Government Report Says Canadian Dream Proving Elusive to More Canadians

Ottawa, Ontario – Unless a person has good financial habits in place and a steady source of income, living the “dream” life is just that – a dream. It is an ephemeral state that vanishes once an unexpected illness or loss of employment strikes.

According to a report published this past October by the Employment and Social Development Canada, the agency tasked with managing employment insurance and other income-support (welfare) benefits, the Canadian dream of homeownership and economic prosperity is proving to be nothing more than a dream or myth.

In all actuality, the report was not intended for public consumption, but “The Canadian Press” used the Freedom of Information Act to obtain it. The report states that a growing number of Canadians rest their financial livelihoods on a heavy debt load. This exposes them to financial harm should they experience an economic shock. Part of the problem lies in stagnant wages.

The study found that over the period of 1993 to 2007, the income of Canadian workers increased by only 1.7%. Unfortunately, the same did not hold true of property values and basic living expenses. The report is being labeled in the press as a “Conservative Report” because it was commissioned by the ruling Conservative Party over the period when liberals ruled Canada.

Source:
http://www.thestar.com/news/canada/2014/02/23/conservative_report_calls_middleclass_dreams_a_myth.html