by Raymond » Wed Mar 28, 2007 12:00:00 AM
DAILY JOURNAL, March 28, 2007 edition:
BULL MARKET FOR CARRION FORECAST TO CONTINUE
Toronto Sun predicts the bull market for human carrion to continue indefinitely. "Fastastic news," says Wayne Macleod of Total Credit Recovery, who has certainly managed to devour a lion's share of human victuals himself. "Yes, this report certainly has me and my fellow collection agents" cawed a satiated and ecstatic Macleod.
The cause of all this felicity was a new economic report by the CCPA (Canadian Center for Policy Alternatives) that showed, that while unemployment may be the lowest in 30 years, the median wage for the last 23 years hasn't budged much. In fact, when adjusted for inflation and expressed in 2001 dollars, the change between 1981 and 2004 has only been from $15.16 to $15.33.
The median should not be confused with the mean or average income. The former represents the 50% (or middle mark) of the population who earn that much or less. So, while aggregate wealth and earnings have increased with GDP, the distribution of that wealth has been skewed higher and higher toward the top percentiles. Fortunately, for us birds, the new minimum wage increase of $10 per hour should, paradoxically, make the pickings for us scavengers even better, as it's never failed to exacaebate the gap in the past. With inflation steadily wearing away at real earning power, more people using food banks, more people getting sick trying to work two jobs to keep up and getting stretched to the limit, we should continue to have a real bonanza.
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Canada?s growing gap at new 30-year high
Majority of families working harder, less payoff
March 1, 2007 | National Office | Topic(s): Employment & labour, Inequality & poverty | Publication Type: Press Release | Research Desk: Inequality Project
TORONTO ? Canadian families are putting in more work time, yet most ? 80% of them ? are getting a smaller share of Canada?s growing economy, says a study by the Canadian Centre for Policy Alternatives (CCPA).
The study finds Canada?s income gap between the rich and poor is growing, largely because the lion?s share of Canada?s economic growth is going to the richest 10% of families. It?s not going to the majority, the 80% of families earning under a $100,000.
?Canada?s gap is growing at a time when Canadian families are playing by all the rules ? working harder, contributing to a growing economy ? but most aren?t getting payback,? says study author Armine Yalnizyan, research fellow with the CCPA.
The study, The Rich and the Rest of Us: The Changing Face of Canada?s Growing Gap, looks at the earnings and after-tax incomes of Canadian families raising children under 18, comparing families in the late 1970s and those in the early 2000s. The study finds:
Canada?s income gap is growing: In 2004, the richest 10% of families earned 82 times more than the poorest 10% ? almost triple the ratio of 1976, when they earned 31 times more. In after-tax terms the gap is at a 30-year high.
Bottom half shut out: Between 1976-79 the bottom half earned 27% of total earnings. Between 2001-04 that dropped to 20.5%, though they worked more. Up to 80% of families lost ground or stayed put compared to the previous generation, in both earnings and after-tax terms. The poorest saw real incomes drop.
Work is not enough: All but the richest 10% of families are working more weeks and hours in the paid workforce (200 hours more on average since 1996) yet only the richest 10% saw a significant increase in their earnings ? 30%.
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Ray