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Former Deputy Assistant to President George W. Bush Brad Blakeman breaks down why Canadians have a higher net worth than Americans.
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Thank you Laura it's.
And our Canadians the new Americans for the first time in recent history the average Canadian.
Now is richer than the average US citizen and not by just a little bit Canadian households now work.
More than 40000 dollars more than American households 363000.
Dollars.
For those up north compared with 320000.
Or so for Americans we're joined now by Brad like -- former deputy assistant to president George W.
Bush.
Brad why -- Canadians now richer than Americans.
Canadians are fortunate they -- they -- have the housing crisis that we've had here in America.
They haven't had to prosecute.
Wars like America has done so Canada although they're doing very well they're only doing well because they do business -- America.
Where are our largest trading partners Canada and we get most of our oil from Canada.
And let's remember that in 2006.
Oil of barrel was about 88 dollars.
Now it's over a hundred dollars.
So they've been able to benefit.
From their relationship through with America even -- America's going through bad times are bad times have been they're good times -- did the Canadian government cannot do nearly as much to stimulate home purchases -- the percentage of their population that -- homes far lower than the percentage of Americans.
Well I think the the what you're seeing candidate which he did have not seen in Americans the Canadians were not.
Inviting people to purchase homes and encouraging a market.
For homeownership where the people could not sustain those those loans and they didn't have the craziness in prices like we've had experienced here in America and they're not upside down in their mortgages -- prices have been stable.
So.
The fact of the matter is we can learn a little bit from Canada -- and the same -- goes the other way but.
If -- given the choice would I rather be Canadian or American I think American every time oh yeah we -- we we have.
The opportunity even though we're in bad times now -- always comes back.
We always come back stronger and quite frankly thank god we have such a good and prosperous neighbor to the north -- rather have a Canadians on our border in the Russian.
We we have a better slingshot for rebound is just and so we have -- to -- that they say they average Canadian household 140000 dollar what's a realistic that they own.
And that they have four times that equity and their homes and American's do so obviously not only today.
Not to have rates as low but they also put a lot more money down than Americans do now I did a story a while ago.
Canada their debt rating was downgraded years ago.
They cut taxes and cut government spending and end of -- -- AAA back I believe.
Is America hurting itself because of policies -- is -- just nothing more than eight there was a housing bubble in prices fell 35.
Percent.
-- I'd -- Canada did issue some tough love to its citizenry and that's exactly what the doctor I believe has prescribed for America.
In in in November election cycle is politicians -- overall we have to do we have to deal with our legacy of debt.
We have an unsustainable.
Of course now that we're on we've -- Social Security Medicare and Medicaid and now with obamacare we can't afford.
The type of government spending that that we've been on you know cat it does have a deficit of a trillion dollars.
And they have a population of about 35 million.
We have a population over 300 million we have sixteen trillion dollars in debt not deficit yes -- of debt.
Sorry we've got to be more responsible and learn from Canada it's time for tough love and America if we -- to get back to the economic prosperity.
That we've got -- only pay.
For things that we can of all right -- congratulations to Canada but we're coming back -- and thank you very much Brad Blake many former -- thank you.
