On downturns

Sure, it might seem like reason for concern that it's only the type of government spending which the Cons are determined to slash that allowed Canadians in general to somewhat avoid a significant economic collapse over the past few years:

In 2009, average earnings fell from $39,100 to $38,500 due to the steep rise of unemployment and an increase in short-term jobs. (Median earnings fell from $29,600 to $28,700 or by 3%.) This fall in average earnings happened even though the earnings of those who were steadily employed actually rose over the year.

The number of Canadians working full-time year round decreased rapidly. In 2009, 8,916,000 Canadians were working full-time year round, compared to 9,593,000 in 2008, a decrease of 677,000 full-time, full-year jobs over a year.

Mainly because of reduced earnings for those hit by the downturn, the average market income of families fell from $63,500 to $61,900.

However, this was offset by an increase in government transfers. from an average of $3,900 to an average of $5,100. Since taxes also fell slightly, the average after tax income of families was actually unchanged at $59,700.
...
Despite the increase in EI and other income transfers, the poverty rate for all persons rose from 9.4% to 9.6% in 2009 compared to 2008, and the child poverty rate rose from 9.1% to 9.5%.

This increase in poverty is disturbing since the 2009 reading really takes us only to the mid point of the recession, which continued into 2010. Even today, we are far from where we were before the recession in terms of the number of workers in steady full-time jobs.

But take heart: while Canadians in general may have lost ground in the market, the top just-under-1% is right back where it started [update: and feeling bullish]. And isn't that what really matters?