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gap between Canada’s rich and poor is growing

the income gap in Canada is well above the 34-country average, though still not as extreme as in the United States

Countries with greater income inequality tend to see shorter, less sustained periods of economic growth

Baby boomers are targeted because after struggling to get an education in skills that would land a job, and after decades of effort, they have accumulated some wealth.

To them, we symbolize intergenerational inequality.

Your future will be defined by how well you learn skills that match the needs of the job market. Those who gain useful skills will find higher paying, more rewarding jobs; those without that knowledge will face low-paying, unstable prospects.

boosting speculation that the conflict between Israel and the Palestinians of Gaza may disrupt crude supply from the Middle East.

Prices advanced earlier after American Petroleum Institute data yesterday showed crude inventories fell for the second week in three. An Energy Department report today is forecast to show supplies increased.

“Crude trade will remain choppy until we have some clarity on the Israeli-Gaza conflict,

The income gap between rich and poor in Canada widened in the period from 1993 to 2009

The average income of the poorest Canadians rose from $12,400 in 1976 to $14,500 in 2009.

the gap between the real average income of the richest 20 per cent of Canadians and the poorest 20 per cent widened from $92,300 in 1976 to $117,500 in 2009.

In 1980, the ratio of household debt to personal disposable income was 66%; that ratio recently passed the 150% figure (Statistics Canada 2011). This means that, in aggregate, households owed more than $1.50 for every dollar of disposable income.

It also examines whether the relationships between debt and financial capability persist when other characteristics like income and educational attainment are taken into account.

younger people and parents with children at home were more likely to hold debt. Individuals under 45 made up 45% of the population, but 54% of borrowers. Similarly, married people with children accounted for 30% of the overall population, but 39% of debtors. They were also more likely to have higher levels of debt. Couples with children held one-half of all household debt, with an average debt of $144,600, higher than the overall average of $114,400. Similarly, individuals under 45 held 61% of household debt, $129,200 on average.

Income inequality in Canada is at a 30-year high, rising at a faster pace than in the U.S.

The group urges the government to tackle this situation with wide-ranging reforms to the tax system.

to address poverty through improved education, pension, affordable housing and pharmacare programs. It also urges Ottawa to adopt a national child care plan.

A fault line is splintering Canada’s labour market into those who can’t find work and those who can’t find workers.

employers across the country say they can’t find the right workers for all kinds of available jobs.

Groups with high jobless rates such as aboriginal people, recent immigrants and those with disabilities are struggling to land good jobs, limiting their ability to climb the economic ladder.

Information technology has eliminated some middle-skill jobs, such as filing and administration, while globalization has seen high-paid manufacturing jobs outsourced to lower-paid countries, Alexander said.

globalization has weakened the lowest earners’ bargaining power as their jobs are outsourced to cheaper countries,

The gap has likely widened since the recession in 2008 as more companies moved high-paid manufacturing jobs offshore to countries with lower wage rates, the economists also noted.

With Canadians so deep in debt, it would be extremely difficult for domestic spending to pick up slack in the economy if things started to go downhill. That could result in a serious downward spiral in employment levels, household spending and the quantity and quality of credit outstanding, the report says.

"Households are spending money they assumed would be coming, then they realize they've run over the cliff because income from exports from these trading partners is not materializing and that's translating to weaker jobs.

domestic consumption is usually the more steady contributor to economic growth compared to exports and investment. But this time, household debt is out of control.

Canadian job market is faring well unless you're a student seeking well-paying summer work or a graduate

Canada's total jobless rate currently sits at an acceptable 7.4 per cent. But for those in the 15- to 24-age bracket, the unemployment figure is much higher: 14.7 per cent.

Typically, youth unemployment is double that of the national average

Household debt soared in the years leading up to the Great Recession

Twenty years ago, the average American household’s debt was 83 percent of its income; by a decade ago, that had crept up to 92 percent; but by late 2007, debts were 130 percent of income

All this borrowing took place both because banks had abandoned any notion of sound lending and because everyone assumed that house prices would never fall. And then the bubble burst

By 2050, an estimated one-quarter of the population in industrialized countries will be over the age of 65.

significant pressure on its labour market

Most of Ireland’s employment gains then were a direct result of foreign direct investment (FDI). Ireland lowered corporate tax rates and integrated into European markets, thus becoming a choice destination for FDI.