How interesting to see that Canada — where I was born, raised and lived until 1988 — now has a higher per-capita wealth than the United States; $363,202 in assets to the average American’s total of $319,970.
From the website Daily Finance:
Indeed, the crash in U.S. home prices means that Canadians own real estate that is on average worth $140,000 more than that held by Americans. They also own twice as much property and have nearly four times as much equity in it after mortgages are taken into account.
One small bright spot for residents of the beleaguered U.S.: Americans still have greater liquid assets than Canadians. But even this statistic serves mainly to underscore the magnitude of the housing market catastrophe.
Public policy may be in part to blame: As The Globe and Mail points out, “Canadian leaders rejected mortgage interest deductibility,” making it somewhat harder for citizens to get so deep into mortgage debt. Moreover, subprime mortgages — those ignes fatui of the American economy — did not catch on in Canada the way they did here.
All of which leaves our “thrifty, socialist neighbors to the north” — who have long eschewed both the dynamism and the risk of the American system in favor of higher taxes, greater regulation and a sturdier social safety net — looking pretty clever right now.
Having survived three (so far) recessions in the U.S. since moving here, I’ve often questioned my decision. But I’ve also met some of my professional goals here, and more easily in a nation whose population is 10 times larger, than would have been possible at home, where about ten people in my industry got the best jobs and clung to them for decades.
I’ve married two Americans, one wretched, one not. I’ve survived being a crime victim here twice and the subject of a $1 million lawsuit from a minor car accident. Instructive!
Canadians are generally much more risk-averse, which I find boring and annoying (if, yes, more fiscally prudent.) Americans, for better or worse, are generally excited to try new things and less freaked out by failure. I like this a lot, and it’s one reason I came and stuck around. But it also assumes — which isn’t true for so many people here now – you can actually afford to fail.
Without a toxic mortgage I kept my home and built equity; the U.S. mortgage interest tax deduction (thank heaven) was a real help to me as a single freelancer.
The “American dream” of home ownership is typical of a major difference between the two nations — because it has long been such a powerful part of how Americans view their lives, no politician (even if it would have been wise to do so) dared mess with it.
And so bankers made out, literally, like bandits, selling the most appallingly toxic mortgages to people with no clue what they were getting into.
Canadians don’t have a “Canadian dream”, at least none I’ve ever heard as part of the standard cultural conversation.
The CDO crisis, fueled by greed on both sides and fed by the oxygen of enormous profits on one side and the illicit thrill of actually buying a house with 0% down, almost left the financial system here DOA. If you want to watch a real thriller, which really explains it, rent the terrific films Too Big to Fail and Inside Job.
While Americans, once more, are this week mourning the latest massacre of civilians attending a film near Denver by a deranged shooter armed with four guns, urban Canadians in Toronto are also confronting a shocking level of gun violence; ironically, Jessica Ghawi, a young sports reporter, had just escaped a shooting in June at Toronto’s Eaton Centre, a huge downtown mall, when she was killed in Aurora.
I wrote my first book about American women and guns, which one critic called “groundbreaking and invaluable”, my goal to understand, and explain, why Americans are so deeply attached to private firearms ownership.
But another recent shooting in Toronto claimed the lives of two people and when I went to check that story, yet another shooting had occurred since then.
So — which country is the better choice?
It’s an ongoing question for ex-patriates like myself, some of whom have husbands or wives or partners and children and jobs they value in the United States (or vice versa.) After the horror of 9/11, many of my Canadian friends urged me to “come home”, even though I’d already lived in the U.S. since January 1988.
While he loves Canada and would be happy to live there, my husband has a great job in New York City, which offers a pension we will both need. As an author and freelance writer, I can, theoretically, work from anywhere.
Both my countries have strengths and weaknesses.
The reasons we each choose to move, or stay, are multi-factorial: friends, work, climate, proximity to (or blessed distance from) family, excellent medical care and insurance, history, geography, a spiritual community, a landscape we love, a sense of history or shared culture…
Here’s a recent radio interview with Paul Martin, former Canadian Prime Minister, with Brian Lehrer, one of my favorite interviewers, on WNYC’s The Brian Lehrer Show. He does a great job explaining the differences in public policy-making between the two countries.
If you’ve left your native country to try another, how’s it working out for you?
If you’ve moved to the U.S., do you (ever) regret it?
Do you plan to move elsewhere?