As if that weren’t bad enough, consider Canada’s performance compared to our southern neighbours. In 2016, average per person incomes in Canada were 82 per cent of U.S. levels — $54,154 compared with $65,792, or an $11,600 difference per person . By the end of 2022, our per person incomes had fallen to 76 per cent of U.S. levels — $55,863 compared to $73,565. Put differently, Canadians are $17,700 per person poorer than Americans.
Canada’s average income per person is now lower than income levels in 41 U.S. states. Our average per person income of $55,863 ranks us just below Louisiana and Maine and just ahead of New Mexico and Kentucky — which is probably not where Canadians would like to be.Article contentCanada will be the worst-performing advanced economy from 2020 to 2030, with inflation-adjusted per person GDP growing only 0.7 per cent per year over the decade.
And yet, despite all the evidence and dire warnings, the Trudeau government and its most important ministers seem oblivious to the facts. Earlier this month, Deputy Prime Minister and Minister of Finance Chrystia Freeland had this : “I think we can be really optimistic about the Canadian economy. Canada had the strongest economic growth in the G7 over the course of 2022.”Article content