There is a hidden, "crouching tiger" dimension to Canada's income inequality problem.
It is called household debt, and as a nation, we are rolling in it.
In his latest report released today, Vanier Institute's Roger Sauve warns a perfect storm may be brewing:
Canadian household incomes have been flatlined for decades (CCPA research shows average real wages have been stagnant for 30 long years) but the cost of living keeps rising. In fact, the cost of owning a home (and everything else) is putting a lot of Canadians into hawk up to their eyeballs.
Add a looming recession, and it could spell trouble. Sauve says: "... a lot of households couldn't keep up."
We used to be a nation of savers. Now we are a nation of nailbiters.
A mountain of debt has a funny way of doing that to you. See the CCPA's upcoming Alternative Federal Budget (released later this month) for suggested solutions to income inequality and poverty reduction.
-- Trish Hennessy
The CCPA’s bold vision and creative solutions help us imagine better futures for all. Its efforts to build bridges between labour, industry, and civil society and mentor young activists lay the foundation for realizing those provocative futures. I consider my support for the CCPA an investment in a better future for British Columbia.
— Polly Ng, Next Up graduate