Aa
Now I'm MAD
http://www.usnews.com/news/articles/2012/07/18/for-the-first-time-canadians-now-richer-than-americans
For the First Time, Canadians Now Richer Than Americans
The average Canadian household is worth about $40,000 more than their American counterparts
By Meg Handley
July 18, 2012 RSS Feed Print
The net worth of the average Canadian household in 2011 was $363,202.
While Americans might enjoy throwing politically-charged barbs at their neighbors to the north, Canadians now have at least one reason to be smug.
For the first time in recent history, the average Canadian is richer than the average American, according to a report cited in Toronto's Globe and Mail.
And not just by a little. Currently, the average Canadian household is more than $40,000 richer than the average American household. The net worth of the average Canadian household in 2011 was $363,202, compared to around $320,000 for Americans.
[Check out our editorial cartoons on President Obama.]
If you're thinking the Canadian advantage must be due to exchange rates, think again. The Canadian dollar has actually caught up to the U.S. dollar in recent years.
"These are not 60-cent dollars, but Canadian dollars more or less at par with the U.S. greenback," Globe and Mail's Michael Adams writes.
To add insult to injury, not only are Canadians comparatively better-off than Americans, they're also more likely to be employed. The unemployment rate is 7.2 percent—and dropping—in Canada, while the U.S. is stuck with a stubbornly high rate of 8.2 percent.
Besides a strengthening currency and a better labor market, experts credit the particularly savage fallout from the financial crisis on the U.S. economy and housing market, which torpedoed home values and gutted household wealth. According to the report, real estate held by Canadians is worth more than $140,000 more on average and they have almost four times as much equity in their real estate investments.
[Read: Facebook's Mark Zuckerberg Refinances at 1.05 Percent.]
In a column for Bloomberg View, Stephen Marche traces the increasing wealth spread between the two countries to America's "struggles to find its way out of an intractable economic crisis and a political sine curve of hope and despair."
"The Canadian System is working," Marche writes, crediting Canada's cautious, fiscally conservative society. "[T]he American system is not."
But there is one caveat that could give the U.S. an ego boost: the average American holds more liquid assets—cash in hand—than the average Canadian.
For the First Time, Canadians Now Richer Than Americans
The average Canadian household is worth about $40,000 more than their American counterparts
By Meg Handley
July 18, 2012 RSS Feed Print
The net worth of the average Canadian household in 2011 was $363,202.
While Americans might enjoy throwing politically-charged barbs at their neighbors to the north, Canadians now have at least one reason to be smug.
For the first time in recent history, the average Canadian is richer than the average American, according to a report cited in Toronto's Globe and Mail.
And not just by a little. Currently, the average Canadian household is more than $40,000 richer than the average American household. The net worth of the average Canadian household in 2011 was $363,202, compared to around $320,000 for Americans.
[Check out our editorial cartoons on President Obama.]
If you're thinking the Canadian advantage must be due to exchange rates, think again. The Canadian dollar has actually caught up to the U.S. dollar in recent years.
"These are not 60-cent dollars, but Canadian dollars more or less at par with the U.S. greenback," Globe and Mail's Michael Adams writes.
To add insult to injury, not only are Canadians comparatively better-off than Americans, they're also more likely to be employed. The unemployment rate is 7.2 percent—and dropping—in Canada, while the U.S. is stuck with a stubbornly high rate of 8.2 percent.
Besides a strengthening currency and a better labor market, experts credit the particularly savage fallout from the financial crisis on the U.S. economy and housing market, which torpedoed home values and gutted household wealth. According to the report, real estate held by Canadians is worth more than $140,000 more on average and they have almost four times as much equity in their real estate investments.
[Read: Facebook's Mark Zuckerberg Refinances at 1.05 Percent.]
In a column for Bloomberg View, Stephen Marche traces the increasing wealth spread between the two countries to America's "struggles to find its way out of an intractable economic crisis and a political sine curve of hope and despair."
"The Canadian System is working," Marche writes, crediting Canada's cautious, fiscally conservative society. "[T]he American system is not."
But there is one caveat that could give the U.S. an ego boost: the average American holds more liquid assets—cash in hand—than the average Canadian.
I have no disagreement with what you are saying about the oil sands and our future enviromental issues. I know it's the truth. My response in all honesty had a lot to do with someone actually being angry that we are prospering. It doesn't make me happy at all to see the US struggling economically, and I hope the situation turns around for you. I honestly and truly do.
Truth be told, when you struggle economically and our dollar is on par, or close to it, with yours, it hurts us in some sectors. The US is our biggest trading partner, and have always taken advantage of our dollar (not taken advantage in a bad way, just buying from us because it was far less expensive to do so). We also see an awful lot of US tourism when your dollar is stronger then ours which is very good for us.
El, your comments about our high tax rate is true and not true at the same time. We do pay higher taxes overall. Very true. However, it really does vary from province to province. So federally of course it is fairly consistent, and percentage is based on what you make...the more you make, the higher the percentage you contribute. However, again, the majority I know feel good about this as it pays for things like health care, education, etc. Provincally there is a huge difference. The province I live in, Alberta, pays no provincial tax at all. No provincial sales taxes, no provincial tax off of our income, nothing. Other provinces may pay anywhere from 5 to 10%. I believe this is also the case in the US right? It differs from state to state. My husband and I pay a total income tax of about 35%. We are in a middle to high income bracket when we combine (we are over $100,000 but not at $200,000). Our only tax break is that we contribute to RRSP's (Registered Retirement Saving's Plan) - I think it is similar to your 401K? Our cost of living in Alberta is quite high though. For example, last year we bought and moved into a 1959 bungalow. We paid almost $400,000 for that. That is an average house cost in our city. There are pro's and con's to everything I guess.
Truth be told, when you struggle economically and our dollar is on par, or close to it, with yours, it hurts us in some sectors. The US is our biggest trading partner, and have always taken advantage of our dollar (not taken advantage in a bad way, just buying from us because it was far less expensive to do so). We also see an awful lot of US tourism when your dollar is stronger then ours which is very good for us.
El, your comments about our high tax rate is true and not true at the same time. We do pay higher taxes overall. Very true. However, it really does vary from province to province. So federally of course it is fairly consistent, and percentage is based on what you make...the more you make, the higher the percentage you contribute. However, again, the majority I know feel good about this as it pays for things like health care, education, etc. Provincally there is a huge difference. The province I live in, Alberta, pays no provincial tax at all. No provincial sales taxes, no provincial tax off of our income, nothing. Other provinces may pay anywhere from 5 to 10%. I believe this is also the case in the US right? It differs from state to state. My husband and I pay a total income tax of about 35%. We are in a middle to high income bracket when we combine (we are over $100,000 but not at $200,000). Our only tax break is that we contribute to RRSP's (Registered Retirement Saving's Plan) - I think it is similar to your 401K? Our cost of living in Alberta is quite high though. For example, last year we bought and moved into a 1959 bungalow. We paid almost $400,000 for that. That is an average house cost in our city. There are pro's and con's to everything I guess.
It seems like the only thing that raises everyone's blood pressure these days is money.
When my kids were in school, the education system used to have me riled. Now that they've got their educations and are thinking about their own families, I worry more about the environment and what kind of world I'll be leaving them. Human nature, I guess, to think about what effects you and yours, and money is the easiest one to see.
When my kids were in school, the education system used to have me riled. Now that they've got their educations and are thinking about their own families, I worry more about the environment and what kind of world I'll be leaving them. Human nature, I guess, to think about what effects you and yours, and money is the easiest one to see.
Personally, I've got other things to be more mad at. As far as a people, Canadians are the least of my worries and I wish them all of the success in the world.
I think part of the problem for Americans is that we've been told since birth that we as a country are the biggest, smartest, best, most powerful, most wealthy/prosperous nation on the planet... it's ego.
For years we were angry that the Japanese and the Chinese were getting ahead of us in the realms of education. Having anyone ahead of us in science of mathematics was just unacceptable. For some reason, our ego got in the way and we just assumed that something like this couldn't happen. In the mean time, we developed a few "wonderful" plans like "no child left behind" which more or less further crippled our ability to gain top position in regards to education.
Canadians being more wealthy is the new thing, I guess. We still cannot accept the possibility that someone else might be doing better than us. I think we cannot get out of our own way.... that's the real issue.
I think part of the problem for Americans is that we've been told since birth that we as a country are the biggest, smartest, best, most powerful, most wealthy/prosperous nation on the planet... it's ego.
For years we were angry that the Japanese and the Chinese were getting ahead of us in the realms of education. Having anyone ahead of us in science of mathematics was just unacceptable. For some reason, our ego got in the way and we just assumed that something like this couldn't happen. In the mean time, we developed a few "wonderful" plans like "no child left behind" which more or less further crippled our ability to gain top position in regards to education.
Canadians being more wealthy is the new thing, I guess. We still cannot accept the possibility that someone else might be doing better than us. I think we cannot get out of our own way.... that's the real issue.
Sorry, *west* of Lake Winnipeg.
".....as a Canadian living in an oil based province, I can tell you what is making us rather well off. The US' oil consumption."
http://www.youtube.com/watch?v=jMqVrUSz62o
JK
Of course.
You also have the luxury of living in a country with a lower population density (more sq. miles and aprox. one tenth the population) so you have a little more breathing room before what you do to the environment catches up with you.
http://en.wikipedia.org/wiki/Oil_sands
Oil sands extraction is generally held to be more environmentally damaging than conventional crude oil.[47] It can affect the land when the bitumen is initially mined, water by its requirement of large quantities of water during separation of the oil and sand and the air due to the release of carbon dioxide and other emissions.[48] Heavy metals such as vanadium, nickel, lead, cobalt, mercury, chromium, cadmium, arsenic, selenium, copper, manganese, iron and zinc are naturally present in oil sands and may be concentrated by the extraction process.[49] The environmental impact caused by oil sand extraction is frequently criticized by environmental groups such as Greenpeace, Climate Reality Project, 350.org, MoveOn, League of Conservation Voters, Patagonia, Sierra Club, and Energy Action Coalition.[50][51] The European Union has indicated that it may vote to label oil sands oil as "highly polluting". Although oil sands exports to Europe are minimal, the issue has caused friction between the EU and Canada.[52] According to the California-based Jacobs Consultancy, the European Union used inaccurate and incomplete data in assigning a high greenhouse gas rating to gasoline importing from Alberta’s oilsands. Also, Iran, Saudi Arabia, Nigeria and Russia do not provide data on how much natural gas is released via flaring or venting in the oil extraction process. As a result of these, Jacobs report pointed out that extra carbon emissions from oil-sand crude are 12 percent higher than from regular crude, although it was assigned a GHG rating 22% above the conventional benchmark by EU.
Also, access Google Earth to see how much land has been clear cut east of Lake Winnipeg.
http://www.panoramio.com/photo/47352969
http://www.youtube.com/watch?v=jMqVrUSz62o
JK
Of course.
You also have the luxury of living in a country with a lower population density (more sq. miles and aprox. one tenth the population) so you have a little more breathing room before what you do to the environment catches up with you.
http://en.wikipedia.org/wiki/Oil_sands
Oil sands extraction is generally held to be more environmentally damaging than conventional crude oil.[47] It can affect the land when the bitumen is initially mined, water by its requirement of large quantities of water during separation of the oil and sand and the air due to the release of carbon dioxide and other emissions.[48] Heavy metals such as vanadium, nickel, lead, cobalt, mercury, chromium, cadmium, arsenic, selenium, copper, manganese, iron and zinc are naturally present in oil sands and may be concentrated by the extraction process.[49] The environmental impact caused by oil sand extraction is frequently criticized by environmental groups such as Greenpeace, Climate Reality Project, 350.org, MoveOn, League of Conservation Voters, Patagonia, Sierra Club, and Energy Action Coalition.[50][51] The European Union has indicated that it may vote to label oil sands oil as "highly polluting". Although oil sands exports to Europe are minimal, the issue has caused friction between the EU and Canada.[52] According to the California-based Jacobs Consultancy, the European Union used inaccurate and incomplete data in assigning a high greenhouse gas rating to gasoline importing from Alberta’s oilsands. Also, Iran, Saudi Arabia, Nigeria and Russia do not provide data on how much natural gas is released via flaring or venting in the oil extraction process. As a result of these, Jacobs report pointed out that extra carbon emissions from oil-sand crude are 12 percent higher than from regular crude, although it was assigned a GHG rating 22% above the conventional benchmark by EU.
Also, access Google Earth to see how much land has been clear cut east of Lake Winnipeg.
http://www.panoramio.com/photo/47352969
Oh, and one last comment...as a Canadian living in an oil based province, I can tell you what is making us rather well off. The US' oil consumption. Your our biggest buyer, and where I live it is driving our economy sky high. Sorry, would have never said that, but am a tad bit offended by the title of this post...still cannot figure out why our doing well makes you so mad. So, had to throw that in. You know I love you all!!!!!!
Eh hem...lol.
Yep, I'm a Canadian. And yes, our economy is doing well. As for taxes, yes we pay more, but then again, we get more (I'd fight tooth and nail to not give up my health care). So for me the math is easy. I think my question would be, why do you have such an issue with an economy in another country doing better then you?
Now, gotta put my dogsled team away for the night....EH? Lol.
(and just for the record, you all know I am not even a tad bit offended here, just having fun with you...not all of you know me that well, so had to make that little disclaimer) Love ya El!!!
Yep, I'm a Canadian. And yes, our economy is doing well. As for taxes, yes we pay more, but then again, we get more (I'd fight tooth and nail to not give up my health care). So for me the math is easy. I think my question would be, why do you have such an issue with an economy in another country doing better then you?
Now, gotta put my dogsled team away for the night....EH? Lol.
(and just for the record, you all know I am not even a tad bit offended here, just having fun with you...not all of you know me that well, so had to make that little disclaimer) Love ya El!!!
Seems clear enough to me. The U.S. needs higher taxes and Universal Healthcare to get us back on track.
Eh?
Eh?
"...the average American holds more liquid assets—cash in hand—than the average Canadian..."
Surely this is relevant in some way, so the discussion.
I got C's in Econ, so maybe someone else with a bigger brain than I can shed some light.
Formerly a Canadian citizen, I have to say... I'd rather be South of that border than North of that border, net-worth stats aside.
My cousins (in Toronto & Montreal) enjoy a 55% income-tax base, and an 8-9% GST on everything they buy, on top of local/regional sales-taxes.
(Waiting for Adgal/Amanda to chime in on this one!)
Surely this is relevant in some way, so the discussion.
I got C's in Econ, so maybe someone else with a bigger brain than I can shed some light.
Formerly a Canadian citizen, I have to say... I'd rather be South of that border than North of that border, net-worth stats aside.
My cousins (in Toronto & Montreal) enjoy a 55% income-tax base, and an 8-9% GST on everything they buy, on top of local/regional sales-taxes.
(Waiting for Adgal/Amanda to chime in on this one!)
Praying our economy gets back on track and that American families can prosper again.
You must join this user group in order to participate in this discussion.
You are reading content posted in the Current Events . . . Group
A list of national and international resources and hotlines to help connect you to needed health and medical services.
Herpes sores blister, then burst, scab and heal.
Herpes spreads by oral, vaginal and anal sex.
STIs are the most common cause of genital sores.
Condoms are the most effective way to prevent HIV and STDs.
PrEP is used by people with high risk to prevent HIV infection.
