It is said that on the sixth day of creation, God turned to the archangel Gabriel and stated, “Today, I am going to create a land called Canada. It will have tall majestic mountains, rich soiled valleys, lush green forests, beautiful sparking lakes, and white sandy beaches. It will then be full of magnificent wildlife and abundant in natural resources. And I am going to call the inhabitants Canadians, who shall come to be known as the nicest people in the world. “But Lord,” responded Gabriel, “don’t you think you are being too generous to these Canadians?” “Oh no,” replied the Creator, “just wait and see the neighbours I am going to give them!”
Now we love our American friends and wouldn’t want to share the world’s longest border with any other nation. But on July 1, Canada Day, Canadians awoke to a startling, if pleasant, piece of news – for the first time in history, the average Canadian is now richer than the average American. According to data, the net worth of the average Canadian household is ($363,202), while the average American household’s is ($319, 970).
There are a number of reasons given for the present ($43,232) difference in net worth. Some are:
● Policy – While America, under its liberal leader Barak Obama, is increasingly turning left and more socialist; Canada, under its conservative leader Stephen Harper, is increasingly turning right and more capitalist.
● Government – While Congress continues to be held captive due to extreme political gridlock, Parliament is able to function freely with one party in the majority.
● Debt – While Washington increased social programs with no accompanying way to fund them, Ottawa took a budget knife to programs that had been known as Canada’s sacred trust. And so today, Canadians owe less federal debt per citizen than do Americans.
● Housing – While government-backed Fannie Mae and Fredie Mac opened up the housing market down south so just about anyone could qualify for a mortgage; up here the Canadian Housing Mortgage Corporation continued it rigid borrowing qualifications for home-buyers. Thus we suffered no real housing bust.
● Immigration – While Uncle Sam continues to struggle with an open-border immigration problem that brings many poor and unskilled into the country, the Land of the Maple Leaf has much tighter border control and greatly higher qualifications for immigrant approval.
● Resources – While in the U.S., the federal government controls vast acreages of natural resources and refuses to open many up due to a green energy policy; in Canada the Provinces are generally in charge of their own energy commodities and are more than glad to tap into and sell them at market value.
The bottom line? The risk-averse Canadian tortoise has temporarily taken the lead over the risk-taking American hare. Who would have ever thought, eh?