Quote:
Originally Posted by chemgear
https://nationalpost.com/news/canada...2%20per%20cent).
Canada’s living standards alarmingly on track to be the lowest in 40 years
If Canada’s per-capita gross domestic product does not recover in 2024, the decline since mid-2019 may be the longest in the last four decades, a new study has found.
“Despite claims to the contrary, living standards are declining in Canada,”
Released on Thursday, the study found that from April 2019 to the end of 2023, inflation-adjusted per-person GDP declined from $59,905 to $58,111 or by three per cent.
This decline is exceeded only by the decline in 1989 to 1992 (-5.3 per cent) and 2008 to 2009 (-5.2 per cent).
“The severity of the decline in living standards should be a wake-up call for policymakers across Canada to immediately enact fundamental policy reforms to help spur economic growth and productivity,”
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The scary part about this, is that unlike previous drops, this is being unequally led by the lower and middle class. The top 10% aren't losing their shirts this time.