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By A Smith (anonymous) | Posted September 30, 2011 at 19:45:31
The percentage of people on welfare, in the City of Mississauga (although it is likely representative of the GTA) (http://www.peelregion.ca/finance/2008-budget/pdfs/2008-oworks.pdf) ...
1988 - 1.9%
1990 - 3.0%
1992 - 5.6%
1994 - 6.1%
1996 - 4.9%
1998 - 3.7%
2000 - 2.05%
2002 - 1.62%
2004 - 1.65%
2006 - 1.74%
2008 - 1.73%
From 1989-94, as the number of people on welfare increased, the average home price in Toronto dropped from $250k to $180k. From 1989-94 GDP/capita in Canada went from $24.1K to $26.6K. This means that as welfare rates increased, house prices fell from 10.4X GDP(capita), to 6.8X.
In fact, during this time frame, incomes grew 8.1% FASTER/year than home prices.
In contrast, from 1998 to 2008, as welfare roles fell to around 2% of the population, the cost of a house in Toronto increased from $220k to $420k, while GDP/capita increased from $30.3k to $48.0k. This means the cost of a house increased from 7.3X GDP/capita, to 8.75X.
That means that house prices increased faster than incomes, by more than 1.5%/year.
To sum up: Higher welfare for the poor does NOT hurt the economy and it may actually help it.
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