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John wang

Low university tuition benefits the rich not the poor: book - Report Card - 0 views

  • benefit the rich more than the poor.
  • require them and governments to help students from low-income families with grants, bursaries and loans.
  • most likely to benefit from registered education savings plans
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  • tax transfers to the upper-middle class
  • $400 a year
  • tuition fees as tax deductions
  • denies universities the tuition money that they need
Steven Iarusci

Canadians load up on mortgages, cut card debt - 0 views

  • The bank set aside $145million in provisions for credit losses, down $104-million as more customers repaid their loans.
    • Steven Iarusci
       
      BMO is the bank in question.
  • consumer credit-card balances are declining as bank customers start to heed warnings about taking on too much debt
  • On the residential mortgage side, Mr. Downe said he expects to see growth start to "soften" in the coming months
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  • record household debt levels have left this country vulnerable to economic shocks
  • the Canadian banks will report a slight increase in profit for the quarter as they contend with the impact of declining consumer borrowing, moderating capital markets activity and other headwinds.
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  • With domestic household debt levels hovering close to where they were in the United States prior to the financial crisis, many observers are warning that Canadians need to start paying down debt if the economy is remain on level footing
  • anadian consumers continue to pile on mortgage debt despite repeated warnings that they need to crank back on borrowing if this country is to avoid a painful real estate correction
  • Canadian consumers continue to pile on mortgage debt despite repeated warnings that they need to crank back on borrowing if this country is to avoid a painful real estate correction
  • growth in the overall home loan market "is continuing to be more robust,"
  • Canada's fourth-largest lender on Wednesday kicked off second-quarter bank earnings season with a 7.5% increase in profit on the back of lower provisions for bad loans
John wang

Women expect less money than men when entering workforce, study suggests | Posted | Nat... - 0 views

  • Women leaving university expect smaller paycheques and longer line-ups for promotions than their male counterparts, finds a new Canadian study that suggests the lower expectations are self-perpetuated.
  • women predict their salaries will be 14% lower than what men tend to forecast in their own professional lives
  • 18% less
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  • earn only 68% of the salaries their equally qualified male peers earn
  • found the male students’ expectations are way too high. These results may indicate that women are just more realistic about their salary expectations
  • If these students are asking their mothers or older women for their experiences, they will be getting a reflection of the historical inequality
  • emphasize a balance between a career and a personal life and contributing to society,
Carolyne Wang

The rich really are getting richer - The Globe and Mail - 2 views

  • The top 0.01 per cent of Canadian income earners, the 2,400 people who earn at least $1.85-million, aren’t just basking in investment income and business profits. Nearly 75 per cent of their income comes from wages, just like the average Canadian, according to a new study from the Canadian Centre for Policy Alternatives. The top 1 per cent, the 246,000 Canadians who earn more than $169,000, receive about 67 per cent of their income in wages.
  • That’s a change from the 1940s, when the rich took 45 per cent of their income from wages, 25 per cent from business profits and the rest from investments, dividends and interest.
  • , the income share of the richest 1 per cent fell from 14 per cent to 7.7 per cent. That trend was reversed over the past 30 years, as the top 1 per cent regained its 14-per-cent share of Canadian income. Over that time, the richest 0.1 per cent almost tripled their income share and the richest 0.01 per cent increased their share fivefold.
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  • Ms. Yalnizyan said the major trend she identifies is that the wealthiest Canadians are increasing their share of income at a historic pace. Looking back over the past 90 years, income is now concentrated in a way that hasn’t been seen since the 1920s, she said. In the past decade, almost a third of income growth has gone to the richest 1 per cent, she added.
  • The top 0.01 per cent of Canadian income earners, the 2,400 people who earn at least $1.85-million, aren’t just basking in investment income and business profits. Nearly 75 per cent of their income comes from wages, just like the average Canadian, according to a new study from the Canadian Centre for Policy Alternatives. The top 1 per cent, the 246,000 Canadians who earn more than $169,000, receive about 67 per cent of their income in wages.
    • Carolyne Wang
       
      See the link for visuals of income distribution in Canada.
  • That’s a change from the 1940s, when the rich took 45 per cent of their income from wages, 25 per cent from business profits and the rest from investments, dividends and interest.
  • Looking back over the past 90 years, income is now concentrated in a way that hasn’t been seen since the 1920s, she said. In the past decade, almost a third of income growth has gone to the richest 1 per cent, she added.
  • The big picture shows that after the Second World War, Canadian society distributed income in an increasingly level fashion. From 1946 to 1977, she writes, the income share of the richest 1 per cent fell from 14 per cent to 7.7 per cent. That trend was reversed over the past 30 years, as the top 1 per cent regained its 14-per-cent share of Canadian income. Over that time, the richest 0.1 per cent almost tripled their income share and the richest 0.01 per cent increased their share fivefold.
  • Median incomes, meanwhile, have been stagnant
  • “You’ve always had these people who’ve got their fingers on something the rest of us don’t. But why are they suddenly worth many multiples of what they were back then?” Ms. Yalnizyan said.
  • The answer, she said, is not economics. It’s in our culture.
  • Economist Michael Veall, who teaches at McMaster University, said a few theories try to explain the income shift by focusing on changes in the labour market at the high end, particularly for managers. One view is that corporate governors have allowed CEO salaries to jump because they were climbing elsewhere. Another is that CEOs, known for being superb communicators, are more effective, and thus more valuable, in the digital age because e-mail and the mass media facilitate contact with employees and the public, Prof. Veall said.
Carolyne Wang

To end poverty, guarantee everyone in Canada $20,000 a year. But are you willing to tru... - 2 views

  • The wage gap continues to grow, and one in 10 Canadians still struggles below the low-income line.
  • The idea of giving money to the poor without strings is not new. It melds altruism and libertarianism, saying both that the best way to fight poverty is to put cash in poor people's pockets and that people can make their own choices better than bureaucrats can. As a result, it can find support in theory from both left and right.
  • It has been tested with success in other countries, and now it has re-entered the Canadian political conversation.
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  • House of Commons committee on poverty released a report proposing a guaranteed basic income for Canadians with disabilities, on the model already available to seniors. The Senate released a similar report this spring calling for a study of how it would work for all low-income Canadians.
  • Within a year, working with counsellors who helped them with their plans and purchases, nine of the 15 participants were moving to some form of housing. The results were not perfect: A couple of people moved back out of housing again, and at least one was imprisoned. But most spent far less than the money available to them, mostly on clothing, food and rent. On the other hand, one person who chose to remain on the street asked for music lessons, and that was all right too.
  • Economists continue to bounce the idea around. Two years ago, Canadian researchers started their own chapter of the Basic Income Earth Network (a group founded in Belgium in 1986) to co-ordinate an ongoing discussion. Some say it might actually accomplish what political rhetoric has been promising for years: the eradication of poverty.
  • In Britain, an experiment was recently conducted with a small group of people who had been living on the streets for more than five years. They were given a budget that they could spend however they wished. The idea was to see whether the “personalized budgets” Britain gives to seniors and people with disabilities to pay for care (which include some conditions) would work for the very poor as well.
  • In Quebec, a government task force went further, recommending a minimum guaranteed income starting at $12,000 for everyone in the province.
  • The idea of a guaranteed annual income has been tested before in Canada – in the mid-1970s, in Dauphin, Man., a farming town with then about 10,000 residents. In the only experiment of its kind in North America, every household in Dauphin was given access to a guaranteed annual budget, subject to their income level. For a family of five, payments equalled about $18,000 a year in today's dollars. Politicians primarily wanted to see if people would stop working. While the project was pre-empted by a change in government, a second look by researchers has found that there was only a slight decline in work – mostly among mothers, who chose to stay home with their children, and teenaged boys, who stayed in school longer.
  • “Very often, services are about getting people off the streets, come what may,” says Joe Batty, who managed the program. “This is about normalizing people.” The program was considered so successful, he says, that the city of London is now providing financial support to expand it.
  • Evelyn Forget, a researcher in medicine at the University of Manitoba, reports that Dauphin also experienced a 10-per-cent drop in hospital admissions and fewer doctor visits, especially for mental-health issues.
  • But a guaranteed-annual-income program would be expensive. In developing nations, a small amount of money can bring about big changes. In a country like Canada, the basic income needed to pull everyone out of poverty would have to be larger, balanced against higher taxes.
  • cost analysis of the Quebec proposal estimated it could run the province as much as $2-billion, including the cost in lost taxes if minimum-wage workers did the math and left those jobs.
  • Other experts argue that poverty reduction needs to be tailored to individual circumstances, especially in cases involving mental health and addiction.
  • Conservative Senator Hugh Segal, one of the more vocal proponents of no-strings-attached aid for the poor, points out that the guaranteed-income program for seniors has greatly reduced poverty, especially among women. “There's a bias that when given the chance people will be lazy,” he says. “That's not my sense of reality.” Mr. Segal argues that giving money with no conditions removes the stigma and shame around poverty, allowing people to focus instead on how to improve their lot.
  • Requiring the poor to prove continually that they are deserving of assistance or threatening to pull help away without notice only discourages the risk-taking and confidence required to get out of poverty.
  • “If you think of the core premise of charity, it is not to treat people as lesser,” Mr. Segal says. “[It] is to give people a leg-up so they can have some measure of independence and can make some of their own choices.”
  • To do that effectively, he argues, we need to let them decide the steps they take to get there. Or – as Ms. Gray in Victoria puts it, saying she would go back to school for more training if she could count on covering rent and daycare – give some autonomy back to “people who are trying to be somebody in this world.”
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