Recession made the rich poorer in Canada

[alp227]

Source: CBC News

New data shows the richest of the rich actually got relatively poorer in Canada during the recession, while the other 99 per cent made some gains.

But experts say that's to be expected when stock markets sink, and there is no sign that the rapidly deteriorating income inequality that Canada has experienced over the past decade is about to reverse course.

"This is likely temporary. If you look at the long-term trend, this is a blip," said economist Mike Veall from McMaster University, who has been leading the country's research on income inequality.

In Canada and the United States, he said, "both have a surge in income inequality that has been offset, a little bit, by the recession, reducing the top income share in both countries by a small amount over the last two years."

Read more: http://www.cbc.ca/news/canada/story/2011/10/17/canada-recession-occupy-rich-poor.html

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Republicans: "That's why we need lower taxes for the rich!"

[chollybocker]

1. Canada has a *somewhat* more equitable tax code.

And socialized medicare and drug programs. And, for the time being, a strong union presence for workers.

These all help to narrow the equity gap.