Capitalism without a heart could be our undoing
We all win when people have jobs where they can take care of themselves and their families
Recent data from the Organization for Economic Co-operation and Development along with Statistics Canada show a troubling pattern both in income equality and job related information as it pertains to the Canadian population at large.
The top 10 per cent of income earners in Canada now earn nearly four times as much money as those who exist in the middle income bracket and the gap continues to grow. For those in the lower income strata, the gulf is even greater of course and this should be a cause of concern for us who believe in economic equality and the principle of responsible income distribution.
As well, less than half of Canadian workers between the ages of 25-54 work in full-time jobs and that trend continues to grow in the wrong direction for those wanting to earn a decent wage based on getting enough consistent hours of employment over the course of year.
The reality of this world is that certain people because of their intelligence or ability to produce wealth rise to the top of the hill and enjoy the most comfortable economic lifestyles possible, free from the grinding pressure to make ends meet in the most basic things like paying rent, hydro, food, etc.
The present taxation system in place helps to level out the playing field somewhat by requiring such individuals to pay more money into the government coffers than others who earn less, which in turn gets distributed to fund certain social programs to assist those in need, but what about those numerous entities in society that generate huge amounts of revenue that benefit the owners or the shareholders involved, yet from a fairness perspective, does so from the diligent efforts of those who produce that wealth for them?
What does it say about us as a society when those with less power to produce wealth are wanting to make a livable wage, yet are unable to move up to that threshold due to some resistance from those who are always wanting to maximize profits regardless of the choices that need to be made that impact those under them?
Producing wealth or making a profit are not dirty words and it is that very drive that makes the capitalist system the best economic system available to us, but capitalism without a heart or that is solely focused on producing wealth primarily for the select few will in the long-run be the undoing of us.
We all win when everyone who wants to work can work at jobs that enable them to take care of themselves and their families in a reasonable way. When both wages and benefit plans help families and individuals to live without the stress of struggling to make ends meet, we as a society are better off in many ways.
It can have many positive, rippling effects in helping to reduce food insecurity, job insecurity and create a healthier society overall that spends fewer resources battling the effects of poverty.
It’s money too that is put back into the economy because of having discretionary income to spend after expenses, fuelling further growth and more employment.
It can also help to release some people from having to depend on the various social programs that are in place to assist them in their area of need.
It’s no coincidence that many who access food banks are known as the “working poor,” those having employment, but not earning nearly enough to enable them to meet their needs for one of the basic commodities of life.
I pray for the day when Canada bar none, will lead the world in the compassionate care and the empowerment of its most vulnerable citizens regardless of their economic or social standing.