Canada Ranked 8th on the List of the World’s Wealthy

[JoetheLion]

http://jaybanks.ca/vancouverrealestatenews/2013/04/17/canada-number-eight-list-world-wealthy/

At first I was woohooing like Homer Simpsons, then I read it (especially the part about increasing income inequality) and I was like D:. I know that the US must have even greater income inequality, but still it's kinda like an alarm that the laws and government programs are playing more and more into the hands of the wealthy, even though the last paragraph of the article states that government wants to stop the tax avoidance of the wealthy, I think that this is only a small part of it.

I bet that one of these 40 billionaires people is Justin Bieber... :\

 

[CPA]

Good for them. I don't give a crap about a wealth gap. Someone else's wealth has nothing to do with my wealth potential.

 

[DesiPower]

But isn't Canada a socialist country/nanny state?

 

[rh71]

aren't they in a housing bubble right now? My cousin does mortgages and there's a ton of high-priced homes and well-paid people (good economy because of it) buying them. Hell even she's being paid a lot to do her new job. In Calgary, no less. The key is being in the right industry there I suppose.

 

[mmntech]

But isn't Canada a socialist country/nanny state?

Probably why there's so much income inequality when government workers are making double the average wage.

Here in Ontario, they're trying to raise taxes yet again under the guise of funding transit this time. This announcement came just after a report found the government had misspent at least $250 million of taxpayer money in what was basically a vote buying scheme last election

There is also a housing bubble. Lots of low and middle income people being shut out of the real estate market due to high costs. Homes in Toronto now go for half a million on average now. That's not even downtown or in high end neighbourhoods.

 

[JoetheLion]

Probably why there's so much income inequality when government workers are making double the average wage.

Here in Ontario, they're trying to raise taxes yet again under the guise of funding transit this time. This announcement came just after a report found the government had misspent at least $250 million of taxpayer money in what was basically a vote buying scheme last election

There is also a housing bubble. Lots of low and middle income people being shut out of the real estate market due to high costs. Homes in Toronto now go for half a million on average now. That's not even downtown or in high end neighbourhoods.

Yeah, I saw the March RE stats that Toronto Real Estate Board posted. Still a huge decline compared to previous year.

"Phil Soper, Royal LePage CEO, suggested that he doesn’t expect price declines. He pointed out:

The current environment is very supportive for housing. Those waiting for big declines in home prices will likely be disappointed."
​

That is bit odd, if according to Toronto Real Estate Board president Ann Hannah:

"The low number of transactions is caused firstly by households who have postponed their decision to buy due to tight mortgage lending rules or the additional Land Transfer Tax in the City of Toronto."

That doesn't seem like a very healthy market to me....
Here is the article I quoted from:
http://jamiesarner.com/toronto-real-estate/2013/04/housing-market-report-march-2013/

 

[BlahBlahYouToo]

Good for them. I don't give a crap about a wealth gap. Someone else's wealth has nothing to do with my wealth potential.

Yup, liberals like to make a big deal about it but as long as the ultra wealthy aren't preventing me from making a living and advancing in my career, who gives a shit?

 

[purbeast0]

Good for them. I don't give a crap about a wealth gap. Someone else's wealth has nothing to do with my wealth potential.

+1.

seeing the super duper wealthy does make me envious sometimes though because i'm pretty sure i will never be able to do stuff they can do and go places they go, but at the same time it also pushes me to try and become more wealthy so that i can get closer to it.

but damn sometimes i'm flipping through channels and stop on the Wealth channel (had no idea it existed till channel browsing on fios) and some of those shows about people owning private islands and the houses they own ... holy crap!

 

[Acanthus]

Good for them. I don't give a crap about a wealth gap. Someone else's wealth has nothing to do with my wealth potential.

But it does, increasing wealth concentration reduces economic mobility.

Look at relationships between the gini index and economic mobility.

For the first time 70 years, economists are expecting this generation of children to fail surpass their parents economically. (in the US)

 

[silverpig]

Yup, liberals like to make a big deal about it but as long as the ultra wealthy aren't preventing me from making a living and advancing in my career, who gives a shit?

Except it kind of can.

Would you have gone to college if it cost $100k/yr? If you lower taxes, the income gap widens, but the government has less ability to pay for things like subsidized schools.

Of course I'm not advocating for 100% tax and communism, nor am I blaming the wealthy on the high cost of tuition, but social mobility is increased when income inequality is decreased.

 

[CPA]

But it does, increasing wealth concentration reduces economic mobility.

Look at relationships between the gini index and economic mobility.

For the first time 70 years, economists are expecting this generation of children to fail surpass their parents economically. (in the US)

bill gates billions have no bearing on my potential. The pie is not finite.

 

[Phokus]

Good for them. I don't give a crap about a wealth gap. Someone else's wealth has nothing to do with my wealth potential.

You're so naive. Besides what's been said, wealth also = political power.

 

[CPA]

Except it kind of can.

Would you have gone to college if it cost $100k/yr? If you lower taxes, the income gap widens, but the government has less ability to pay for things like subsidized schools.

Of course I'm not advocating for 100% tax and communism, nor am I blaming the wealthy on the high cost of tuition, but social mobility is increased when income inequality is decreased.

capitalism will solve your college cost analogy.

 

[CPA]

You're so naive. Besides what's been said, wealth also = political power.

whatever you say oh wise one. Please explain to me how bill gates or his ilk have depressed or mitigated my wealth potential.

 

[Acanthus]

bill gates billions have no bearing on my potential. The pie is not finite.

The pie is also not infinite. There is a point where one is gaining at the expense of others. Gates is a great example because he obviously understands that, with his massive donations to charity and work to get other billionaires on board.

In America, there is no question that money buys influence in the government. If you start off with a $10,000/yr income, and the system is rigged out of your favor so that you have to work 70 hours a week to eat and have a roof over your head... There isn't much time to do anything other than work and feed yourself. You aren't worried about higher education or inventing that new type of fuel that could change the world. Mazlow's Hierarchy of Needs kicks in.

http://en.wikipedia.org/wiki/Maslow's_hierarchy_of_needs

The United States is increasingly putting the lower class in that position, and the middle class is quickly dividing into a new set of upper and lower classes. Starving the government for tax money so the rich can keep more, fighting unnecessary wars rather than solving problems at home... we all know the problems.

A nation that does not take care of its populous is in danger of an inefficient economy, stifled innovation, and missed opportunity after opportunity for wealth creation.

 

[Phokus]

whatever you say oh wise one. Please explain to me how bill gates or his ilk have depressed or mitigated my wealth potential.

You're crazy if you don't think the rich lobby to protect themselves or to give themselves goodies at the expense of the rest of us. The rich, specifically, do things like lobby for more H1B visas (aka indentured servants) while claiming we don't have enough american workers to fill those positions or when they prevent us from fighting against mercantilist nations from using various government subsidies to move capital (and jobs) away from America.

Also, i could probably write pages upon pages on wall street.

Again, you are naive.

 

[BlahBlahYouToo]

For the first time 70 years, economists are expecting this generation of children to fail surpass their parents economically. (in the US)

You mean bill gates' and warren buffets kids won't be more wealthy than them?
That's like saying mj's son won't lead his team to 6 nba titles.

 

[Acanthus]

whatever you say oh wise one. Please explain to me how bill gates or his ilk have depressed or mitigated my wealth potential.

You really don't think the Windows monopoly has done any damage?

Consumers pay more for computers. Businesses pay more for terminals, workstations, and servers. All of this money goes to Microsoft.

You can look at it from a consumer standpoint and say that every consumer has overspent on operating systems over the years, money that could have been spent on material goods that would create more economic activity than sitting in Gates bank account idle.

You can look at it from a business standpoint and say that they have wasted BILLIONS on the Microsoft monopoly where money could have been spent on research, upkeep, choice, expansion, or white/blue collar pay.

Sure there is always the capital argument, but America has no shortage in capital to invest in itself. Our financial sector is over 30% of our GDP (some argue as high as 45%).

 

[Acanthus]

You mean bill gates' and warren buffets kids won't be more wealthy than them?
That's like saying mj's son won't lead his team to 6 nba titles.

No, meaning that the average family's children will do economically worse than they have done.

Since the 1940's the average family has always improved in income and lifestyle over the previous generation.

 

[JoetheLion]

Good for them. I don't give a crap about a wealth gap. Someone else's wealth has nothing to do with my wealth potential.

If the policies for business are more aimed toward big corporations and rich people than towards small business, it actually does impact your wealth potential.

 

[BlahBlahYouToo]

Except it kind of can.

Would you have gone to college if it cost $100k/yr? If you lower taxes, the income gap widens, but the government has less ability to pay for things like subsidized schools.

Of course I'm not advocating for 100% tax and communism, nor am I blaming the wealthy on the high cost of tuition, but social mobility is increased when income inequality is decreased.

Only if you're under the belief that government subsidized loans weren't the reason college tuition skyrocketed.

 

[Train]

You're so naive. Besides what's been said, wealth also = political power.

power that pales in comparison to votes you can buy by vilifying the wealthy. USA is 1 Man = 1 Vote

 

[Acanthus]

Only if you're under the belief that government subsidized loans weren't the reason college tuition skyrocketed.

Failure to regulate state-owned colleges at the same time is a huge reason.

Costs have skyrocketed in administration and huge expenditures and cosmetic upgrades that have nothing to do with education.

Book prices have skyrocketed due to colleges colluding with publishers to reduce the choices the professors can make for less costly solutions.

Little has been done to reign in expenses.

I know IL has actually taken a step in the right direction by forcing colleges to accept transfer credits from accredited community colleges (the state accredits them, not the school). This forces price competition between the colleges and community colleges and dramatically reduces costs for both the student and the state. (kids can live at home and take their entire gen-ed series at a low-cost community college before going to an expensive state school)

 

[BlahBlahYouToo]

No, meaning that the average family's children will do economically worse than they have done.

Since the 1940's the average family has always improved in income and lifestyle over the previous generation.

Are we talking about income equality or income growth?
How does income inequality affect growth? I'd say there's plenty of other more pertinent factors in play, like technology, work ethic, competing in a global economy.

 

[Phokus]

power that pales in comparison to votes you can buy by vilifying the wealthy. USA is 1 Man = 1 Vote

HAHAHAHAHAAHAHAHAHAHAHAAHHAAHAHHAHAHAHAHAHAHAHAHAHAHAHA

What planet do you live in? Even if you can 'buy votes' by villifying the wealthy, it doesn't change the fact that the wealthy has our government by the balls.