Monday, December 05, 2011

Latest figures show income gap widening even more

I guess we're accepting that old saying about the rich getting richer as a fact of life, because they definitely are getting richer.
In Canada and around the world, the divide between those with money and those of lesser circumstance continues to grow - as this CBC story points out, the average income of the top 10 per cent of wealthy Canadians is now 10 times that of the bottom 10 per cent, up from 8:1 just a few years ago.
The trend is consistent throughout OECD countries - the gap is now 14:1 in the U.S. You need only go to a developing country to see where this trend leads: To dramatic increases in visible poverty; an even more fragile economy; higher costs for fewer public services; and a significant rise in security issues for the wealthy.
Even the rich lose out when the income gap gets too big, in other words. And yet we continue to bring in government policies (and governments) that worsen this trend, even while our morning newspapers bring us the news of all that is going wrong in countries being turned upside down by the revolts of angry have-nots.
I suspect we think such things can't happen in Canada. I fear we're wrong about that. 

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