The Conference Board of Canada recently released numbers that detail the extent of the economic impact the country endured over two decades when business growth was sluggish.
According to the CBC's report, if productivity had been comparable to what the U.S. generated between 1988 and 2008, Canada's gross domestic product would have been $8,500 higher, personal disposable income would have been $7,500 greater and corporate earnings would have been 40 percent stronger. In addition, federal government revenues would have been 31 percent more robust.
"Putting it plainly, increasing our productivity growth performance over the past two decades to equal that of our neighbor would have significantly increased Canadian wealth and improved our standard of living," said Mario Lefebvre, director of the CBC's center for municipal studies.
The survey also revealed the purchasing power parity between Americans and Canadians. Based on 2008 figures, the average American was $13,000 richer.
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