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Philip Cross: Higher incomes require faster economic growth

What's holding Canada back is not redistribution to the rich or profits taking up more income. The problem is slow growth

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Canada’s economic growth has decelerated markedly. We have just lived through the worst decade for real GDP growth per person since the Great Depression, almost a full century ago. Over the last 10 years, real GDP per capita increased just 0.6 per cent a year on average. That’s markedly less than its high of nearly 4.0 per cent a year in the early 1970s, and below an extended period of 2.5-per cent per year growth at the turn of the 21st century.

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