Canadians are now richer than Americans

As Obama's policies continue to fail and bring the American economy out of the doldrums, the wealth of the average Canadian household has surpassed that of his American counterpart. And not just by a little, but by $40,000. US News: If you're thinking the Canadian advantage must be due to exchange rates, think again. The Canadian dollar has actually caught up to the U.S. dollar in recent years. "These are not 60-cent dollars, but Canadian dollars more or less at par with the U.S. greenback," Globe and Mail's Michael Adams writes. To add insult to injury, not only are Canadians comparatively better-off than Americans, they're also more likely to be employed. The unemployment rate is 7.2 percent--and dropping--in Canada, while the U.S. is stuck with a stubbornly high rate of 8.2 percent. Besides a strengthening currency and a better labor market, experts credit the particularly savage fallout from the financial crisis on the U.S. economy and housing market, which torpedoed home...(Read Full Post)