Thursday, September 28, 2023
No Result
View All Result
  • Media
Support Us
Macdonald-Laurier Institute
  • Home
  • About
    • Who We Are
    • Who Makes MLI Work
    • Tenth Anniversary
  • Experts
    • Experts Directory
    • In Memoriam
  • Issues
    • Domestic Policy
      • Agriculture and Agri-Food
      • Canada’s Political Tradition
      • Economic policy
      • Health Care
      • Innovation
      • Justice
      • Social issues
      • Telecoms
    • Energy Policy
      • Energy
      • Environment
    • Foreign Policy
      • Foreign Affairs
      • National Defence
      • National Security
    • Indigenous Affairs
  • Projects
    • The Great Energy Crisis
    • Centre for Advancing Canada’s Interests Abroad
    • Dragon at the Door
    • Canada and the Indo-Pacific Initiative
    • The Transatlantic Program
    • DisInfoWatch.org
    • Competition Policy in Canada
    • Speak for Ourselves
    • Justice Report Card
    • COVID Misery Index
      • Provincial COVID Misery Index
      • Beyond Lockdown
      • COVID and after: A mandate for recovery
    • Indigenous Prosperity at a Crossroads
      • Aboriginal Canada and Natural Resources
    • Past Projects
      • The Eavesdropping Dragon: Huawei
      • Talkin’ in the Free World with Mariam Memarsadeghi
      • An Intellectual Property Strategy for Canada
      • Munk Senior Fellows
      • A Mandate for Canada
      • Confederation Series
      • Fiscal Reform
      • The Canadian Century project
      • Fixing Canadian health care
      • Internal trade
      • From a mandate for change
      • Size of government in Canada
      • Straight Talk
      • Labour Market Report
      • Leading Economic Indicator
  • Events
    • Upcoming Events
    • Past Events
      • MLI Dinners
      • Great Canadian Debates
  • Latest News
  • Libraries
    • Inside Policy
    • Papers
    • Commentary
    • Columns
    • Books
    • Video
  • Home
  • About
    • Who We Are
    • Who Makes MLI Work
    • Tenth Anniversary
  • Experts
    • Experts Directory
    • In Memoriam
  • Issues
    • Domestic Policy
      • Agriculture and Agri-Food
      • Canada’s Political Tradition
      • Economic policy
      • Health Care
      • Innovation
      • Justice
      • Social issues
      • Telecoms
    • Energy Policy
      • Energy
      • Environment
    • Foreign Policy
      • Foreign Affairs
      • National Defence
      • National Security
    • Indigenous Affairs
  • Projects
    • The Great Energy Crisis
    • Centre for Advancing Canada’s Interests Abroad
    • Dragon at the Door
    • Canada and the Indo-Pacific Initiative
    • The Transatlantic Program
    • DisInfoWatch.org
    • Competition Policy in Canada
    • Speak for Ourselves
    • Justice Report Card
    • COVID Misery Index
      • Provincial COVID Misery Index
      • Beyond Lockdown
      • COVID and after: A mandate for recovery
    • Indigenous Prosperity at a Crossroads
      • Aboriginal Canada and Natural Resources
    • Past Projects
      • The Eavesdropping Dragon: Huawei
      • Talkin’ in the Free World with Mariam Memarsadeghi
      • An Intellectual Property Strategy for Canada
      • Munk Senior Fellows
      • A Mandate for Canada
      • Confederation Series
      • Fiscal Reform
      • The Canadian Century project
      • Fixing Canadian health care
      • Internal trade
      • From a mandate for change
      • Size of government in Canada
      • Straight Talk
      • Labour Market Report
      • Leading Economic Indicator
  • Events
    • Upcoming Events
    • Past Events
      • MLI Dinners
      • Great Canadian Debates
  • Latest News
  • Libraries
    • Inside Policy
    • Papers
    • Commentary
    • Columns
    • Books
    • Video
No Result
View All Result
Macdonald-Laurier Institute

Statistics Canada feeding misperception Canadians on the brink of financial ruin: Philip Cross in the Financial Post

People aren't nearly as stressed for time or money as they say they are.

June 14, 2023
in Columns, Domestic Policy Program, Economic policy, In the Media, Latest News, Philip Cross
Reading Time: 2 mins read
A A
How we lost our corporate tax edge: Jack Mintz in the Financial Post

This article originally appeared in the Financial Post. Below is an excerpt from the article, which can be read in full here.

By Philip Cross, June 14, 2023

Earlier this year, a Statistics Canada survey reported 26 per cent of Canadian households said they wouldn’t be able to cover an unexpected bill of $500 if one came along. With prices and interest rates higher now than they were then, that share may even have risen. Working harder is not the solution, however: a 2016 StatCan survey indicated Canadians were increasingly dissatisfied with the balance between their work and personal lives.

This notion that Canadians are under growing financial and time management stress is based on the questionable methodology that requires people to accurately assess themselves. As economist Thomas Sowell once observed, “Statistics compiled from what people say may be worse than useless.” There is precious little corroborating evidence that the finances of a significant share of Canadians are so precarious that even a small unexpected bill or loss of income would push them over the brink. Nor is there convincing data that Canadians are time-stressed — not because of excessive demands at work, at least.

Start with personal finances. Stories about how a significant number of people could not cope with even a small shock to their income or expenses have become a staple in journalism. Yet when COVID struck and millions of people were thrown out of work overnight, there was no surge in personal insolvencies or defaults despite governments taking a month or more to design and implement income replacement programs. People proved surprisingly resourceful and resilient about money when they were required to, just as ordinary people are capable of extraordinary feats and sacrifices when suddenly thrust into war (and are generally calm about it: a 1945 Gallup poll found almost two-thirds of Americans admitted not making “any real sacrifice for the war.”) The Bank of Canada resumed raising interest rates last week because Canadian households have kept on spending despite the squeeze from rising prices and higher interest rates.

***TO READ THE FULL ARTICLE, VISIT THE FINANCIAL POST HERE***

Share this:
Source: Financial Post
Tags: Philip Cross Financial Post op-ed
Previous Post

Webinar panel video: Defend or defund? The future of the CBC

Next Post

RCMP has opened an investigation into claims of China targeting MP Chong: Christian Leuprecht on CBC News

Related Posts

Canada’s international isolation has never been more apparent: Richard Shimooka in the Hub
Columns

Canada-India Spat: Weighing in on the Indo-Pacific – Stephen Nagy for the Institute for Security and Development Policy

September 27, 2023
MLI in Parliament: Richard Fadden on Defence Procurement
Video

MLI in Parliament: Richard Fadden on Defence Procurement

September 27, 2023
A new Digital Services Tax would harm consumers and antagonize trade partners: David Collins for Inside Policy
Inside Policy

A new Digital Services Tax would harm consumers and antagonize trade partners: David Collins for Inside Policy

September 27, 2023
Next Post
RCMP has opened an investigation into claims of China targeting MP Chong: Christian Leuprecht on CBC News

RCMP has opened an investigation into claims of China targeting MP Chong: Christian Leuprecht on CBC News

Newsletter Signup

Follow us on

Macdonald-Laurier Institute

323 Chapel Street, Suite #300
Ottawa, Ontario, K1N 7Z2 Canada

613.482.8327

info@macdonaldlaurier.ca
MLI directory

Support Us

Support the Macdonald-Laurier Institute to help ensure that Canada is one of the best governed countries in the world. Click below to learn more or become a sponsor.

Support Us

  • Inside Policy Magazine
  • Annual Reports
  • Jobs
  • Privacy Policy

© 2021 Macdonald-Laurier Institute. All Rights reserved.

No Result
View All Result
  • Home
  • About
    • Who We Are
    • Who Makes MLI Work
    • Tenth Anniversary
  • Experts
    • Experts Directory
    • In Memoriam
  • Issues
    • Domestic Policy
      • Agriculture and Agri-Food
      • Canada’s Political Tradition
      • Economic policy
      • Health Care
      • Innovation
      • Justice
      • Social issues
      • Telecoms
    • Energy Policy
      • Energy
      • Environment
    • Foreign Policy
      • Foreign Affairs
      • National Defence
      • National Security
    • Indigenous Affairs
  • Projects
    • The Great Energy Crisis
    • Centre for Advancing Canada’s Interests Abroad
    • Dragon at the Door
    • Canada and the Indo-Pacific Initiative
    • The Transatlantic Program
    • DisInfoWatch.org
    • Competition Policy in Canada
    • Speak for Ourselves
    • Justice Report Card
    • COVID Misery Index
      • Provincial COVID Misery Index
      • Beyond Lockdown
      • COVID and after: A mandate for recovery
    • Indigenous Prosperity at a Crossroads
      • Aboriginal Canada and Natural Resources
    • Past Projects
      • The Eavesdropping Dragon: Huawei
      • Talkin’ in the Free World with Mariam Memarsadeghi
      • An Intellectual Property Strategy for Canada
      • Munk Senior Fellows
      • A Mandate for Canada
      • Confederation Series
      • Fiscal Reform
      • The Canadian Century project
      • Fixing Canadian health care
      • Internal trade
      • From a mandate for change
      • Size of government in Canada
      • Straight Talk
      • Labour Market Report
      • Leading Economic Indicator
  • Events
    • Upcoming Events
    • Past Events
      • MLI Dinners
      • Great Canadian Debates
  • Latest News
  • Libraries
    • Inside Policy
    • Papers
    • Commentary
    • Columns
    • Books
    • Video

© 2021 Macdonald-Laurier Institute. All Rights reserved.

IDEAS CHANGE THE WORLD!Have the latest Canadian thought leadership delivered straight to your inbox.
First Name
Last Name
Email address

No thanks, I’m not interested.