Comrades

Days ago this pathetic blog mentioned (again) that the government says average net worth of Canadian families is about a million. But, we cried, the median NW is only half that – a little over 500K. Plus, close to half of that is in illiquid real estate, lately depreciating.

So, we’re poorer than they want us to think.

But here’s the key point: never before has there been such inequality of wealth. We may not have as many billionaires tooling around with their trophy spouses as in America, but when it comes to assets, things are far from fair.

The top 20% of Canadians own 68% of all assets. The top 1% own about four trillion worth of stuff, roughly equal to everything the bottom 80% have. (And the bar to be a 1%er in terms of net worth is not that crazy-high at $7 million.)

And pity the bottom 40% of society for together they own a paltry 3%. This group, by the way, is huge. It includes 16.5 million people – almost seven million households – and they all vote. Close to five million of those folks are under 35.

This brings us to the question du jour: is the system working?

Daily there is moaning and wailing wafting up from the blog’s steerage section about housing. The nutso price of real estate has become a symbol for Millennials and Zs that something is broken. Now they worry about AI stealing jobs while the climate burns. Anxiety abounds, and it is shaping perceptions.

Some see the rise of ‘democratic socialism’ in the US as emblematic of what’s coming. Guys like Zohran Mamdani are a beacon of change. The new mayor of NYC got elected promising free child care, free bus rides, a rent freeze and a government whose main job is social support. Now a crop of his disciples will be standing for election in the coming midterms.

Billionaires may be running Washington at the moment, but extinction’s on the wind.

Polling supports the view that socialism is winning more young hearts these days than capitalism. Gallup finds support for the traditional western ethos is eroding and admiration for socialism is rising among the Zs and Mills. Large corporations are seen as unethical, greedy, anti-democratic and wielding far too much control over us all. In contrast, socialism is viewed as providing better support for families, along with a more equitable distribution of wealth and respect for human rights.

In short, everything that’s not Trump. No crypto-billionaire president and self-dealing cabinet members. No grifting First Family. No ICE internal racist deportation police force. No arbitrary slashing of humanitarian aid. No systemic harassment of trans people. No curtailing of women’s rights. No biblical readings in schools. And no Zuk, Bezos or Musk.

There seem ample reasons for the young to be pissed.

Careers have turned into gig work. Financial stress is a constant, and life for these people so far has been a string of troubles, including the financial crisis, Covid, social isolation of WFH, inflation, wars and now the AI threat. Billionaires have multiplied while giant tech companies have addicted and exploited. Capitalism seems to protect, coddle and favour those at the top, from the president on down. It’s made homes unattainable, jobs insecure and led to a weird time when the average age of first-home buyers is 40 and a record number of adult children still live with Mom. Single.

Socialism, many say, would bring fairness. Economic justice. More equality. They think of Sweden or Norway, not Putin’s Russia or Xi’s China. They want government to spend large on health care, family support, education and the climate. And they see little hope of that coming under the present crop of Boomer leaders. Hence, the Mamdani phenom.

All this is happening around us and is largely inevitable. Change is good as well as scary. Nobody can behold the current wealthiest and most powerful people in the world and argue for the status quo. It’s indefensible.

Sure, the young can now – as always – make a better life by being industrious, but today’s challenges are unique. We’d better listen.

About the picture: “I hope you have healed up since that dreadful assault and are getting some enjoyment out of the summer,” writes Tracey. “Thank you for all you do so doggedly! This 11-week old pup is aptly named and is currently up for adoption at the OSPCA branch in Orangeville, ON. I bet he’s the most sensible one in the litter! Thanks for all your sage advice!”

To be in touch or send a picture of your beast, email to ‘garth@garth.ca’.

Source: https://www.greaterfool.ca/2026/07/31/comrades/