Canada’s middle class is now richer than middle-class America, according to a New York Times analysis
The report examined surveys during the past 35 years, revealing that income growth among the wealthiest Americans is outpacing peer nations, while income growth among lower- and middle-income Americans is falling behind.
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The report pointed to three factors that put America behind Canada's middle class: Education attainment has risen more slowly in the United States than in other countries; companies in the United States distribute a smaller share of earnings to middle-class and poor Americans than companies in other countries; and governments in other countries are taking more aggressive steps to raise the pay of low- and middle-income earners.
Douglas Porter of BMO Nesbitt Burns told The Globe and Mail that the recession has been greater in the United States
than in other countries, and United States economic policy contributes to stronger gains in good economic times and weaker gains in poor times.
An article in The Atlantic points to housing as a key factor
, stating that household wealth in the United States took a big hit with the housing collapse, while Canada is experiencing a housing boom.
Twitter users were take up new residence after the report.
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