Wednesday, December 13, 2006

Canadian Workers Poorer Today Than Yesterday

I said this the other day, somethings never change.....In Canada, the richest got richer and the poorest stayed poor.

Statistics Canada reports that between 1999 and 2005, the median net worth of families in the top fifth of the wealth distribution increased by 19 per cent, the study said, while the net worth of their counterparts in the bottom fifth remained virtually unchanged.

At the other end of the spectrum, the median net worth of the families in the bottom fifth stagnated between 1984 and 2005.

The value of their assets never exceeded the value of their debts during that period.

.... while the median wealth of families rose 26 per cent between 1984 and 2005, it fell among families where the major income earner was between 25 and 34.
In 2005, these families had median wealth holdings of $13,400, much lower than $27,000 in 1984

The period of 1984-2005 saw an unprecidented attack on the trade union movement, cuts in jobs, reductions in wages, attacks on public sector workers and increasing expansion of the low paid service sector as manufacturing jobs were outsourced overseas.

The rich got rich under Keynesianism, the rich got rich under neo-liberalism. The working class on the other hand while having their lot in life improved under Keynesianism have either stagnated or have become poorer under neo-liberalism/neo-conservative economic and political policies.

And NO tax cut is going to change that.

Unless it is the elimination of all taxes for working people who earn $100,000 or less anually. And the New Canadian Government ain't gonna do that.





Plutocrats Rule

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