Quote:
Originally Posted by Antigonish
I had to crunch the numbers for him and explain that he was making essentially a doctor's wage today and that 14% interest on a $90,000 house is astronomically cheaper than 5% interest on a $900,000 house where his wages back then are about 3x higher than a young person earns today adjusted for inflation.
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There should also be, well, economic progress and growth over a 40 year period with that reflected in living standards. If you compared 1985 to 1945 or 1945 to 1905, it wasn't close. It's pretty obvious that whatever's happening, it's not translating into improving living standards for average Canadians, particularly in the post 2015 period.
We actually did have improvements in some areas like consumer goods, but it was eaten up by other areas like housing costs. Basically, most of the productivity gains from globalization and dual incomes, etc. went to property owners, particularly in the largest cities.
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