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Why Canadians are Richer than Americans
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World Traveler



Joined: 29 May 2009

PostPosted: Wed Jan 02, 2013 1:10 am    Post subject: Reply with quote

Wait, what?!
That link shows 23.7% of Canadians having a college degree. The percentage in the US for adult males is roughly that as well. Again, the US has ten times the population.
Here's a link that shows the US to be wealthier than Canada (taking into account cost of living):
http://en.m.wikipedia.org/wiki/List_of_countries_by_average_wage
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Privateer



Joined: 31 Aug 2005
Location: Easy Street.

PostPosted: Wed Jan 02, 2013 1:28 am    Post subject: Reply with quote

The U.S. would be wealthier if it wasn't in the merciless grip of a predatory, criminal capitalist ruling class.
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rollo



Joined: 10 May 2006
Location: China

PostPosted: Wed Jan 02, 2013 4:21 am    Post subject: Reply with quote

How in the world can you compare a population of what 24 million with a population of 315 million and in the U.S. factor in the 12 million illegals. No way that you can make a real comparison. but what ever warms your heart.

Of course if oil prices drop a little, Oh thats right China is going to be taking care of your oil for you. Well an empire built on oil and selling toilet paper to the U.s. is your idea of sucess.
good luck
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rollo



Joined: 10 May 2006
Location: China

PostPosted: Wed Jan 02, 2013 4:23 am    Post subject: Reply with quote

Oh yeah can you tell me what percetage of Americans are afraid to travel? What Molson ad did that come from?
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Kuros



Joined: 27 Apr 2004

PostPosted: Wed Jan 02, 2013 4:31 am    Post subject: Reply with quote

World Traveler wrote:

Here's a link that shows the US to be wealthier than Canada (taking into account cost of living):
http://en.m.wikipedia.org/wiki/List_of_countries_by_average_wage


Income does not equal wealth. One can make more money but also owe more money.

I'm surprised at the pushback on this. Canada is relatively well governed, and the U.S. is very poorly governed. In addition, this is a snapshot, Canada may yet experience a great loss of wealth should it find itself in its own housing bubble.

Quote:
The U.S. would be wealthier if it wasn't in the merciless grip of a predatory, criminal capitalist ruling class.


Right.
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MoneyMike



Joined: 03 Dec 2008

PostPosted: Wed Jan 02, 2013 4:19 pm    Post subject: Reply with quote

I'm curious as to where all the hate on Canada in this thread is coming from. In my almost 4 years in Korea I've never once met a Canadian who was all 'ra ra ra go Canada Molson forever yeeeeaaaaaaah!' Most of us see being from Canada as incidental to who we are. Has anyone here actually really met a Canadian in real life that was like this??

Myself, I look at America's low taxes and cost of living with envy. Your politics, however, are endlessly entertaining.
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MoneyMike



Joined: 03 Dec 2008

PostPosted: Wed Jan 02, 2013 4:20 pm    Post subject: Reply with quote

I think (correct me if I'm wrong) that the OP posted the link because Canadians being on average richer than Americans is unusual, rather than to say 'SUCK ON THIS BEAVER PELT AMERICANS!!!'
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rollo



Joined: 10 May 2006
Location: China

PostPosted: Wed Jan 02, 2013 5:13 pm    Post subject: Reply with quote

Golly I apologize it's just after all the relentless boring inane lecturing about the avro arrow, the war of 1812, the maple leaf wearing on every inch of clothing. One does get wary and defensive about Canadians. Just be subjected to another rant about healthcare. Well!


but it is not really possible to compare the u.S. and Canada.

just not doable.

Geography for one. Americans dont travel abroad. Why should they, beaches they got great ones in Florida, Texas Alabama California, Mountains, ? the Rockies in the West the Appalachians in the East. Culture New YOrk Chicago, San Francisco. A wonderful system of roads to make travel easy and why leave the country. Its not fear of travel its just that the U.S. offers so much. You want a winter without cold weather just go to Florida, So. Cal. Arizona.

Population is the biggie though. Just no way to compare the two , Canada does not have the diversity, nor the problems that that diversity brings with it .

Also the problems of governing 315 million people of diverse back grounds, ethnic groups races just can not be compared to governing 24 million mostly white Northern European people. yeah i know there are a handful of Southern Europeans in some cities and Asians on the coast . But compared to the U.S. its pretty white.

Stop comparing Canada to the U.S. is all . it really does not work and show of the massive Canadian inferiority complex.
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Captain Corea



Joined: 28 Feb 2005
Location: Seoul

PostPosted: Wed Jan 02, 2013 5:33 pm    Post subject: Reply with quote

Personally, I think the whole of the OP is explained by only one of the points - housing!

Canada pumped up their housing market in 2008, and it's been bubbling ever since.

So when we look at "growth" in Canadian's wealth, I doubt very much it's related to income and the like.
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TheUrbanMyth



Joined: 28 Jan 2003
Location: It's not a superiority complex when you really are superior

PostPosted: Wed Jan 02, 2013 5:44 pm    Post subject: Reply with quote

recessiontime wrote:
Tim, check out your own link. It clearly shows a disproportionate number of Canadians compared to Americans. In 2008 there were 8980 Americans and roughly 4800 Canadians. Keep in mind that the US has 10x the population of Canada. There should roughly only be 900-1000 Canadians proportionally but instead we see almost 5000 ! How can you account for this huge discrepancy?


Because Canadians and Americans are not the same. You can't simply compare populations and say "Well there should be 10 times as many Americans here" That does not follow.

Besides which, that is not what you stated. You said
Quote:
"Try comparing the number of USA citizens to Canadians teachings in Korea."


(bolding mine)


Number does not equate to percentage

(And if we include the military then there ARE probably 10 times as many Americans as Canadians in South Korea anyway... Very Happy Very Happy Very Happy)
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Fox



Joined: 04 Mar 2009

PostPosted: Wed Jan 02, 2013 5:49 pm    Post subject: Reply with quote

Captain Corea wrote:
Personally, I think the whole of the OP is explained by only one of the points - housing!

Canada pumped up their housing market in 2008, and it's been bubbling ever since.

So when we look at "growth" in Canadian's wealth, I doubt very much it's related to income and the like.


Right. In fact, high housing prices actually reduce the effective value of your wages. Banks might benefit from wildly expensive houses, but society as a whole benefits from housing being cheap and affordable.
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TheUrbanMyth



Joined: 28 Jan 2003
Location: It's not a superiority complex when you really are superior

PostPosted: Wed Jan 02, 2013 5:59 pm    Post subject: Reply with quote

Captain Corea wrote:
Personally, I think the whole of the OP is explained by only one of the points - housing!

Canada pumped up their housing market in 2008, and it's been bubbling ever since.

So when we look at "growth" in Canadian's wealth, I doubt very much it's related to income and the like.



That's pretty debatable. I doubt Canadian pattern of spending on assets has changed that much in just a few years.

Quote:
In 2005, principal residence and other real estate accounted for the largest type of asset, representing 42.0% of total assets of all Canadian families. This was followed closely by private pension assets which accounted for 29%. However, equity in business, at 10.5% of the total, was the fastest growing asset, with the median value rising 52.3%, from $10,368 in 1999 to $15,794 in 2005.



http://www4.hrsdc.gc.ca/.3ndic.1t.4r@-eng.jsp?iid=84
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Captain Corea



Joined: 28 Feb 2005
Location: Seoul

PostPosted: Wed Jan 02, 2013 6:10 pm    Post subject: Reply with quote

Spending on assets is one thing... spending other people's money on assts is another.

If incomes didn't rise that much since 2008, but housing prices have - chances are it's all in the form of the bank man's loans.



--------


Fox wrote:
Captain Corea wrote:
Personally, I think the whole of the OP is explained by only one of the points - housing!

Canada pumped up their housing market in 2008, and it's been bubbling ever since.

So when we look at "growth" in Canadian's wealth, I doubt very much it's related to income and the like.


Right. In fact, high housing prices actually reduce the effective value of your wages. Banks might benefit from wildly expensive houses, but society as a whole benefits from housing being cheap and affordable.


Also, the gov benefits from higher housing prices in that they collect higher resident taxes and such.
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Titus



Joined: 19 May 2012

PostPosted: Wed Jan 02, 2013 7:58 pm    Post subject: Reply with quote

Fox wrote:
Captain Corea wrote:
Personally, I think the whole of the OP is explained by only one of the points - housing!

Canada pumped up their housing market in 2008, and it's been bubbling ever since.

So when we look at "growth" in Canadian's wealth, I doubt very much it's related to income and the like.


Right. In fact, high housing prices actually reduce the effective value of your wages. Banks might benefit from wildly expensive houses, but society as a whole benefits from housing being cheap and affordable.


^ Correct. Very important. The guy in Toronto or Vancouver who earns what I do has much less spending/saving money because the price level of houses is a few multiples of my city.
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Unposter



Joined: 04 Jun 2006

PostPosted: Thu Jan 03, 2013 2:22 am    Post subject: Reply with quote

First of all, I am an American, not a Canadian, and if I put a maple leaf on my bookbag, I think a few Canadians, much less my American friends, might get upset.

MoneyMike is right on this. I just thought it was an interesting article because it goes against what are common sense expects. I also thought it was a good starting place to discuss economic policy.

I do agree that because of the population differences, it is hard to compare the U.S. to Canada. And, it is hard to discuss gross wealth.

But, the per capita numbers are interesting. The fact that Canadians on average are doing better than Americans on average suggests that inequalities in wealth or significantly hurting average Americans.

Obviously, there are other factors, but the two factors that jumped out at me are:

1) a better tax system.
A) Canadians may pay more in taxes but they seem to get more value for their money than Americans and it has lead to higher degrees of wealth. Something that seems to have been true in the U.S. in the 1950s and 1960s when higher tax rates combined with well-managed social spending and programs increased wealth in the U.S. It is all these tax cuts combined with the tearing apart of social programs that has really hurt the American economy.

2) a better banking system
Canadian banks have a higher degree of regulation and have consistantly be much more resistant to risk. There seems to be something in American culture that makes us more willing to want freedom and de-regulation at the same time take on more risk, the results being disasterous, especially over the last thirty years or so.

That is just off the top of my head. Any thoughts?
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