Given the continuous stream of media stories highlighting growing income inequality, it’s understandable that Canadians are worried about the implications. Thankfully however, the story of rapidly rising income inequality in Canada is just that, a great fictional tale.
With Ontario and Quebec accounting for nearly 60% of Canada's gross domestic product, as they go, so goes the Canadian economy. Unfortunately, the economic news from Canada's largest provinces doesn't look good, and many forecasters are now downgrading their economic growth projections.
While part of the reason for their lagging economies stems from external forces (i.e., a shaky U.S. economy), the policies implemented by the Ontario and Quebec governments have contributed to, rather than mitigated, economic woes in those provinces.