Forbes: No Coincidence Canada's Middle Class Surpassing US

Wednesday, 23 Apr 2014 11:31 AM

By Wanda Carruthers

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It's no coincidence that the middle class in Canada is surpassing the United States as the world's most affluent, said Steve Forbes, chairman of Forbes Media.

A report in The New York Times on Tuesday showed Canada's middle class after-tax income grew to surpass all other nations since 2000. Forbes told Fox News' "America's Newsroom" that he attributes the difference to Canada's government, which "got its finances in order."

"I don't think it's a coincidence," the Forbes magazine editor and former presidential candidate said Wednesday. "Canada's been cutting taxes ... They didn't go for boosting artificially the housing market, so they had no bust."

By contrast, Forbes pointed to U.S. policies that hindered the economy, affecting the middle class in the process. He said the middle class has stayed "stuck on stuck because of a rotten economic environment."

"Look what we've done. We've trashed the dollar. We've been increasing taxes. We've been putting massive regulations, especially on smaller businesses, which is where the new jobs are created. And, so, you do that, and you pay a price for it," he said.

Federal spending during the last 12 years in the United States had been "gobbling up more resources," Forbes said, adding that Americans in the past did well when the government "liberated the people in this country to move ahead."

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