Positive news and data about Canadian economy, banking and immigration systems

In a times of despair and bad economics news all over the world many commentators and analysts are coming out to praise Canadian system, values and successfulness in preservation of positive status while everybody is nosediving towards red. Recent Environics Analytics WealthScapes data published in The Globe and Mail but also mentioned in Stephen Marche column in Bloomberg View Canadian households are for the first time richer than US. According to Environics data net worth of the average Canadian household in 2011 was #363.202, while the average US household’s net worth was $42.232 less ($319.970). To gave another boost to these facts in a matter of days come news that Canadian unemployment rate fell down to 7.2 percent, while US rate was stagnant 8.2 percent without signs of significant fall over the next weeks or months. Commenting these in his column, Marche, writes:

Canada continues to thrive while U.S. struggles to find its way out of intractable economic crisis and a political curve of hope and despair.  

Canada’s other advantage, beside the fact that future generations would need to repay that debt, is that public-sector (government) debt is way lower than U.S., that also means GDP percentage in it is way lower than U.S. one. While Canadians are often complaining about real estate prices not very large number of them pays attention to the fact that at the moment their real-estate value is higher than U.S. with worth over $140.000 on average. U.S. problem is that as we all know at the moment from informations unearthed over the last few years, during the economic crisis, is in fake mortgages and collapse of economic system in 2008.

Canadians have traditionally been the cautious, fiscally conservative society, watching American economic dynamism from a safe remove (and subsisting on a small cut of the branch-plant spoils). For us, paying off the mortgage was once the equivalent of forgiveness for our acquisitive sins. Our public policies were more prudent than the U.S. policy of allowing home owners to deduct the interest on mortgage debt. Canadian leaders rejected mortgage interest deductibility and fortunately Canadians only briefly embraced the subprime mortgages that are still a huge factor in Americans’ fiscal woes, says Michael Adams in The Globe and Mail.

Canadian real-estate net worth richer than U.S. average for more than $40.000 (Photo: Flickr)

Interesting side of this story is also political one where Marche points out that Canadian Charter of Rights and Freedoms, which just celebrated 30th birthday, should be constitutional model for any new constitution in the world instead of American model. He also quotes U.S. Supreme Court Justice Ruth Bader Ginsburg who recently said:

I would not look to the United States Constitution if I were drafting a constitution in the year 2012

I would agree here with Justice Ginsburg and Marche, but the catch is in the fact that many countries all over the world are still looking at the United States as the model, and political factor which can make big difference if they found themselves in problems. Canada’s mistake in the past several years, since 2006 and Harper’s first minority government, was not having proper and strong diplomatic activity which is starting to take a shape now impacting some of the positive stories all over the world like recent Burma reforms.

Marche also praises two former Canadian PM’s Paul Martin and Brian Mulroney, not every Canadian will agree with him, for their actions in banking sector and corporate taxes cuts. As we all known immigration system in Canada is not in the best shape but still when it is compared with any other immigration system works way better and it is more fair. In his opinion Canadian immigration system is not either “liberal” or “conservative”, this could be changed later in the year when Jason Kenney brings new laws to the Parliament but Marche thinks positive thing is that our system works in comparison with U.S. If we take a look at the terrain, especially Surrey, we can see exact work of the immigration system not only in the past but also today when large numbers of newcomers are recorded every month moving not only from other parts of Canada but from all over the world.

I think that at this point when whole world and institutions like Environics are praising Canadian system and values we should do more on promotion of positive elements in it and put it even more into the use, exporting it to the countries like Libya, Tunisia, Egypt and other troubling countries.


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