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As It Happens

Number one, but there's a catch: study says Canadian middle class is doing the best in the world

It's always good to be number one, but not at someone else's expense. Today, a study by The New York Times revealed that Canada's middle class is currently doing the best in the world, topping the U.S. for first time in 35 years. But a prominent banking economist says our improved ranking is because the U.S. is doing so badly,...
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As It Happens6:26Number one but there's a catch: the Canadian middle class

It's always good to be number one, but not at someone else's expense. Today, a study by The New York Times revealed that Canada's middle class is currently doing the best in the world, topping the U.S. for first time in 35 years. But a prominent banking economist says our improved ranking is because the U.S. is doing so badly, and that the state of Canada's middle class is nothing to celebrate.

"I don't think that Canada is doing great, but relative to the U.S., we are fine," Benjamin Tal, Deputy Chief Economist at CIBC World Markets, tells Carol.

The U.S. job market for new college graduates is brightening but remains weaker than before the Great Recession began. (Photo: Lynne Sladky/AP)

He says that Canada's middle class income has stayed relatively stagnant. The gap between the rich and the middle class has also increased significantly, and is expected to rise further.

People wait for the Service Canada employment centre to open Wednesday, April 2, 2014 in Montreal. (Photo: Ryan Remiorz/CP)

Hear Carol's full interview with Benjamin Tal by selecting the "Listen" button.

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