Canada’s Inequality Is Driven by Billionaire Wealth
New data show that Canada’s inequality crisis is driven by both billionaire wealth and runaway housing costs. Without a meaningful fix, both democracy and economic growth will be distorted by entrenched interests.
A float plane sits docked outside of a cottage on Lake Jo in Muskoka, Ontario, Canada, on May 23, 2015. (James MacDonald / Bloomberg via Getty Images)
The latest Statistics Canada data shed light on rising economic inequality in Canada as the federal election gets underway.
Extreme inequality is fueled both by the superrich at the very top and growing divides in the housing market amid a shortage of homes. These inequalities damage our economy and social fabric, lower economic growth, worsen health and social outcomes, and distort democracy and politics.
The need to curb growing inequality is a critical conversation to have in the federal election. As the country confronts a trade war and threats of annexation from the United States, Canadians have something to fight for in this moment.
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