BRT President John Engler will be in Toronto Tuesday, taking part in a panel discussion at the 2012 Australia-Canada Economic Leadership Forum (news release). Interesting timing for the event given the recent news, "For the First Time, Canadians Now Richer Than Americans":
For the first time in recent history, the average Canadian is richer than the average American, according to a report cited in Toronto's Globe and Mail.
And not just by a little. Currently, the average Canadian household is more than $40,000 richer than the average American household. The net worth of the average Canadian household in 2011 was $363,202, compared to around $320,000 for Americans.
Canada escaped the collapse of housing prices that deepened the U.S. recession, and the country recovered from the financial crisis far more quickly. There are other, longer-term factors that contribute to Canada's economic resilience, especially the willingness of the major political parties to lower taxes to make the country more competitive while at the same time reducing federal deficits. On behalf of the Aspen Institute and the Canadian Council of Chief Executives, Jeromy Leonard wrote an oustanding study on the macro-economic decisions made by the Canadians: "A Northern Tiger? Canada’s Economic and Fiscal Renaissance and its Implications for the United States.
We dug up some unemployment numbers for the conference in Toronto, the national numbers plus the state or province with the lowest unemployment rate in their respective country.
Australia, 5.2 percent
Western Australia, 3.5 percent
Canada, 7.2 percent
Saskatchewan, 4.9 percent
United States, 8.2 percent
North Dakota, 3 percent
What's the common factor contributing to the lowest unemployment rate? They're all energy states.