China thing, but kept it a best kept secret, like so many other things.I see alot of hype in the papers, and media, people pretending to be rich (fancy cars), BC savings rate in the red., spend spend spend.It is like a mass psychosis – no logic or reason.My "boom" has come from being very frugal, not following fads or hypes.I prefer a good nights sleep (and 8 hours too, ty) over a fancy car/house. My "boom" has not come from flipping, or stocks, but from internal measures such as frugality and non commercial… Read more »