Quote:
Originally Posted by Nouvellecosse
It also doesn't mean that incomes haven't improved for established residents, or that having additional residents won't lead to additional growth once they're established since we know they do based on plenty of past observation.
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This is a good point. I wish Statistics Canada tracked specific demographics and their outcomes. For example, if you are part of a cohort born in Canada in 1995, how is your income and wealth changing over time, and how does this track against 1985, 1975, etc.? What parts of the cohorts are or aren't doing well and what is determining the disparate outcomes?
I think it's obvious that certain groups aren't doing well, namely non-property-owners who rely on labour income but haven't seen wealth gains from real estate. The housing cost issue is clearly a problem on its own. Consumer price inflation has also been bad in recent years and I don't believe that CPI figures capture the full scope of the impact.
On the flip side, national GDP matters from a government or international perspective. Canada has grown in global prominence for example and has a bit more weight in the trade wars than it would have without that total economic growth, even though productivity per person hasn't improved much if at all.
I think we need, should, and can have both growing GDP and growing productivity that results in higher GDP per capita, and I think poor productivity is related to government mismanagement (fiscal, economic policy, immigration policy, regulations).