Great Economic News – In Canada!


It looks like our neighbors to the north are faring through the Worst Recession Since the Great Depression a lot better than we are. We keep hearing excuses for the miserable economy – it’s because of Europe, it was that tsunami in Japan, it’s the ATM machines taking over the jobs of bank tellers. No, it’s not. It’s the Marxists who have taken over Washington, DC. Canada has been moving in a more conservative direction, and it looks like it’s paying off for them.

For the first time in recent history, the average Canadian is richer than the average American, according to a report cited in Toronto’s Globe and Mail.

And not just by a little. Currently, the average Canadian household is more than $40,000 richer than the average American household. The net worth of the average Canadian household in 2011 was $363,202, compared to around $320,000 for Americans.

If you’re thinking the Canadian advantage must be due to exchange rates, think again. The Canadian dollar has actually caught up to the U.S. dollar in recent years.

“These are not 60-cent dollars, but Canadian dollars more or less at par with the U.S. greenback,” Globe and Mail‘s Michael Adams writes.

To add insult to injury, not only are Canadians comparatively better-off than Americans, they’re also more likely to be employed. The unemployment rate is 7.2 percent—and dropping—in Canada, while the U.S. is stuck with a stubbornly high rate of 8.2 percent. (Read More)

H/T Earth Ocean Sky Redux on Twitter.

Update: Canada Free Press offers an analysis of why the economy is improving in Canada. It’s not due to more socialism.

Corcoran continues: “Mr. Marche’s hard-headed socialism is apparently soft at its Canadian centre. Unfortunately, he reaches his conclusion based on an analysis that turns the story of recent Canadian and U.S. economic policy change on its head. The reason some economic data might be moving in Canada’s favour is not a function of Canadian socialism winning out over American capitalism. To the extent that the United States is losing economic ground, it’s a direct result of America’s slide into forms of socialism and Canada’s growing base as a more capitalist nation.

“The United States is in the beginning phase of a slow decline into a bigger government nation that leans further and further to the left. American socialism is a threat to U.S. economic growth, a threat that is keeping the economy down. The rise of government in the U.S. since the mid-1990s—when Canada cut government deficits and spending—is traceable in national statistics (See graphic titled American Socialism). Canadian spending and debt once stood well above U.S. levels, but the tables have been turned since then, especially in the past five years under President Barack Obama and the current Congress.

Read the whole thing. (Via the General in the comments below.)