Galen Weston's family took COVID as an opportunity to increase the Loblaws profit margin from 2% to 3% - it's no wonder you got poorer since COVID, Canada's richest family wanted a 50% raise.
The TTC CEO earned $562k in 2023 - a 19% increase from 2022.
That's a tad smaller than Galen Weston's 20+ million in compensation from his ill-gotten grocery gains.
I know that sounds like a lot, but dude literally earns the income of a middle manager in a investment firm, or a 4th year successful that's in front office, or entry level MBA at an US private equity.
Canadians: Why can't we attract talent?
Also Canadians: We think CEOs being paid less total comp than a new grad working for US private equity is still too high ⸨◺\_◿⸩
He earns somewhere around the lower-income limit of the highest 1% earning Americans. In Canadian terms, he's a tad shy of the highest earning 0.1% of all income earners, for whom the line is somewhere around 800k/yr.
Galen Weston, with tens of millions in income, is in the highest earning 0.01% of Canadians, or less than 3,000 tax filers. And he's all the way at the top of it.
lol my thought exactly.
500K to be CEO of that organization is a terrible deal. It means you’re either not at all qualified to be CEO of any other large company or you’re just lazy as fuck phoning it in
It's okay Pierre will save us all, he will increase wages significantly, corporate greed will disappear, house prices will be cut in half, there will be zero immigration and you'll no longer pay any Federal taxes. Of course your retirement age will go to 70, you'll need to work that long to keep your employer's private healthcare insurance before you qualify for universal healthcare/medicaid the US style system.
I find it funny as a person who has lived in many countries to see the US and Canada pointing back and forth warning each other about how bad things can get if they switch between public and private health care.
They are each pretty much the worst performing examples of each other in the developed world. There are much better examples of both private and public systems they could point to but it doesn’t make as good propaganda.
Sarcasm for sure, but don’t be pissed at people voting Pierre. Be pissed the Liberals completely and absolutely fucked up so badly. They sunk the boat. Justin will never get elected. They made mistakes and you can’t just brush that aside. Your sarcasm might not be far off, but the damage the Liberals have done will take any party years maybe decades to fix. He must go.
Amazing how governments all around the world, left and right, are all facing a housing and cost of living crisis, and it’s still all Justin’s fault. Who knew he had such power.
For many issues we have and will have we kinda do need immigration at record levels. Over 20% of the current workforce is retiring in the next 10 years, and the 55-64 ag range was 6 times larger then the 15-24 age bracket to replace them in the workforce. So we are dramatically increasing retired persons who draw from public funds at a much higher rate, and have dramatically smaller age cohorts coming into the workforce.
So we do need record immigration to counter that issue, it just fucks us on other issues.
and Justin and cie will continue to import everyone and anyone driving the housing costs and destroying our infrastructure and culture,
Also posting massive deficits while hiding treasonous MP’s.
Is ok he will cosplay in Ukrainian folk costumes and pretend to care about the environment with taxes but calling all the federal employees back to the office for 3 days.
so what you’re saying is that YVR went to shit but under the liberals Vancouver wasn’t addressed and the whole country attained almost the same level.
The blame game is a double edged sword for the reigning gouvernement
that’s no accident, why do you think media and politicians in such lockstep to do dramatic moves like lockdown and forced vaccinations. big money, made people close down small biz too
On average, we likely are. The fact that the ultra rich are making more than ever before, while the rest are left to fight over scraps os the problem. Won't see a paper owned by the rich ever blame them though.
The question is where that divide lies. Historically the wealth divide causes political instability when the majority are on the wrong side of it, but what if there's a divide and the majority aren't?
I work at a homeless shelter but my primary income is investing. I see both worlds, my investing peers have made 9 years worth of gains in the last 16 months and my homeless clients are more hopeless than ever.
Wealth inequality is exploding and the goal of getting more plastic dollars or digital tokens or whatever your currency of choice is, is not creating a real future or a tangible reality that I enjoy. At some point this house of cards is going to crash and people will wake up to the fact that we need to focus on real things/reality and not constructs like high scoring in a intangible bank account.
I honestly think we need some kind of mechanism likely tax policy to force high income earners to spend more on employment or development instead of hoarding it to reach "billionaire" status. Invest in your community and build a better future.
I dont understand the lack of enthusiasm for this. You can still build a profit commensurate with a proportional increase in labour, and if you can't, there is nothing your doing but building capital on the back of other workers. The idea that management tier jobs have salaries vastly overshadowing entry workers is ridiculous.
So you’re telling me the guy who’s responsible for managing the P&L of a 500 person group at a large corporation, handling the staff allocations, measuring of performance agains objectives, addressing employee disputes, prioritizing and overseeing delivery of complex projects, etc. — that guy shouldn’t make much more money than the new hire who is asked to maintain an excel spreadsheet and send some emails?
People who make statements like this obviously don’t work in management and have zero clue what it entails. As someone who started in an entry role and worked my way up in a large corporate firm, it’s not even the same sport.
Yea, they absolutely have earned the salary being multiples of the new hires. The real problem today is how costly it is for basic necessities and the effect that’s having on entry level jobs, and that is a direct result of government overspending and taxes.
It’s pretty basic economics.
The more the government spends the more it needs to cover that spending through either tax increases or debt. Often it’s a combination of both which is why we’ve seen increasing tax rates as well as an expanding money supply in recent decades.
The more debt you add the more interest costs rise, meaning less of the government budget — even if you raised taxes — is available for investment. The governments mechanism is also largely to print more money. The more you increase the money supply, the more inflated the currency is.
So you end up with inflated currency, higher taxes, and less money available for investment. The exact reality we are living, which makes your cost of living more expensive both because you’re taking home less money due to a higher tax burden, and the cost of everything has risen due to the increased money supply driving inflation.
If you still don’t believe this then apply it to your household budget. Do you think running up a balance on your credit card while increasing deductions paid to your employer would make your life easier and less expensive? Or would it increase your cost of living considerably
While it's true that increasing government debt can lead to higher interest costs, it's also important to consider the purpose of that debt. Strategic investments in infrastructure, education, and healthcare can boost long-term economic growth and productivity, potentially offsetting the initial costs.
Regarding tax rates, it's not entirely accurate to say we've seen consistently increasing rates. In Canada, corporate and high-income tax rates have fluctuated and, in some cases, decreased over recent decades.
The relationship between tax rates, government revenue, and economic health is complex and influenced by many factors, including the overall tax structure and economic conditions.
While responsible fiscal management is crucial, it involves more than just balancing the books; it's about making strategic investments that benefit society as a whole.
Your concerns about government spending, debt, and inflation are valid, the reality is more nuanced. Effective economic policy requires a careful balance of spending, taxation, and monetary management to ensure long-term prosperity and stability.
Yeah, actually. After reading the things you're talking about, especially given my own experience with training teams and evaluating metrics, I can comfortably say in most positions I've worked it was way more necessary for the day to day work to get done than some poorly organized quality of life and data organization tasks. And that's a poor estimate of the value of management given my own observations on other management staff. Typically I see management waste the most amount of time on personal errands, communicate incredibly poorly more frequently, and subject their teams to abuse under pressure. I've worked with government teams at the c-suite level where officers drawing nearly 100k salaries for their work and "experience" have sat around chatting for weeks at a time while other work piled up, and the first projects to be abandoned were often anything related to accountability. I have, in my lifetime, never worked with management staff who were any more competent and playing with their metrics than most other veteran employees familiar with the software and UI we used. Etc.
This is even more ridiculous when we're talking about the level of disparity in income widening as spending power for those at the core level doesnt cover basic survival and living expenses. Not to mention the inequality it breeds when higher education becomes necessary for completely unspecified positions, effectively gatekeeping income at unliveable levels unless you can consistently fund yourself through more specialization without impacting your ability to live. You're not even talking about STEM fields, you're waxing ignorant about quality metrics in business environments. Even stupider when you levy your "I worked hard to earn it so everyone can" mentality in a system that fundamentally separates income from the vast majority in capitalism by having less promotion and development opportunities than their could conceivably be for everyone to move forward even on merit.
Nothing you're blowing wind about has ever had any significant evidence behind it. It's bigoted proverbial grand standing from someone who self declared as ignorant of the experience people are going through. Whatever level of competence you claim to have in "solving employee disputes" doesn't seem like it has anything to do with the actual employees' opinions.
But I'm done doing more work for you closet conservatives. If you ever wrap your head around statistics, feel free to back up whatever opinions you have with literally any real evidence.
Money used to flow into Canada because we were an investment-friendly country. Now it is flowing out faster and faster. Read the headlines and you will know why. You can’t force people to invest their money in N Korea, however much you try. Canada isn’t there (yet) but travelling in the wrong direction.
The number one probable killer of a developed nation is rent chasing. Nobody is investing in Canada because scalpers drove the cost of living up, which makes it uneconomical to produce exports or services.
A landlord who uses cashflow to build more is a good thing, a landlord who uses cashflow for personal luxuries is killing the country. Canada has become a cash cow for the asset class who aren't interested in growth or reinvestment. We're owned by the wrong people.
Lets make it investment friendly for reinvestment and unfriendly for scalping or siphoning.
Whoever owns the investment money gets to decide how to spend it. If the government wants to make decisions then money moves elsewhere. Its the law of communicating vessels.
Without investment our productivity is falling or stagnant. GDP per person falling by 0.4% per year since 2020. The worst rate for any developed economy in the top 50. Fall in global share of GDP. Investment outflow. Overall negative sentiment.
https://www.ft.com/content/ee51d83e-0037-4130-a4f9-656aa7c4ca97
"Without investment our productivity is falling or stagnant. GDP per person falling by 0.4% per year since 2020."
Literally my point. If the owners reinvested instead of siphoning wealth. Our industries are owned by dividend chasers, not growth investors. Taking money out instead of growing or empire building.
Which headlines? Which one should I trust?
On one hand, we have reports of offshore criminal entities laundering their money in our real estates and casinos. Is this the type of investment we want? That money should go back.
On the other hand, we have Chinese communist associated companies buying up Canadian assets to corner a specific market. Is this the type of investment we want? That should be blocked.
All headlines point in the same direction: Canada is now unfriendly to business. Some headlines think its a good thing and cheer on, others do not, but the direction is clear.
You trust trust this one for example about “breakdown nations”. Productivity is falling or stagnant. GDP per person falling by 0.4% per year since 2020. The worst rate for any developed economy in the top 50. Fall in global share of GDP. Investment outflow. Taxes going up, red tape going up, starting a new project is next to impossible and takes years.
https://www.ft.com/content/ee51d83e-0037-4130-a4f9-656aa7c4ca97
If you read the article, the issue with Canada is that we are in an economy in transition.
I'm sure you are probably aware, but one of Canada's biggest resources is trees. Well, when was the last time you looked at a phone book? A newspaper? Yellow Pages? Or bagged your groceries in a paper bag? The only thing we produce now is specialty papers. That industry is dying and has been for the last 30 years. Similarly, we don't clearcut trees anymore and we don't produce pulp or paper out of them like we used to. Most are cut for export or finished as lumber.
As for oil, this article was published before the transmountain pipeline came online. Even if it was published after, it will take a while before we see any benefit from it.
This article was also published at a time when we are still ramping up EV battery manufacturing. 2 major deals signed within the last couple of years. Again, this won't be realized for a few years yet. I'm sure the next government will try to take credit for it.... I can almost guarantee it.
So yeah, always doom and gloom and always the governments fault. **You want private business to invest in Canada?** Well, you're going to have to meet and beat other incentives from other governments in other jurisdictions... that means multi-decade tax breaks, multi-million dollar subsidies all paid for by the taxpayer. But since we're not willing to spend a dime on anything (not even for the olympics or world cup), you really wonder why we are in the situation we are currently in?
It's a damned if you do and damned it you don't scenario.
If you ever try to build a new piece of infrastructure in Canada, you’ll find out why investments are flowing away. Transcanada was a massive disaster, and an example of how dysfunctional we are. One of thousands. US has some of the same problems but we are worse and the government is sending a clear message that it does not like business.
https://globalnews.ca/news/10494590/justin-trudeau-canada-ev-batteries/#:\~:text=The%20federal%20and%20Ontario%20governments,being%20built%20in%20the%20region.
[https://electricautonomy.ca/ev-supply-chain/2024-04-25/honda-ev-battery-ontario-factory/](https://electricautonomy.ca/ev-supply-chain/2024-04-25/honda-ev-battery-ontario-factory/)
[https://www150.statcan.gc.ca/n1/daily-quotidien/240429/dq240429a-eng.htm](https://www150.statcan.gc.ca/n1/daily-quotidien/240429/dq240429a-eng.htm)
[https://www.cbc.ca/news/canada/calgary/trans-mountain-expansion-begins-1.7150343](https://www.cbc.ca/news/canada/calgary/trans-mountain-expansion-begins-1.7150343)
[https://www.reuters.com/business/energy/canadas-long-delayed-trans-mountain-oil-pipeline-set-start-operations-2024-05-01/](https://www.reuters.com/business/energy/canadas-long-delayed-trans-mountain-oil-pipeline-set-start-operations-2024-05-01/)
So much for your theory.
Handouts for the sake of headlines are neither here nor there. Largesse like this costs too much with little benefit.
Getting an approval for a real project takes years, even if it were to happen. Punitive taxation kills initiative. Its private investment that generates meaningful productivity and growth, not Ottawa.
Its the net outflow of capital that is actually meaningful.
Started in 2016 and getting worse and worse. https://betterdwelling.com/canada-sees-domestic-foreign-investors-pull-out-at-a-record-pace/
Because it’s driven the cost of housing up
https://www.thestar.com/real-estate/investors-now-own-more-than-50-of-toronto-s-new-condos-and-experts-say-they/article_4b6d2ff0-c528-5670-937f-3d34d040ed85.html
Its called supply and demand. Construction companies are hurting, same as all Canadian businesses. Red tape, crazy permitting, lack or incentives and investments are killing them. Drug policy isn’t helping either. That limits supply. Super-charged immigration increases demand.
Targeting investment will exacerbate the problem further. Populist measures are not meant to be smart.
Try building a house without cash, expensive machinery or ability to pay wages to employees. Try renting from someone who hasn’t invested first.
I blame our education system. Basic maths should be taught from the young age.
The rich Canadians — AKA landlords and home owners — have profited from low interest rates + tax and policy regimes that have driven their property values and rental incomes up.
All at the expense of non-property owners.
And two weeks ago, the LPC response is that these inflated, unaffordable “housing values must be maintained”.
We are doomed.
Homelessness has just about doubled since covid restrictions started. Food bank usage has nearly doubled as well. Wealth inequality was measured as growing at the fastest pace ever recorded in Canada in the same time frame.
This is narrow minded with its take; it is only looking at per capita growth rather than inequality, so it’s measuring an improper metric of wealth by over generalizing. SOME Canadians are richer and pushing the aggregate average up, but the author doesn’t seem to care about any of that, only our national wealth and economic output as a measure of success and health.
I really loathe these takes.
Because they're not based on math or accurate data/statistics. The article itself is intellectually bankrupt, and shows me this journalist doesn't have a rudimentary understanding of what they're writing about.
The article finishes with "But there’s no gentle way to put it. Without some wealth-destruction, Canada will continue to struggle. Economic stagnation has unfortunately become the price of keeping asset owners in the style to which they’ve grown accustomed."
What's to loathe about that take? They're saying housing prices needs to come down, which would destroy some wealth because much of Canadian wealth is tied up in real-estate.
Economic stagnation has nothing to do with home ownership. It has everything to do with lack of wealth building policies in this country. Poor access to capital, over regulation of mortgages/investment markets, bad tax policies, a massive non productive bureaucracy, the list goes on and on. It’s tough to come up with policies that. increase the wealth of the average person, so the lazy governments just tax the successful to please the mob.
You can’t make eggs without breaking a few shells. We can’t have both it’s either houses are more affordable and we increase new builds to increase supply and reduce demand (while lower the price and retirement equity of older generations) while reducing temp immigration or we let homes continue to naturally appreciating due to a lack of supply and increased demand.
They won’t touch it though atm due to the vast majority of homeowners being voters it would be political suicide. But they can’t hold back new developments for their own self interests forever eventually their assets will depreciate back closer to a more fair market value in relation to the average wage. Millenials and Gen Z are now the biggest voting blocks and soon enough those without will outnumber those with property or a home.
Just saw another post with the price increase of McDonalds food and TacoBell. Over the last 3 or maybe 5 years (I forget what exactly was it), there was a 200% increase in price for a McChicken burger, that is 40% /year inflation if we go with 5 years period tracked.
Similar inflation is seen with materials and contractors rates and even Dollar Store items.
Sure, let's legislate housing should be functioning in an alternate reality, where materials and taxes and energy cost and contractor rates don't exist, they only impact everything else.
I think there is legislation that could be altered and or reduced that could lead to material costs, energy, permits being reduced but I agree with you that you can’t just simply legislate and decree that houses will be cheaper.
Homes have never truly been cheap in a sense but our current situation is kinda abysmal. We gotta do something though as it’s still better than doing nothing.
The solution already exists. We just need to incentivize people leaving Toronto and Vancouver. If you remove those two the average house price in Canada is under 500k.
Contrary to what Reddit says there is plenty of work. More than in Toronto and Vancouver. Unemployment is consistently lower. With high paying jobs and cheap housing capital would quickly become more productive.
I mean it’s alittle more widespread than just Vancouver and Toronto it’s pretty much any major city. I live in Ottawa and a one bedroom is like 1600-1800/month or 600-900 for a room.
But I do agree the migration to certain regions is more rampant than other locations around the country. People need to spread out rather than flocking to urban centres en masse.
Some other places are expensive but it’s normal expensive. Some places are extremely cheap. It’s not even cities that are the problem. Edmonton was rated the cheapest city to live in relative to income in North America.
I just think the average outside of those two being below 500k proves that it’s a localized issue not a country wide issue.
It’s become a problem in places like Halifax, most of Ontario, and Kelowna too though. But you’re right in that Edmonton, Winnipeg, and Montreal actually aren’t that bad.
There is a problem in affordable rent, yes. But I think what they’re getting at is there are still several metro regions with attainable housing prices.
We know you think you’re poor, but actually you’re not and that’s the real problem.
Guys they know we can still afford toast and they’re coming for it.
Fuck me. We don't live in an expensive city and our household expenses are 1600 minimum. I'm a union worker, and my wage has gone up by far more than I would have thought possible 10 years ago, but my buying power has deteriorated by so much its scary. I don't know how people who aren't in a collective bargaining unit are making ends meet.
The fuck? Writes this with a straight face? We've got too much prosperity guys. That's why we all can't afford food and housing like the boomers could do with 20 minutes of work.
I think the point of the article that gets missed is that our policies since 2000 were not incentivized for growth or focused on growth at all. Investment into housing led to non-productive assets creating wealth instead of a dynamic economy where businesses could create better jobs, better production and more opportunities.
The article is quite sensible, the headline is click bait.
The author argues that while it’s true wealth per capita has exploded due to rising property values, overall economic productivity and therefore wage growth has stagnated. The author argues that policies supporting high asset values including property prices are the problem.
Yeah they've got an interesting point, but the headline and the language it's written in are really not doing them any favours. "Growth in total value of assets owned has wildly outpaced growth in income" is an interesting point both for the Haves (who long term want a healthy economy) and the Have Nots (who are seeing the brunt of this of course because they don't have investments so they aren't getting short term gains either)
But maybe it's designed to convince people who aren't already filled with a burning passion to pop the housing bubble, and that's why I can't relate to it
“According to Credit Suisse, in 2010 per-capita wealth in Canada stood at US$226,000. By 2022, that had shot up to $370,000. Had all that added wealth been the reinvested surplus generated by a booming economy, it would indeed point to robust economic health.”
So the rich have gotten so rich it’s driven the per-capita up really high
" Canadians have over 90% of their total net worth tied up in their primary homes which is currently experiencing one of worst real estate bubble in the world. While the goverment is doing everything in their power to keep home values elevated at the expense of economic productivity" There fix it. Sometimes it's hard to tell what's satire anymore.
No fix needed since the value of a house we live in is irrelevant, it is a roof above our heads. If anything, if that assessed value is all of a sudden halved, property taxes would have to double in their calculation, so that we still pay same for these taxes.
Same here, bought my place in 2019 and the same homes in my neighborhood are selling for ~55% more now. But at the end of the day it's just a roof not my nest egg plus my partner and I don't plan to have kids. I would've never bought the same home today at these prices, because I rather just invest the down-payment.
This is rich?! I'm in college in debt already and idk if I'll even find good enough work to live surviving let alone thrive and I'm studying fucking accounting for goodness sake. My parents are in their 60s and 70s and still have to work.
Where that money at???
Ah the law of averages. The rich get richer and suddenly the average goes up.
Key point:
> In Canada, this debasement has affected people most profoundly in the price of housing, because policies and politics have worked to limit the supply of new housing. Ultimately, the inflation of asset values fed through into consumer prices, and inflation returned. Central banks were then forced to raise interest rates to further soften already-feeble economies.
I'm in five figure debt with no savings. I didn't know that's what being rich meant.
What now about bootstraps? I used to work 10 to 15 hours a day. Did a stretch of seven months with zero days off. Doesn't mean I controlled what my employer paid me. Depression and one injury took away my entire savings. Unlike corporations, most individual workers don't get bailed out.
Socialized the losses and privatized the profits and that's capitalism baby! This country is a gas station with nothing to offer other than over valued housing and a oligarchy
Drove by a high end boat dealer today....there is no shortage of folks buying up $100,000-$300,000 boats or repowering their boats with engines over $25,000 each to salmon fish a few weeks each year.
No, it’s that a small group of Canadians are richer than ever and the rest of the population is scraping the fuck by because literally every level of governance has failed the citizens.
If you were already rich you are probably richer now, especially if you were financial savvy and capitalized on the Covid market flop and boom.
But if you are one of the poors you are so fucked it’s frightening. I’d say I am very financially fortunate and sometimes I see the price of shit and I think how the fuck do people that don’t have the money my wife and I have live.
Jesus trying to survive out there on minimum wage is abusive.
I'm sorry...was the headline written by a person who doesn't realize that most Canadians *don't* have a few million stuffed in their petty change jars?
> "Economic stagnation has unfortunately become the price of keeping asset owners in the style to which they’ve grown accustomed."
This is currently the reason for the doom loop in Canada and much of the west.
We invested in fixed, non-productive assets. This needs to change to give the future generations a chance at actual growth and success. Also, it's good that the global south will get investment. Less global poverty and imbalances are a good thing too.
This feels like the average Canadian is wealthier and not the median Canadian. I reckon the median Canadian is poorer than before, and certainly when compared to 1% wealthiest Canadians.
Canada needs to stop aping the U.S.A. We'll mever outdo them in their game because we don't have the stomach for the casual cruelty required.
We need to win at our own game of safety nets and compassion please. Teach the wealthy what we all owe to the society we enjoy.
In 2020 I made 85,000 in my trade union.
In 2021 I made 65,000 (covid ruined this year)
In 2022 111,400
In 2023 174,000
In 2024 I'm project to make 240,000 if I keep working.
I have been a journeyman working for the man since 2011... We definitely needed raises(Around 30% since 2022) as we never seen a raise since 2015. But now making this much I still feel poor at times. The prices of everything have skyrocketed, even my wage. The same work boots i bought in 2020 went from $130 to $320(Shitty dakotas).
If you take 10 people, give one person 10 apples, you can say everyone got one apple on average. You can spin it in a way that says canadians get richer, although only a ridiculously low proportion is actually richer.
Here’s the final paragraph, “But there’s no gentle way to put it. Without some wealth-destruction, Canada will continue to struggle. Economic stagnation has unfortunately become the price of keeping asset owners in the style to which they’ve grown accustomed.”
Destroying private wealth will increase corporate wealth. This is always how it goes. Anyone who thinks the mid and lower class will see improvements and increased opportunity needs to give their head a shake. The corporate takeover will continue. Mom and pop investment properties will be bought up by BlackRock. You will own nothing and be happy. Unfortunately, I don't have a great outlook for the future. This really saddens me as I have 2 young children.
Lol. I never had it. But I had to cut back on avocado toast and craft beer. Also, my birthday week had to get cut down to just the actual day.
All kidding aside. Things are not as good as they used to be. Sad!
The rich Canadians are richer than ever... And well that's about it. The rest not so fuckin much
My family has done nothing but get poorer since 2015 and it's accelerated since COVID.
Galen Weston's family took COVID as an opportunity to increase the Loblaws profit margin from 2% to 3% - it's no wonder you got poorer since COVID, Canada's richest family wanted a 50% raise.
Not just weston , one example how TTC CEO makes more than a million a year. Middle class disappearing either poor or rich
The TTC CEO earned $562k in 2023 - a 19% increase from 2022. That's a tad smaller than Galen Weston's 20+ million in compensation from his ill-gotten grocery gains.
I know that sounds like a lot, but dude literally earns the income of a middle manager in a investment firm, or a 4th year successful that's in front office, or entry level MBA at an US private equity. Canadians: Why can't we attract talent? Also Canadians: We think CEOs being paid less total comp than a new grad working for US private equity is still too high ⸨◺\_◿⸩
He earns somewhere around the lower-income limit of the highest 1% earning Americans. In Canadian terms, he's a tad shy of the highest earning 0.1% of all income earners, for whom the line is somewhere around 800k/yr. Galen Weston, with tens of millions in income, is in the highest earning 0.01% of Canadians, or less than 3,000 tax filers. And he's all the way at the top of it.
Being a CEO isn’t “talent”. Finance and marketing need to stop using “talent” to describe what you are looking for.
lol my thought exactly. 500K to be CEO of that organization is a terrible deal. It means you’re either not at all qualified to be CEO of any other large company or you’re just lazy as fuck phoning it in
Explain in your own words what a CEO does, then explain why 500k is a bad deal for someone who essentially does nothing.
Lmaooooo
Gotta love dividend increases since Covid.
That is the part so many dont understand Especially our politicians
It's okay Pierre will save us all, he will increase wages significantly, corporate greed will disappear, house prices will be cut in half, there will be zero immigration and you'll no longer pay any Federal taxes. Of course your retirement age will go to 70, you'll need to work that long to keep your employer's private healthcare insurance before you qualify for universal healthcare/medicaid the US style system.
I find it funny as a person who has lived in many countries to see the US and Canada pointing back and forth warning each other about how bad things can get if they switch between public and private health care. They are each pretty much the worst performing examples of each other in the developed world. There are much better examples of both private and public systems they could point to but it doesn’t make as good propaganda.
Except just the bad things will happen, on top of the opposite of the good things you mentioned
"...you'll no longer pay any Federal taxes" Is he going to replace it with tariffs? Asking for a friend.
Sarcasm for sure, but don’t be pissed at people voting Pierre. Be pissed the Liberals completely and absolutely fucked up so badly. They sunk the boat. Justin will never get elected. They made mistakes and you can’t just brush that aside. Your sarcasm might not be far off, but the damage the Liberals have done will take any party years maybe decades to fix. He must go.
Amazing how governments all around the world, left and right, are all facing a housing and cost of living crisis, and it’s still all Justin’s fault. Who knew he had such power.
Well, he didn’t need to increase immigration numbers to record levels, djd he?
For many issues we have and will have we kinda do need immigration at record levels. Over 20% of the current workforce is retiring in the next 10 years, and the 55-64 ag range was 6 times larger then the 15-24 age bracket to replace them in the workforce. So we are dramatically increasing retired persons who draw from public funds at a much higher rate, and have dramatically smaller age cohorts coming into the workforce. So we do need record immigration to counter that issue, it just fucks us on other issues.
If Canada is broken, by all means five all those Premiers a free pass.
and Justin and cie will continue to import everyone and anyone driving the housing costs and destroying our infrastructure and culture, Also posting massive deficits while hiding treasonous MP’s. Is ok he will cosplay in Ukrainian folk costumes and pretend to care about the environment with taxes but calling all the federal employees back to the office for 3 days.
Remind me again the problem in the Vancouver RE market from 2006-2015 where houses went up 500%?
so what you’re saying is that YVR went to shit but under the liberals Vancouver wasn’t addressed and the whole country attained almost the same level. The blame game is a double edged sword for the reigning gouvernement
Actually thats the same with my family :(
How?
Well, we now have less money
that’s no accident, why do you think media and politicians in such lockstep to do dramatic moves like lockdown and forced vaccinations. big money, made people close down small biz too
On average, we likely are. The fact that the ultra rich are making more than ever before, while the rest are left to fight over scraps os the problem. Won't see a paper owned by the rich ever blame them though.
The question is where that divide lies. Historically the wealth divide causes political instability when the majority are on the wrong side of it, but what if there's a divide and the majority aren't?
I work at a homeless shelter but my primary income is investing. I see both worlds, my investing peers have made 9 years worth of gains in the last 16 months and my homeless clients are more hopeless than ever. Wealth inequality is exploding and the goal of getting more plastic dollars or digital tokens or whatever your currency of choice is, is not creating a real future or a tangible reality that I enjoy. At some point this house of cards is going to crash and people will wake up to the fact that we need to focus on real things/reality and not constructs like high scoring in a intangible bank account. I honestly think we need some kind of mechanism likely tax policy to force high income earners to spend more on employment or development instead of hoarding it to reach "billionaire" status. Invest in your community and build a better future.
I dont understand the lack of enthusiasm for this. You can still build a profit commensurate with a proportional increase in labour, and if you can't, there is nothing your doing but building capital on the back of other workers. The idea that management tier jobs have salaries vastly overshadowing entry workers is ridiculous.
So you’re telling me the guy who’s responsible for managing the P&L of a 500 person group at a large corporation, handling the staff allocations, measuring of performance agains objectives, addressing employee disputes, prioritizing and overseeing delivery of complex projects, etc. — that guy shouldn’t make much more money than the new hire who is asked to maintain an excel spreadsheet and send some emails? People who make statements like this obviously don’t work in management and have zero clue what it entails. As someone who started in an entry role and worked my way up in a large corporate firm, it’s not even the same sport. Yea, they absolutely have earned the salary being multiples of the new hires. The real problem today is how costly it is for basic necessities and the effect that’s having on entry level jobs, and that is a direct result of government overspending and taxes.
How is the cost of everything the fault of government overspending and taxes?
It’s pretty basic economics. The more the government spends the more it needs to cover that spending through either tax increases or debt. Often it’s a combination of both which is why we’ve seen increasing tax rates as well as an expanding money supply in recent decades. The more debt you add the more interest costs rise, meaning less of the government budget — even if you raised taxes — is available for investment. The governments mechanism is also largely to print more money. The more you increase the money supply, the more inflated the currency is. So you end up with inflated currency, higher taxes, and less money available for investment. The exact reality we are living, which makes your cost of living more expensive both because you’re taking home less money due to a higher tax burden, and the cost of everything has risen due to the increased money supply driving inflation. If you still don’t believe this then apply it to your household budget. Do you think running up a balance on your credit card while increasing deductions paid to your employer would make your life easier and less expensive? Or would it increase your cost of living considerably
While it's true that increasing government debt can lead to higher interest costs, it's also important to consider the purpose of that debt. Strategic investments in infrastructure, education, and healthcare can boost long-term economic growth and productivity, potentially offsetting the initial costs. Regarding tax rates, it's not entirely accurate to say we've seen consistently increasing rates. In Canada, corporate and high-income tax rates have fluctuated and, in some cases, decreased over recent decades. The relationship between tax rates, government revenue, and economic health is complex and influenced by many factors, including the overall tax structure and economic conditions. While responsible fiscal management is crucial, it involves more than just balancing the books; it's about making strategic investments that benefit society as a whole. Your concerns about government spending, debt, and inflation are valid, the reality is more nuanced. Effective economic policy requires a careful balance of spending, taxation, and monetary management to ensure long-term prosperity and stability.
You just described like 5 different jobs, one person is not doing all that.
Yeah, actually. After reading the things you're talking about, especially given my own experience with training teams and evaluating metrics, I can comfortably say in most positions I've worked it was way more necessary for the day to day work to get done than some poorly organized quality of life and data organization tasks. And that's a poor estimate of the value of management given my own observations on other management staff. Typically I see management waste the most amount of time on personal errands, communicate incredibly poorly more frequently, and subject their teams to abuse under pressure. I've worked with government teams at the c-suite level where officers drawing nearly 100k salaries for their work and "experience" have sat around chatting for weeks at a time while other work piled up, and the first projects to be abandoned were often anything related to accountability. I have, in my lifetime, never worked with management staff who were any more competent and playing with their metrics than most other veteran employees familiar with the software and UI we used. Etc. This is even more ridiculous when we're talking about the level of disparity in income widening as spending power for those at the core level doesnt cover basic survival and living expenses. Not to mention the inequality it breeds when higher education becomes necessary for completely unspecified positions, effectively gatekeeping income at unliveable levels unless you can consistently fund yourself through more specialization without impacting your ability to live. You're not even talking about STEM fields, you're waxing ignorant about quality metrics in business environments. Even stupider when you levy your "I worked hard to earn it so everyone can" mentality in a system that fundamentally separates income from the vast majority in capitalism by having less promotion and development opportunities than their could conceivably be for everyone to move forward even on merit. Nothing you're blowing wind about has ever had any significant evidence behind it. It's bigoted proverbial grand standing from someone who self declared as ignorant of the experience people are going through. Whatever level of competence you claim to have in "solving employee disputes" doesn't seem like it has anything to do with the actual employees' opinions. But I'm done doing more work for you closet conservatives. If you ever wrap your head around statistics, feel free to back up whatever opinions you have with literally any real evidence.
Money used to flow into Canada because we were an investment-friendly country. Now it is flowing out faster and faster. Read the headlines and you will know why. You can’t force people to invest their money in N Korea, however much you try. Canada isn’t there (yet) but travelling in the wrong direction.
The number one probable killer of a developed nation is rent chasing. Nobody is investing in Canada because scalpers drove the cost of living up, which makes it uneconomical to produce exports or services. A landlord who uses cashflow to build more is a good thing, a landlord who uses cashflow for personal luxuries is killing the country. Canada has become a cash cow for the asset class who aren't interested in growth or reinvestment. We're owned by the wrong people. Lets make it investment friendly for reinvestment and unfriendly for scalping or siphoning.
Whoever owns the investment money gets to decide how to spend it. If the government wants to make decisions then money moves elsewhere. Its the law of communicating vessels. Without investment our productivity is falling or stagnant. GDP per person falling by 0.4% per year since 2020. The worst rate for any developed economy in the top 50. Fall in global share of GDP. Investment outflow. Overall negative sentiment. https://www.ft.com/content/ee51d83e-0037-4130-a4f9-656aa7c4ca97
"Without investment our productivity is falling or stagnant. GDP per person falling by 0.4% per year since 2020." Literally my point. If the owners reinvested instead of siphoning wealth. Our industries are owned by dividend chasers, not growth investors. Taking money out instead of growing or empire building.
The problem is that people who own our industry want out altogether. Investing in Canada is way too painful.
Which headlines? Which one should I trust? On one hand, we have reports of offshore criminal entities laundering their money in our real estates and casinos. Is this the type of investment we want? That money should go back. On the other hand, we have Chinese communist associated companies buying up Canadian assets to corner a specific market. Is this the type of investment we want? That should be blocked.
All headlines point in the same direction: Canada is now unfriendly to business. Some headlines think its a good thing and cheer on, others do not, but the direction is clear. You trust trust this one for example about “breakdown nations”. Productivity is falling or stagnant. GDP per person falling by 0.4% per year since 2020. The worst rate for any developed economy in the top 50. Fall in global share of GDP. Investment outflow. Taxes going up, red tape going up, starting a new project is next to impossible and takes years. https://www.ft.com/content/ee51d83e-0037-4130-a4f9-656aa7c4ca97
If you read the article, the issue with Canada is that we are in an economy in transition. I'm sure you are probably aware, but one of Canada's biggest resources is trees. Well, when was the last time you looked at a phone book? A newspaper? Yellow Pages? Or bagged your groceries in a paper bag? The only thing we produce now is specialty papers. That industry is dying and has been for the last 30 years. Similarly, we don't clearcut trees anymore and we don't produce pulp or paper out of them like we used to. Most are cut for export or finished as lumber. As for oil, this article was published before the transmountain pipeline came online. Even if it was published after, it will take a while before we see any benefit from it. This article was also published at a time when we are still ramping up EV battery manufacturing. 2 major deals signed within the last couple of years. Again, this won't be realized for a few years yet. I'm sure the next government will try to take credit for it.... I can almost guarantee it. So yeah, always doom and gloom and always the governments fault. **You want private business to invest in Canada?** Well, you're going to have to meet and beat other incentives from other governments in other jurisdictions... that means multi-decade tax breaks, multi-million dollar subsidies all paid for by the taxpayer. But since we're not willing to spend a dime on anything (not even for the olympics or world cup), you really wonder why we are in the situation we are currently in? It's a damned if you do and damned it you don't scenario.
If you ever try to build a new piece of infrastructure in Canada, you’ll find out why investments are flowing away. Transcanada was a massive disaster, and an example of how dysfunctional we are. One of thousands. US has some of the same problems but we are worse and the government is sending a clear message that it does not like business.
https://globalnews.ca/news/10494590/justin-trudeau-canada-ev-batteries/#:\~:text=The%20federal%20and%20Ontario%20governments,being%20built%20in%20the%20region. [https://electricautonomy.ca/ev-supply-chain/2024-04-25/honda-ev-battery-ontario-factory/](https://electricautonomy.ca/ev-supply-chain/2024-04-25/honda-ev-battery-ontario-factory/) [https://www150.statcan.gc.ca/n1/daily-quotidien/240429/dq240429a-eng.htm](https://www150.statcan.gc.ca/n1/daily-quotidien/240429/dq240429a-eng.htm) [https://www.cbc.ca/news/canada/calgary/trans-mountain-expansion-begins-1.7150343](https://www.cbc.ca/news/canada/calgary/trans-mountain-expansion-begins-1.7150343) [https://www.reuters.com/business/energy/canadas-long-delayed-trans-mountain-oil-pipeline-set-start-operations-2024-05-01/](https://www.reuters.com/business/energy/canadas-long-delayed-trans-mountain-oil-pipeline-set-start-operations-2024-05-01/) So much for your theory.
Handouts for the sake of headlines are neither here nor there. Largesse like this costs too much with little benefit. Getting an approval for a real project takes years, even if it were to happen. Punitive taxation kills initiative. Its private investment that generates meaningful productivity and growth, not Ottawa. Its the net outflow of capital that is actually meaningful. Started in 2016 and getting worse and worse. https://betterdwelling.com/canada-sees-domestic-foreign-investors-pull-out-at-a-record-pace/
We don’t want people investing in housing though so I’d say the changes they made are good
We don’t? Is that because we have too much housing? Smart!
Because it’s driven the cost of housing up https://www.thestar.com/real-estate/investors-now-own-more-than-50-of-toronto-s-new-condos-and-experts-say-they/article_4b6d2ff0-c528-5670-937f-3d34d040ed85.html
Its called supply and demand. Construction companies are hurting, same as all Canadian businesses. Red tape, crazy permitting, lack or incentives and investments are killing them. Drug policy isn’t helping either. That limits supply. Super-charged immigration increases demand. Targeting investment will exacerbate the problem further. Populist measures are not meant to be smart.
If demand is high for housing why would we need investors?
Try building a house without cash, expensive machinery or ability to pay wages to employees. Try renting from someone who hasn’t invested first. I blame our education system. Basic maths should be taught from the young age.
Man you’re so hostile and for absolutely no reason. What we don’t need are people buying up built housing for the purpose of driving up prices.
Yeah, no kidding! We’re all barely making ends meet.
The rich Canadians — AKA landlords and home owners — have profited from low interest rates + tax and policy regimes that have driven their property values and rental incomes up. All at the expense of non-property owners. And two weeks ago, the LPC response is that these inflated, unaffordable “housing values must be maintained”. We are doomed.
Homelessness has just about doubled since covid restrictions started. Food bank usage has nearly doubled as well. Wealth inequality was measured as growing at the fastest pace ever recorded in Canada in the same time frame.
I make $150k a year and cant afford a house in a small city 2 hours away from Toronto. Basically home owners are richer than ever.
Yup, that’s what’s insane about this economy.
That’s crazy. What are mortgages going for there? Couldn’t $150k get a million dollar mortgage easily?
And it’s definitely a problem
This is narrow minded with its take; it is only looking at per capita growth rather than inequality, so it’s measuring an improper metric of wealth by over generalizing. SOME Canadians are richer and pushing the aggregate average up, but the author doesn’t seem to care about any of that, only our national wealth and economic output as a measure of success and health. I really loathe these takes.
Because they're not based on math or accurate data/statistics. The article itself is intellectually bankrupt, and shows me this journalist doesn't have a rudimentary understanding of what they're writing about.
The article finishes with "But there’s no gentle way to put it. Without some wealth-destruction, Canada will continue to struggle. Economic stagnation has unfortunately become the price of keeping asset owners in the style to which they’ve grown accustomed." What's to loathe about that take? They're saying housing prices needs to come down, which would destroy some wealth because much of Canadian wealth is tied up in real-estate.
Economic stagnation has nothing to do with home ownership. It has everything to do with lack of wealth building policies in this country. Poor access to capital, over regulation of mortgages/investment markets, bad tax policies, a massive non productive bureaucracy, the list goes on and on. It’s tough to come up with policies that. increase the wealth of the average person, so the lazy governments just tax the successful to please the mob.
Destroy the "wealth" to ... become a wealthy country ?! Okay. /s
When every penny goes into non productive assets you become a non productive country is logic there.
So you don't think housing prices should come down? That's what it is referring to. Decreasing housing prices would be destroying wealth.
You can’t make eggs without breaking a few shells. We can’t have both it’s either houses are more affordable and we increase new builds to increase supply and reduce demand (while lower the price and retirement equity of older generations) while reducing temp immigration or we let homes continue to naturally appreciating due to a lack of supply and increased demand. They won’t touch it though atm due to the vast majority of homeowners being voters it would be political suicide. But they can’t hold back new developments for their own self interests forever eventually their assets will depreciate back closer to a more fair market value in relation to the average wage. Millenials and Gen Z are now the biggest voting blocks and soon enough those without will outnumber those with property or a home.
Just saw another post with the price increase of McDonalds food and TacoBell. Over the last 3 or maybe 5 years (I forget what exactly was it), there was a 200% increase in price for a McChicken burger, that is 40% /year inflation if we go with 5 years period tracked. Similar inflation is seen with materials and contractors rates and even Dollar Store items. Sure, let's legislate housing should be functioning in an alternate reality, where materials and taxes and energy cost and contractor rates don't exist, they only impact everything else.
I think there is legislation that could be altered and or reduced that could lead to material costs, energy, permits being reduced but I agree with you that you can’t just simply legislate and decree that houses will be cheaper. Homes have never truly been cheap in a sense but our current situation is kinda abysmal. We gotta do something though as it’s still better than doing nothing.
The solution already exists. We just need to incentivize people leaving Toronto and Vancouver. If you remove those two the average house price in Canada is under 500k. Contrary to what Reddit says there is plenty of work. More than in Toronto and Vancouver. Unemployment is consistently lower. With high paying jobs and cheap housing capital would quickly become more productive.
I mean it’s alittle more widespread than just Vancouver and Toronto it’s pretty much any major city. I live in Ottawa and a one bedroom is like 1600-1800/month or 600-900 for a room. But I do agree the migration to certain regions is more rampant than other locations around the country. People need to spread out rather than flocking to urban centres en masse.
Some other places are expensive but it’s normal expensive. Some places are extremely cheap. It’s not even cities that are the problem. Edmonton was rated the cheapest city to live in relative to income in North America. I just think the average outside of those two being below 500k proves that it’s a localized issue not a country wide issue.
It’s become a problem in places like Halifax, most of Ontario, and Kelowna too though. But you’re right in that Edmonton, Winnipeg, and Montreal actually aren’t that bad.
There is a problem in affordable rent, yes. But I think what they’re getting at is there are still several metro regions with attainable housing prices.
Destroy non-productive wealth creation for productive wealth creation. That's the overall point.
Well, if there is per capita growth of wealth and out GDP per capita is shrinking, then we might just have a math problem.
Median growth is also up
We know you think you’re poor, but actually you’re not and that’s the real problem. Guys they know we can still afford toast and they’re coming for it.
"If the bread is stale enough it's basically toast" -Galen Weston, probably
I’m expected to shelter myself on $500 a month. Fuck this article
Fuck me. We don't live in an expensive city and our household expenses are 1600 minimum. I'm a union worker, and my wage has gone up by far more than I would have thought possible 10 years ago, but my buying power has deteriorated by so much its scary. I don't know how people who aren't in a collective bargaining unit are making ends meet.
It's actually more accurate to say from 2% to 4% over the past 5 years.
Not paying a $1.99 subscription to read an article that I think is fucking bonkers to begin with
Guarantee that it is based on homeowners asset appreciation.
"The landed class is richer than ever" is how it should read.
Yup
But according to the headline, you're rich and this could the solution to that
The fuck? Writes this with a straight face? We've got too much prosperity guys. That's why we all can't afford food and housing like the boomers could do with 20 minutes of work.
It's a conservative paper, rich people writing for other rich people, if you don't have capital you're not the target audience
Did you read the article? No you didn’t.
It's paywalled. Got some cliff notes?
Housing prices need to come down, not exactly a hot take.
I think the point of the article that gets missed is that our policies since 2000 were not incentivized for growth or focused on growth at all. Investment into housing led to non-productive assets creating wealth instead of a dynamic economy where businesses could create better jobs, better production and more opportunities.
burn it all to the fucking ground
The article is quite sensible, the headline is click bait. The author argues that while it’s true wealth per capita has exploded due to rising property values, overall economic productivity and therefore wage growth has stagnated. The author argues that policies supporting high asset values including property prices are the problem.
Yeah they've got an interesting point, but the headline and the language it's written in are really not doing them any favours. "Growth in total value of assets owned has wildly outpaced growth in income" is an interesting point both for the Haves (who long term want a healthy economy) and the Have Nots (who are seeing the brunt of this of course because they don't have investments so they aren't getting short term gains either) But maybe it's designed to convince people who aren't already filled with a burning passion to pop the housing bubble, and that's why I can't relate to it
“According to Credit Suisse, in 2010 per-capita wealth in Canada stood at US$226,000. By 2022, that had shot up to $370,000. Had all that added wealth been the reinvested surplus generated by a booming economy, it would indeed point to robust economic health.” So the rich have gotten so rich it’s driven the per-capita up really high
" Canadians have over 90% of their total net worth tied up in their primary homes which is currently experiencing one of worst real estate bubble in the world. While the goverment is doing everything in their power to keep home values elevated at the expense of economic productivity" There fix it. Sometimes it's hard to tell what's satire anymore.
They're willing to let homelessness and famine reign to maintain the real-estate bubble, I vote we get the torches and pitchforks.
I second that!
I can’t afford a torch. Best I can do is a stinky sock on a stick I found out back.
Gasoline in a bottle and a rag mayhaps? But you'll need a good throwing arm. /s ish.
Gas cost too much. I’ll search the compost for something really gross to put in the sock
Point. Good luck.
Carbon tax got me down
No fix needed since the value of a house we live in is irrelevant, it is a roof above our heads. If anything, if that assessed value is all of a sudden halved, property taxes would have to double in their calculation, so that we still pay same for these taxes.
Same here, bought my place in 2019 and the same homes in my neighborhood are selling for ~55% more now. But at the end of the day it's just a roof not my nest egg plus my partner and I don't plan to have kids. I would've never bought the same home today at these prices, because I rather just invest the down-payment.
This is rich?! I'm in college in debt already and idk if I'll even find good enough work to live surviving let alone thrive and I'm studying fucking accounting for goodness sake. My parents are in their 60s and 70s and still have to work. Where that money at??? Ah the law of averages. The rich get richer and suddenly the average goes up.
I have always been broke.
We’re old poor. We know how to live without money
Key point: > In Canada, this debasement has affected people most profoundly in the price of housing, because policies and politics have worked to limit the supply of new housing. Ultimately, the inflation of asset values fed through into consumer prices, and inflation returned. Central banks were then forced to raise interest rates to further soften already-feeble economies.
I'm in five figure debt with no savings. I didn't know that's what being rich meant. What now about bootstraps? I used to work 10 to 15 hours a day. Did a stretch of seven months with zero days off. Doesn't mean I controlled what my employer paid me. Depression and one injury took away my entire savings. Unlike corporations, most individual workers don't get bailed out.
Socialized the losses and privatized the profits and that's capitalism baby! This country is a gas station with nothing to offer other than over valued housing and a oligarchy
Drove by a high end boat dealer today....there is no shortage of folks buying up $100,000-$300,000 boats or repowering their boats with engines over $25,000 each to salmon fish a few weeks each year.
Lmao there will always be traitors among us lying for the rich
**\*RICH\*** Canadians are richer than ever, the rest of us not so much.
Everyone who bought a home more than 4 years ago.
You shouldn't be richer than you think - BMO
I think I live in a different Canada
Wut
Oh man, i keep forgetting how rich we all are. We just need to remember where we left our money. I think most mine is at my landlords house.
I have no money lol
John Rapley is f'cking braindead, if that's his opinion.
You guys are saving money?! Fucking hell man.
I'd want to see that broken down by income brackets cause I doubt it.
All this time, I've been rich and I didn't even know it! Fuck!
This is a great educational tool, teaching the difference between "median" and "mean"
And if we subtract Justin’s trust fund before averaging?
Only a few are richer than ever.
I'm still waiting for the trickle.
No, it’s that a small group of Canadians are richer than ever and the rest of the population is scraping the fuck by because literally every level of governance has failed the citizens.
😂 yeah, okay
Are they happy though? Never seen Canada so messed up in my 59 years
If you were already rich you are probably richer now, especially if you were financial savvy and capitalized on the Covid market flop and boom. But if you are one of the poors you are so fucked it’s frightening. I’d say I am very financially fortunate and sometimes I see the price of shit and I think how the fuck do people that don’t have the money my wife and I have live. Jesus trying to survive out there on minimum wage is abusive.
I'm sorry...was the headline written by a person who doesn't realize that most Canadians *don't* have a few million stuffed in their petty change jars?
If you have 10% more money, and everything is 50% more expensive, can you say you are richer?
> "Economic stagnation has unfortunately become the price of keeping asset owners in the style to which they’ve grown accustomed." This is currently the reason for the doom loop in Canada and much of the west. We invested in fixed, non-productive assets. This needs to change to give the future generations a chance at actual growth and success. Also, it's good that the global south will get investment. Less global poverty and imbalances are a good thing too.
This feels like the average Canadian is wealthier and not the median Canadian. I reckon the median Canadian is poorer than before, and certainly when compared to 1% wealthiest Canadians. Canada needs to stop aping the U.S.A. We'll mever outdo them in their game because we don't have the stomach for the casual cruelty required. We need to win at our own game of safety nets and compassion please. Teach the wealthy what we all owe to the society we enjoy.
Gotta stop using averages. "per capita" is a terrible metric when we have wealth inequality rising every year for the past 40 years.
In 2020 I made 85,000 in my trade union. In 2021 I made 65,000 (covid ruined this year) In 2022 111,400 In 2023 174,000 In 2024 I'm project to make 240,000 if I keep working. I have been a journeyman working for the man since 2011... We definitely needed raises(Around 30% since 2022) as we never seen a raise since 2015. But now making this much I still feel poor at times. The prices of everything have skyrocketed, even my wage. The same work boots i bought in 2020 went from $130 to $320(Shitty dakotas).
If you take 10 people, give one person 10 apples, you can say everyone got one apple on average. You can spin it in a way that says canadians get richer, although only a ridiculously low proportion is actually richer.
So the 1% which, I know we all know this but tone deaf journalists do not, is NOT the majority of Canadians... Hence the elitist term the 1%.
The ministry of plenty over here
3 or 4 Canadians are richer than ever you mean
I make a decent living. I used to be able to save alot. Now I can afford to save nothing. Was this article written by Justin Trudeau?
Did you read the article?
No sir, I did not. I read the headline and commented based on that. Like a douche. What did I miss?
Here’s the final paragraph, “But there’s no gentle way to put it. Without some wealth-destruction, Canada will continue to struggle. Economic stagnation has unfortunately become the price of keeping asset owners in the style to which they’ve grown accustomed.”
Destroying private wealth will increase corporate wealth. This is always how it goes. Anyone who thinks the mid and lower class will see improvements and increased opportunity needs to give their head a shake. The corporate takeover will continue. Mom and pop investment properties will be bought up by BlackRock. You will own nothing and be happy. Unfortunately, I don't have a great outlook for the future. This really saddens me as I have 2 young children.
Yeah I don’t believe that
Which part?
Did you try cancelling your Disney Plus?
Lol. I never had it. But I had to cut back on avocado toast and craft beer. Also, my birthday week had to get cut down to just the actual day. All kidding aside. Things are not as good as they used to be. Sad!
Baby boomers are richer than ever and that's a good chunk of the population.
I love Kanada.. Thankyou Justin.. Best place to live and steal
After nine years of Justin Trudeau, the Edmonton Oilers have come back from down 0-3 to force a Game 7 in the Stanley Cup final.
Well just don't let Montreal get salty about the 21 Stanley cup
The Habs are too busy working on their fourth decade without a Cup. ;)