Is Canada the New Land of Opportunity?
Washington Times reporter James A. Bacon thinks so.
- Canada has more than international hockey supremacy to be proud of. Our financial stability has impressed Washington Times writer Jason A. Bacon.
In a recent article, Bacon proclaims "Go North, Young Man, Go North."
He endorses Canada for it's financial stability and suggests that Americans could learn something from their neighbours.
Look what's not happening in Canada. There is no real estate crisis. There is no banking crisis. There is no unemployment crisis. There is no sovereign debt crisis. Recent reports suggest that consumers are loading up too much debt, but Canada shares that problem with nearly every other country in the industrialized world.
Bacon compliment's Canada's success in recovering from the recession of 2008, recovering 75% of jobs lost and for lowering corporate tax - something that may draw more business to set up offices north of the border.
He is also impressed with the stability of our real estate and financial regulations:
It turns out that Ottawa's housing policies and banking regulations tempered the boom in real estate prices. No tax deductions for mortgage interest payments. And get this: Buyers actually had to make down payments on their houses. Because there was no real estate bust, there was no banking crisis. (Indeed, healthy Canadian banks are snapping up U.S. financial assets.) Despite the lack of public policies geared toward stimulating homeownership, Canadian homeownership was 68.4 percent in 2008. That would be a higher number than in the United States, which was 67.4 percent in 2009.
Lesson to Americans: If you want affordable housing, stop promoting policies to make it more "affordable."
James A. Bacon is author of the book Boomergeddon. Read the full article on the Washington Times website.Is Canada the New Land of Opportunity?
Posted by Shaun Kimmins
on January 19, 2011