Canadians are wrestling with the largest wealth gap in their history.
Statistics Canada reported this week that the incomes of Canada’s top one per cent grew at a faster pace than those of everyone else in 2017. And, according to the CBC’s Peter Armstrong, 91 per cent of Canadians live in the bottom two tax brackets.
As a result, during the federal election campaign we’ve seen all the parties roll out proposals to get more money into the pockets of Canadians. They’re promising cheaper wireless rates, child benefits and tax credits, tax credits, tax credits.
Phase one of the campaign was about electability, a chance to assess the judgement and character of the parties and their leaders. Phase two is about affordability, a chance to compare the parties’ plans to tackle a growing wealth gap.
You don’t need me to explain why politicians would promise voters more money. But as every parent knows, giving candy to a child is not a long-term crisis-aversion strategy, nor is it a particularly healthy growth plan.
Canada’s economy faces a looming demographic cliff. Its impact will be profound: the cost of health care will strain finances, a shrinking labour force will reduce productivity and the selling of hundreds of thousands of small businesses could lead to massive job losses through consolidation.
Where’s the campaign platform tackling the silver tsunami?