More than 60 per cent moved out of the bottom and fewer than 60 per cent stayed at the top.
Thanks to Canada’s high level of economic mobility, people do not stay at a single income level their entire lives.
Is Canada still a land of opportunity? If you base your opinion on what sometimes appears on editorial pages or social media threads, you might not be sure.
Some columnists regularly help influence the general public’s view on important social issues. Indeed, they are opinion-shapers. So it’s unfortunate when they get things wrong—particularly when the intended audience is young and impressionable.
Headlines in the Globe and Mail, Toronto Star, and CBC all trotted out the cliché that the rich are getting richer while the poor are getting poorer, giving the impression of a doomsday-like wealth inequality gap. Fortunately, nothing could be further from the truth.
Given the continuous stream of media stories highlighting growing income inequality, it’s understandable that Canadians are worried about the implications. Thankfully however, the story of rapidly rising income inequality in Canada is just that, a great fictional tale.
There has been much handwringing over the claimed disappearance of the middle class. From a bestselling international tome to domestic tax-and-spend types who think higher taxes will create more middle-income earners, there is no shortage of those who over-focus on redistribution and underestimate the benefits of opportunity.
Thomas Piketty's book, Capital in the Twenty-First Century, is a global best seller that has attracted more reviews from academics and public intellectuals than any other economics book in recent memory.