Income Gap in Canada - 949 Words

Question One: It is often said that in Canada, â€Å"The rich are getting richer and the poor are getting poorer.† Respond. Be certain to differentiate between income and wealth. How has the occupy movement contributed to this debate? Inequality in Canada is a growing problem. As income rises for the rich and remains the same for the poor, a gap is forming between Canada’s highest and lowest earners. This gap has sparked outrage by some, resulting in the Occupy Movement, and apathy in others. However, it can indeed be said that in Canada â€Å"the rich are getting richer and the poor are getting poorer.† The reason for Canada’s large gap in wealth is best explained by changes in labour markets, changes in families and changes in public policies†¦show more content†¦In fact, median net worth fell by $7,500 in 2005 in the lowest 10%, while increasing by between $237,000 and $659,000 in the top 10%. Therefore, wealth inequality rose as the highest earners were subject to wealth increases. When considering this, it is wholly possible to understand the saying that â€Å"the rich are getting richer and the poor are getting poorer†, as it is true. This was brought into the spotlight by the Occupy Movement, and the slogan of â€Å"We are the 99%†. This, in turn, begs the question; who are the one percent? The Canadian one percent are compose of 246,000 people, whose income is $405,000 (Yalnizyan, 2010). This one percent holds 13.8% of all incomes in Canada, and has seen its total income double (Yalnizyan, 2010). In fact, this one percent of the population accumu lated 32% of all growth in incomes from 1997 to 2007 (Yalnizyan, 2010). In comparison, that same one percent only took 8% of all income growth in the 1950’s and 60’s (Yalnizyan, 2010). So, as the one percent accumulates more wealth and more of the growth in incomes, the gap grows. In response to the growing inequality between rich and poor Canadians, and the growing wealth of the top 1%, the Occupy Movement took to the streets in order to protest against the accumulation of the majority of wealth by the minority of people. On October 15th, 2011, in 900 cities across the world, thousands of average citizens protested for their rights to wealth equalityShow MoreRelatedThe Impact Of Female Incomes On The Workplace1405 Words   |  6 PagesIntroduction: For decades, a typical female’s income in Canada has been a fraction of their male counterpart. This social issue affects all females globally, despite occupation and education. Although the distance is becoming smaller between genders, Canada’s gap is greater than the national average. Many theories that attempt to explain the differences in female wages, however, these theories do not fully account for the income differences women experience. 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