by Summary:
Middle-class people in the U.S. are losing ground to their peers in other rich countries. U.S capitalism is falling the middle and lower classes. Trickle down is not working. Our income estimates may actually underestimate the economic well-being of Canadians relative to Americans. Indeed, Canadians usually receive more in-kind benefits from their governments, including notably in health care (as noted also by Wolfson and Murphy, 1998). Had these benefits been included in the estimates, the median augmented household income in Canada would likely surpass the American median by a greater margin. While these benefits also come with higher taxes, the progressivity of the income tax system is such that the median household is most likely a net beneficiary. Finally, and this is of course
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Middle-class people in the U.S. are losing ground to their peers in other rich countries. U.S capitalism is falling the middle and lower classes. Trickle down is not working. Our income estimates may actually underestimate the economic well-being of Canadians relative to Americans. Indeed, Canadians usually receive more in-kind benefits from their governments, including notably in health care (as noted also by Wolfson and Murphy, 1998). Had these benefits been included in the estimates, the median augmented household income in Canada would likely surpass the American median by a greater margin. While these benefits also come with higher taxes, the progressivity of the income tax system is such that the median household is most likely a net beneficiary. Finally, and this is of course
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
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Middle-class people in the U.S. are losing ground to their peers in other rich countries.
U.S capitalism is falling the middle and lower classes. Trickle down is not working.
Our income estimates may actually underestimate the economic well-being of Canadians relative to Americans. Indeed, Canadians usually receive more in-kind benefits from their governments, including notably in health care (as noted also by Wolfson and Murphy, 1998). Had these benefits been included in the estimates, the median augmented household income in Canada would likely surpass the American median by a greater margin. While these benefits also come with higher taxes, the progressivity of the income tax system is such that the median household is most likely a net beneficiary.
Finally, and this is of course totally anecdotal, but I think most Americans who have visited Canada lately would attest that it feels like a more broadly affluent place than the U.S. does. That is, the claim that most Canadians are more prosperous than most Americans is not patently unreasonable.
Bloomberg