Canadian Economic Data GDP or Gross Domestic Product & Real GDP Growth (1999): $952.7 billion & 3.5 % (Statistics Canada) Real (after inflation) GDP Growth from 1960 to 1995: 2.3 % (1.8 % for U.S.) (OECD Historical Studies) The Federal Debt (1999): $586.8 billion or 61.6 % of GDP (was 131 % of GDP in 1946 and 22 % of GDP in 1975) Annual Interest on the Federal Debt (1999): 7.1 % or $41.7 billion or 4.4 % of GDP (was 2.2 % of GDP in 1975) Annual Interest on Ontario Public Debt of $114.1 billion (1999): 7.9 % or $9 billion Total Public Debt, i.e. federal + provincial + municipal debt (1999): approx $800 billion or $26,600 per Canadian Portion of Federal Debt that is Held by the Bank of Canada*: 6.7 % (1996) and 20.8 % (1975) Portion of Federal Debt that is Privately Held (1996): 93.3 % (68.2 % by Canadians & 25.1 % by non-residents) ¶ Annual Interest on Total Public Debt (1998): $77 billion or 9 % of GDP or $2500 per Canadian ** ¶ A study by Statistics Canada in 1991 revealed that the $400 billion federal debt was due to:
Interest Payments on the Federal Debt: 50 % Tax Breaks to Corporations and Wealthy Individuals: 44 % Government Spending on Social Programs: 3 % All Other Government Spending: 3 %
The Money Supply (1999) & Inflation (Statistics Canada) Government Created Money (bills & coins, i.e. cash): approx $36 billion Note: no interest attached ¶ Bank Created Money, i.e. Bank Credit: $557 billion (94.6 % of total) Note: created with interest attached Total Money Supply: ($36 billion – $3.893 billion ***) + $557 billion = $589.1 billion Average Annual Inflation from 1995 to 1999: 1.3 %
The Chartered Banks: The Royal Bank, The Bank of Montreal, CIBC, etc. Total Bank Assets: $1392.9 billion (from Bank of Canada Review for June 1999) Cash (bills & coins) in bank vaults: $3.893 billion (from Bank of Canada Review for June 1999) ¶ Banks' Leverage: $1392.9 billion ÷ $3.893 billion = 358 (i.e. banks create $357 of credit for every $1 of cash)
Tax Revenue Total Government Tax Revenue (1996): $297 billion (Personal: 37.7 %; Corporate: 9.0 %; GST: 24.7 %; Other 28.6 %) Tax Revenue as a Percentage of GDP (1994): 35.1 % (US: 28.4; Britain: 34.5; Germany: 38.4; France: 43.7; Denmark: 49.9) ¶ Total Federal & Provincial Tax Paid by the Average Family (1998): $12,490 (20.1 % of pre-tax income of $62,116) ¶ Total Federal & Provincial Tax Paid by Families with Incomes over $300,000 (1996): 14.4 % Percentage of Federal Revenue from Taxes on Individuals: 19 % (1961) and 31 % (1998) Percentage of Federal Revenue from Taxes on Corporations: 14 % (1961) and 7 % (1998) Percentage of Canada's Total Tax Revenue from Taxing Wealth: .03 % (3.06 % in Switzerland)
Distribution of Income, Wealth & Household Savings (Statistics Canada) Income (1996) Wealth (1999) Financial Wealth (1984) Savings (1996) Richest 20 (50) percent of Canadians: 43 % 70 % (94 %) 75 % 84 % Poorest 20 (50) percent of Canadians: 5.1 % .1 % (6 %) – None ¶ Richest 1 percent of Canadians (recent survey): 25 % (38 % in US) 40% (47 % in US) –
The Stock Market (1997) Percentage of Stocks Held by: (Direct/Personal: 60.3 %; Pension Funds: 12.3 %; Mutual Funds/Personal 9.2 %; Other 18.3 %) Percentage of Canadians Who Hold Any Stocks: 10 % (directly) and 37 % (with pension funds included) ¶ Percentage of Stock Held by Richest 10 % of Canadians: Not Available (82 % for same group in US)
RRSP Contributions (1995) Approx Percentage of Canadians Making More (Less) Than $80 Thousand Who Contributed: 100 % & (25 %) Approx Percentage of $20 Billion Government RRSP Subsidy Captured by the Richest 11.7 % of Canadians: 60 %
* (Note: the interest on this portion is paid as a dividend to the government which is sole shareholder of the Bank of Canada) ** (Note: The mark ¶ draws attention to the obvious injustice and inequality inherent in modern economic practice) *** (Note: The $3.893 billion in bank vaults is not considered
to be part of the money supply because it lies idle) |
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