Canadian wages plummet The Canadian Press Posted: Nov 24, 2011 12:50 PM ET
Canadian workers are failing to keep up with the rising cost of living as real wages continue to fall dramatically, new data from Statistics Canada shows.
The agency reported Thursday that average weekly earnings for non-farm payrolls fell 0.3 per cent in nominal terms in September to $872.75.
When the 3.2 per cent inflation rate for the month is taken into consideration, the drop in real wages was more dramatic.
On a year-over-year basis, the increase in earnings was a mere 1.1 per cent, the lowest level of growth since November 2009.
Average weekly earning gains have been dropping steadily since the spring, when they were as high as 4.1 per cent in April, well above the inflation rate.
Meanwhile executive salaries continue to rise. And they get bonus's for firing people. And extra bonuses and pensions when laid off. And they get bailed out by government for making mistakes with global consequences.
Anyone else think this is a problem? Anyone else think this is not sustainable?
--- CIBC economist Benjamin Tal says the trend is not a good omen for the economy because it means Canadians will have less disposable income to purchase goods. --- Uh, yeah it is "important for the economy". What about the people?
oder
Welcome to harper's vision of Canada. Corporate tax cuts so they can spread the gap between rich and poor.
oder
It will be interesting to see how the government can improve the economy when incomes are decreasing and purchasing declines. It will also be interesting to see how they manage to cover the declining government revenues because of declining taxable income. and reduced revenue from the GST/HST.
I think I know the answer. They will reduce even further the taxes on banks, corporations and the rich. Yep, That ought to do it.