The wealth trap

Re: The Triumph Of ‘Hard-headed Socialism,’ Jonathan Kay, July 19. Looking at anything other than the total assets of Canadians, compared to Americans, it’s hard to see how the Environics Analytic data quoted by Jonathan Kay can be construed as a “triumph of hard-headed socialism.”

Mr. Kay seems not interested in the fact that our “hard-headed socialism” delivers a household disposable income $40,000 lower than in the U.S. (even after American healthcare costs, it’s at least $25,000 or 26% less). It also delivers Canadian household debt levels $12,000 (11%) higher than in the U.S. and non real estate assets $98,000 (33%) lower than in the U.S.

Fred Bowyer, West Vancouver, B.C. Re: Not Wealthy Enough To Gloat, Terence Corcoran, July 18. Terence Corcoran is clearly misinformed when he says the United States is losing economic ground, and that it’s a direct result of America’s slide into socialism.

America’s slide is a direct result of unbridled capitalism. Rating agencies gave loans to people without jobs, or any way of making payments, AAA ratings. Through deregulation, the ratings agencies were able to get into bed with the banks. The banks took out insurance on these worthless mortgages and sold them to investors.

When Mr. Corcoran says that, “American socialist housing policies … produced the housing crisis,” he is wrong. Capitalism did. He argues there is a risk of “even greater U.S. socialist intervention in the economy, through regulation of the financial markets.” He should do his homework, as the regulations have been removed. Ask Goldman Sachs.

Roads and hospitals are built by socialism where everyone (well, regular people like union members for example, through taxes) contribute for the good of all.

Elaine Johnston, Gabriola Island, B.C.