Canadian workers are failing to keep pace with the rising cost of living as average real wages continue to shrink dramatically, new data from Statistics Canada shows.
Real after-inflation wages have been dropping since the summer, and in September the average paycheques of Canadian workers declined outright — by 0.3 per cent to $872.75.
This is real problem.
First, it will hinder economic recovery.
Second, and more important, it goes back to the sense that there are two Canadas - one with people doing very well (thank you) and another where people cannot catch a break. In the long run that will lead to social upheaval - what's more, it is contrary to the vision of a just society where everyone has a decent shot at a decent life.
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Google "pultoconomy" and you will find (dig a bit) a Citibank memo extolling Canada as one of the three (UK and US) "plutoconomies" where investors can profit by making plays to take advantage of the burgoning share the 1% are taking of the economy as a whole. Put aside sound regulation and the social safety net and Canada is a unabashedly fecund place for a well ensconsed elite.
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