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Erica Yeo

Canada's wage gap at record high: OECD - The Globe and Mail - 1 views

www.theglobeandmail.com/...article4099041

inequality canada challenges globeandmail skillsgap

shared by Erica Yeo on 23 Nov 12 - No Cached
  • 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
  • ...21 more annotations...
  • Greater inequality raises economic, political and ethical challenges as it risks leaving a growing number of people behind in an ever-changing economy
  • the top federal marginal income tax rates tumbled – to 29 per cent in 2010 from 43 per cent in 1981
  • Canada’s growing gap: a widening disparity in labour earnings between high- and low-paid workers, and less redistribution.
  • Taxes and benefits reduce inequality less in Canada than in most OECD countries
  • Shifts in the labour market are a key reason why the gap is widening
  • Technological progress has been more beneficial to high-skilled workers, while the gap in men’s earnings in particular is growing ever wider
  • annual hours of low-wage workers in Canada have fallen to 1,100 hours from 1,300 hours, while those of higher-wage workers fell by less, to 2,100 from 2,200 hours
  • Rising self-employment
  • the self-employed typically earn less than other full-time workers
  • Taxation
  • Canada’s tax-benefit system was as effective as those of the Nordic countries in stabilizing equality, offsetting more than 70 per cent of the rise of market-income inequality
  • taxes and benefits now offset less than 40 per cent of the rise in inequality
  • inequality has been rising more rapidly in Canada than in the U.S.
  • social implications
  • income inequality with poor health outcomes
  • 11-year difference in life expectancy between men who live in its poorest neighbourhood and those its richest
  • Taxing the rich
  • closing loopholes
  • compliance with tax rules
  • education, skills training and job retraining programs
  • More and better jobs, enabling people to escape poverty and offering real career prospects, is the most important challenge
  • burmangabriel on 23 Nov 12
     
    1) What do you think are possible solutions for the rising inequality? 2) Since the rich are taking a higher percent of overall income and Canada is in debt, do you agree with lowering their taxes?
Erica Yeo

Why the gap between rich and poor in Canada keeps growing - thestar.com - 0 views

www.thestar.com/...d-poor-in-canada-keeps-growing

inequality canada challenges wealthgap star

shared by Erica Yeo on 16 Jan 13 - No Cached
  • 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.
  • ...3 more annotations...
  • Cuts to government programs, such as unemployment insurance, combined with increases in post-secondary education costs are making it hard for the lowest income Canadians to compete in the knowledge economy,
  • The top 10 per cent of Canadians earned 10 times as much as the bottom 10 per cent in 2008, the OECD said. That’s up from a ratio of 8 to 1 in the early 1990s
  • Calling on governments to do more to close the gap, the OECD said the report dispels the theory that tax cuts will have a trickle down effect by promoting economic growth that benefits everyone
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