Part of the explanation is the drag of Canadian consumer debt, which began the quarter at 164 per cent of household income, about 30 per cent higher than the comparable debt level in the U.S., he said.Canadians, typically conservative, spent less during lockdown, choosing instead to pay down their debts, said Peter Miron, senior vice-president of Environics Analytics Group in Toronto.
While U.S GDP is expected to produce an overall decline of 4.0 per cent this year, comparable Canadian data shows a 5.6 per cent expected GDP contraction, TD Economics found in a Sept. 18 analysis. That is reflected in the difference in unemployment rates forecast by TD’s economics unit: 8.5 per cent in the U.S. vs. 9.7 per cent for Canada.
“Household income in the U.S. and Canada went up because of government support programs,” he said. Some of that income went into mortgage down payments, fuelling more household debt, especially in top markets like Toronto and Vancouver.In the U.S., which is home to the FANG stocks — Facebook, Amazon, Netflix and Google — the S&P 500 index of large-cap companies rose by 20 per cent in the period from March 31 to June 30.
Proposal: National Post editors move to Trump's America and leave us alone.
I think Most Americans would disagree with this headline.
I’d say much poorer😳
The billionaire class got much much richer in both Canada and the US. One of the biggest transfers of wealth in human history.
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