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Housing on the knife's edge

At long last, the federal government has decided to seriously address the housing price bubble that has increasingly concerned Canadians.

On the heels of multiple warnings from the Bank of Canada that Canadians have taken on too much household debt for comfort (we hold the dubious distinction of having the worst consumer debt to financial assets ratio among 20 OECD nations), the federal government announced three moves. It will reduce the maximum insurable amortization period from 35 years to 30 years as it scales back both home equity loans and the amount homeowners can refinance. With these changes, we are about half way back to where the CMHC lending standards stood in 2006 when the Harper government significantly loosened them.

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What is a middle class income these days?

| July 21, 2011

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Government of the 1 per cent, for the 1 per cent, by the 1 per cent

| April 12, 2011
Columnists

How we label and treat our poor defines us as a nation and people

As the current parliament winds down before the expected election call, it is worth noting a major achievement that came to nothing. The achievement was NDP member Tony Martin drawing upon a House of Commons report on poverty reduction to offer legislation that would bring all Canadians up to the low income cutoff level as measured by Statistics Canada.

Columnists

Those poor, persecuted rich people

"This is a vision of a nation in which we're all in it together -- in which burdens are shared broadly, rather than simply inflicted upon a small minority."

More visionary socialist stuff from Barack Obama? Well, not quite.

In fact, the line is from conservative New York Times columnist David Brooks. And, in case it isn't obvious, the "small minority" whose burden he is urging everyone to share is: the rich.

Yes, we should all stop focusing so much on ourselves, and think more about the plight of billionaires.

Columnists

Only in Kazakhstan, alas: The maximum wage fight

A friend on the left says it may be time to stop fighting for a higher minimum wage and start fighting for a maximum, like those mild compensation limits in the Obama bank bailout bills. But it's Kazakhstan's Prime Minister, Karim Masimov, who's shown the way on this. He says "executives at state-run firms and banks" should make no more than he does, in order to "prevent social unrest." He makes a modest $4,700 a month -- he wrote on his blog -- but it's nearly 12 times the average. Mining and oil execs get way more. His proposal is "likely to be implemented immediately," though only in Kazakhstan, alas.

Economic inequality has yawned ever wider in recent times, especially in the United States, source of the current crisis. Since 1968, when U.S.

Manitoba Government and General Employees' Union
February 23, 2009 |
Today’s 18- to 40-year-olds are struggling to keep up with the lifestyles their parents once enjoyed, much less dreaming of surpassing them.
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