I was reading the newspaper at work today, and low and behold, there was this article:
It was about the belief of money manager Marc Hamel that poverty is costing us Ontarians billions in tax payer money. Some interesting quotes of his are:
“Someone living in the lowest quintile of income earners will use the health-care system 50 per cent more than the average person. This is as a result of higher stress, poor nutrition, substandard housing and an unstable social environment.”
That costs us billions in extra health care spending, what Hamel calculates is $3 Billion.
“If we were able to increase the income and participation of the lowest quintile of income earners, and raise their incomes to the second quintile, the benefit to the Ontario economy would be over $16 billion a year.”
$16 billion!!! That’s how much revenue we loose out on just be ignoring poverty.
And to total cost of poverty in general?
“In total, poverty costs the residents of Ontario a staggering $32 billion to $38 billion a year — the equivalent of over 5 per cent of provincial GDP.”
That’s right, solving some of Ontario’s economic hardships means tackling an issue that has repeatedly been ignored for years: POVERTY.
It’s not just the middle class that needs boosting, we need to invest in those who are at the bottom, because there is way more untapped potential there. It’s actually even financially more responsible to do so.
Anyway, this article is definitely a good read, check it out!