The Missing Middle Podcast

Cara Stern, Mike Moffatt, and Meredith Martin
  • 4.7 (54)
  • NEWS COMMENTARY
  • UPDATED WEEKLY

Welcome to the Missing Middle, a podcast about why the middle class in Canada is disappearing. We hope to help you understand why life is becoming unaffordable for so many in this country, and what can be done to reverse course.

  1. What’s Making Young Canadians So Unhappy? The Data Is Brutal

    1D AGO

    What’s Making Young Canadians So Unhappy? The Data Is Brutal

    Young Canadians are now less happy than seniors, and the gap is getting worse. The latest World Happiness Report shows Canadians under 30 have fallen to 71st in the world for life satisfaction, while Canada’s overall ranking has dropped from 5th to 25th. In this episode, Mike Moffatt and Cara Stern break down what’s driving the decline — from housing affordability and falling “option freedom” to expectations, social media, and why the drop is concentrated in countries like Canada, the U.S., the U.K., and Australia. We also explain how the World Happiness Report actually works, why expectations matter as much as income, and what policy choices may be making young Canadians feel like they’re playing by a different set of rules. Chapters 00:00 Intro: The U-Shape of Happiness and Midlife Crisis 00:51 Canada's New Phenomenon: Young Adults Are Less Happy 01:48 From 5th to 25th: Canada's Global Happiness Ranking 03:00 How Happiness is Measured: The Gallup Poll Ladder Question 04:43 The Fundamental Equation of Happiness: Expectations vs. Reality 06:11 Canada's Mixed Ratings: Inequality and "Option Freedom" 07:18 Social Media's Impact: Passive vs. Communication Platforms 08:50 The Real Solution: Fixing Middle Class Housing and Policy Choices Research/links: World Happiness Report 2026 | The World Happiness Report https://www.worldhappiness.report/ed/2026/ Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

    11 min
  2. Greed Vs. Fear: The Economic Policy Killing Canadian Innovation

    3D AGO

    Greed Vs. Fear: The Economic Policy Killing Canadian Innovation

    Canada has a massive problem: our national productivity is near the bottom of the G7. Decades of government policies, from free trade to tax cuts, haven't worked. Why? Because policymakers are focused on greed (incentives) and not enough on fear (competition and risk). We dive into the core failure of Canadian economic policy, exposing how corporate welfare and easy access to foreign workers kill innovation. Plus, hear the shocking truth about why Canadian retailers won't stock products from homegrown businesses until they succeed in the U.S. first. We discuss Charles Lamman’s critique and Don Drummond's "confessions" to find out how to fix Canada's risk-aversion crisis and finally push our economy forward. Chapters: 00:00:00 | Defining Productivity: Real GDP per Hour Worked 00:01:42 | Canada's Long Decline: The Charles Lamman Critique 00:03:15 | Don Drummond’s Confessions: The Failure of Decades of Policies 00:04:14 | Red Tape: The Omission That Stops Building 00:04:51 | The Core Flaw: Too Much Greed, Not Enough Fear 00:06:46 | Corporate Welfare and the Temporary Foreign Worker Trap 00:08:01 | Canada’s National Risk Aversion: Why Retailers Look South Research: Labour productivity and related measures, by business sector industry, seasonally adjusted, fourth quarter 2025 Productivity is an urgent problem for Canada. The response? A 15-year study Confessions of a Serial Productivity Researcher Canada: Q4 Productivity Slips Under the Weight of Tariffs and Uncertainty From Bad to Worse: Canada’s Productivity Slowdown is Everyone’s Problem Eighteen ideas on how to kickstart the Canadian economy What Is Canada’s Productivity Performance and How Does It Compare to Other Countries?* Towards An Inclusive Innovative Canada https://canada2020.ca/wp-content/uploads/2017/02/020317-EN-FULL-FINAL.pdf https://www.ft.com/content/b7e6996b-f896-4a45-aad3-d1068e88341a?syn-25a6b1a6=1 Out of Nowhere: How Canada Fell Behind Alabama Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

    11 min
  3. The "Zombie Myth" About Why Birth Rates Are Dropping

    APR 10

    The "Zombie Myth" About Why Birth Rates Are Dropping

    If birth rates are falling, is it really because people want fewer kids—or because they feel like they can’t afford them? In this episode, Cara Stern and Mike Moffatt unpack the growing gap between “preference” and “choice” when it comes to starting a family. From the rising financial and social costs of raising children to the pressure of modern parenting norms, they explore why having kids today feels harder, even for people who say they want them. The conversation dives into everything from delayed careers and housing affordability to the hidden impact of social media, the “arms race” of parenting, and what we can learn from Quebec’s subsidized childcare experiment. The big takeaway: there’s no single cause and no single fix. But if we want a society where people can truly choose the family size they want, we may need to rethink everything from childcare and housing to culture itself. Research/links: Fertility Postponement, Economic Uncertainty, and the Rising Income Prerequisites of Parenthood – van Wijk and Billari (2024) https://onlinelibrary.wiley.com/doi/full/10.1111/padr.12624 Fertility Incentives in Canada: A Cohort Analysis – Lee and Liu (2024) https://clef.uwaterloo.ca/wp-content/uploads/2024/09/CLEF-075-2024.pdf The Role of Social Comparisons and Intensive Parenting – Mahler, Tertilt, and Yum, Brookings Papers on Economic Activity (2025) https://www.brookings.edu/wp-content/uploads/2025/09/5_Mahler_Tertilt_Yum_unembargoed.pdf Not Just Later, but Fewer: Novel Trends in Cohort Fertility in the Nordic Countries – Demography (2021) https://read.dukeupress.edu/demography/article/58/4/1373/174063/Not- Just-Later-but-Fewer-Novel-Trends-in-Cohort Workism and Fertility: The Case of the Nordics (2024) https://www.aei.org/articles/workism-and-fertility-the-case-of-the-nordics/ The Effect of Family Fertility Support Policies on Fertility – Zhang et al. (2023) https://pmc.ncbi.nlm.nih.gov/articles/PMC10049131/ Fertility trends across the OECD: Underlying drivers and the role for policy:  Society at a Glance 2024 | OECD https://www.oecd.org/en/publications/society-at-a-glance-2024_918d8db3-en/full-report/fertility-trends-across-the-oecd-underlying-drivers-and-the-role-for-policy_770679b8.html Why Americans Are Delaying Parenthood https://www.prb.org/news/why-americans-are-delaying-parenthood/ Canada is among countries with an ‘ultra-low fertility’ rate. What is behind the drop? https://www.ctvnews.ca/canada/article/canada-is-among-countries-with-an-ultra-low-fertility-rate-what-is-behind-the-drop/ World Happiness Report 2026 | The World Happiness Report https://www.worldhappiness.report/ed/2026/ She’s (Not) Having a Baby https://www.cardus.ca/wp-content/uploads/2023/01/Shes-Not-Having-a-Baby.pdf Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

    16 min
  4. The Sneaky Tax Hike Nobody Voted For

    APR 8

    The Sneaky Tax Hike Nobody Voted For

    Are provincial governments raising your taxes in secret?  Economist Mike Moffatt and columnist Sabrina Maddeaux expose the hidden mechanism of bracket creep, a stealth tax increase impacting millions of Canadians. Because fixed-tax brackets in provinces like B.C., Manitoba, and Ontario fail to adjust for inflation, middle-class workers are automatically pushed into higher tax tiers, forcing them to pay taxes as though they are wealthy even though their purchasing power remains flat. We dive into why this particularly clobbers income-dependent younger Canadians (Millennials and Gen Z) and how Ontario's outdated surtax thresholds, which can be triggered by an income of less than $110,000, are punishing effort and driving out-migration. More than just money, this quiet revenue tool lacks democratic accountability, eroding trust in institutions and revealing a tax code desperately in need of a full rethink. Key Topics: Bracket Creep, Stealth Taxes, Tax Policy, Inflation, Middle Class, Ontario Surtax, Mike Moffatt, Sabrina Maddeaux, Canadian Politics, Economic Inequality, Tax Reform. Chapters: 00:00 Bracket Creep and its Impact on Purchasing Power 02:32 The Accountability Issue: Why Stealth Tax Increases Matter 04:06 How Bracket Creep Hits Income Earners and the Generational Divide 06:17 The Problem with Ontario's Outdated Surtax Thresholds 08:36 Political Ramifications and the Erosion of Trust in Institutions 10:10 The Need for a Tax Code Rethink Research/links:Sabrina's National Post column (source document): Sabrina Maddeaux: Provinces are profiting from your inflationary pain | National Post Canadian Taxpayers Federation report on Manitoba bracket freeze: Newsroom Kelowna Capital News on BC bracket freeze revenue projections: Detailing B.C.’s tax changes in Budget 2026, including income tax increases | Kelowna Capital News Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

    13 min
  5. How to Save $130,000 on Your New Home in Ontario

    APR 3

    How to Save $130,000 on Your New Home in Ontario

    For years, the Missing Middle team has advocated for reducing the tax burden on new construction. With pre-construction sales down 95% in some GTA markets, the industry has hit a wall where it simply makes no financial sense to build. In this week’s episode, we answer some of the questions and misconceptions we’ve read online about the new HST rebate on new homes.  Beyond the rebate, they explore bigger structural challenges like land costs, zoning, and competition in development. The key question remains whether this policy can meaningfully increase supply in a market that is still not functioning normally. If the goal is to improve affordability, the HST rebate may help, but it is only one part of a much larger housing problem. Chapters: 00:00 - Gov Announces HST Rebate and Reduced Development Charges 01:22 - Overview of HST Changes 01:52 -  History of Previous Rental and Ownership Rebates 02:58 - Expanding Eligibility Beyond First-Time Buyers 05:32 - Addressing the "Demand Subsidy" Misconception 07:25 - Will Developers Pass Savings to the Buyer? 09:04 - The Impact on Land Values and the Need for Reform 10:05 - Historical Comparison of Government Taxes and Fees 11:26 - How Accurate are the Government Numbers? 12:42 - Projected Impact and the One-Year Program Limit 14:09 - Retroactive Eligibility and Final Thoughts Research/links: Doug Ford and Mark Carney to expand HST rebate to all new home buyers https://www.thestar.com/news/canada/exclusive-ford-and-carney-to-expand-hst-rebate-to-all-new-home-buyers/article_55543d47-86b9-466d-bd17-6155c4d62097.html Doug Ford and Mark Carney to expand HST rebate to all new home buyers : r/canadahousing https://www.reddit.com/r/canadahousing/comments/1s3a8cs/doug_ford_and_mark_carney_to_expand_hst_rebate_to/ Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

    16 min
  6. The Inflation Number You Hear vs. The One You Feel

    APR 1

    The Inflation Number You Hear vs. The One You Feel

    If inflation is only around 2–3%, why does everything feel so much more expensive? In this episode, we break down how inflation is actually measured, and why your personal experience can feel completely disconnected from the official numbers. From grocery bills and gas prices to rent and mortgages, not all price increases hit the same way—and some matter a lot more than others. We also dig into the hidden forces shaping your cost of living: shrinkflation, quality drops (“chocolatey” vs. chocolate), and the limits of how agencies like Statistics Canada track price changes. The result? A single inflation number that masks wildly different realities depending on how you live, spend, and earn. In other words: there isn’t one inflation rate. There are millions. Chapters  00:00 Intro: Why We Underestimate Inflation 00:28 Official Stats vs. Public Perception 01:20 Breaking Down the "Spending Basket" 02:07 Why Every Family Experiences Inflation Differently 03:33 Why Reading & Media Prices are Dropping 04:04 Biggest Price Jumps & Surprises 05:56 The Reality of Shrinkflation at the Grocery Store 06:46 The Kraft Dinner Test: Smaller Sizes, Same Price 07:43 Cutting Ingredients: Chocolate vs. "Chocolaty" 09:03 Housing & Shelter Inflation 11:46 Boomers vs. Gen Z: Who Wins in High Interest Rates? 12:55 Final Thoughts: One Economy, Multiple Realities Research Links: Consumer Price Index and Inflation Perceptions in Canada: Can measurement approaches or behavioural factors explain the gap? https://www150.statcan.gc.ca/n1/pub/62f0014m/62f0014m2021017-eng.htm Shrinking products, rising prices: Food-specific quantity adjustments in the Consumer Price Index https://www150.statcan.gc.ca/n1/pub/11-627-m/11-627-m2025016-eng.htm  Greedy bastards. This just happened in the past few weeks. https://www.reddit.com/r/loblawsisoutofcontrol/comments/1s116uj/greedy_bastards_this_just_happened_in_the_past/  Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

    14 min
  7. Paige Saunders: Why the US and Canada are Trapped (and how New Zealand escaped)

    MAR 27

    Paige Saunders: Why the US and Canada are Trapped (and how New Zealand escaped)

    In this episode of The Missing Middle, Cara Stern sits down with YouTuber Paige Saunders to discuss the one structural glitch that is sabotaging Canada’s economy, healthcare, and housing market: our electoral system. While most democracies have moved on to Proportional Representation, Canada remains stuck with a model that empowers swing ridings and ignores millions of voters. Paige explains why this monopoly on power prevents real innovation and how a simple change in how we vote could lead to a 20% performance increase across the board. In this video: How our voting system benefits wealthy peopleWhich voting system would a villain choose?Why Ranked Choice is a trap for multi-party democracies.The path forward: Why we need a binding Citizens' Assembly.Check out Paige Saunders' channel: https://www.youtube.com/@PaigeMTL Chapters: 00:37 Intro: The hidden force behind Canada’s biggest problems 01:12 What’s broken about Canada’s voting system 01:48 How swing ridings control the country 04:03 Why politicians ignore entire groups of voters 05:26 Does proportional representation hurt suburbs? 06:59 Populism, power, and lack of accountability 08:59 Why this won’t magically fix housing 10:17 Why politicians refuse to change the system 11:11 Why most Canadians don’t even notice the problem 12:58 Is Canada heading down the US/UK path? 15:13 Why electoral reform keeps failing 19:40 The real barrier to change 24:24 The AI test: which system is worst? 29:12 “I was shocked Canada still uses this” 32:28 Is Canada falling behind on democracy? 36:03 Can anything actually force reform? 40:00 What a better system could look like 42:45 Final thoughts: a more Canadian democracy Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

    44 min
  8. Second-Time Buyers Are Screwed (And Ignored)

    MAR 25

    Second-Time Buyers Are Screwed (And Ignored)

    You built equity, planned ahead, and did everything right, so why is the next step on the housing ladder completely out of reach? Canada’s housing crisis is usually framed around first-time buyers struggling to get into the market. But a growing number of Canadians already made that leap and are now stuck. Couples who bought small condos with the expectation of eventually upgrading are discovering that the path forward has quietly disappeared. In this episode, Mike Moffatt and Sabrina Maddeaux unpack the rise of the “trapped” second-time homebuyer; households in their late 20s to early 40s who did everything right, built equity, and planned ahead, only to find that larger, family-sized homes are further out of reach than ever. With prices outpacing incomes, policy focused on first-time buyers, and a shortage of suitable homes, the traditional housing ladder no longer works. What happens when an entire generation can’t move up, even after getting in? And what does it mean for family formation, economic mobility, and the future of Canada’s housing system? Chapters: 00:00 The "Broken Ladder": Canada’s Second-Time Homebuyer Crisis 00:58 Trapped in the Starter Home:The Condo Squeeze 03:01 The Over-Focus on Shoebox Condos vs. Family Homes 04:13 How the Housing Dream Changed 05:44 Is the “Condo-to-Detached” Model a Ponzi Scheme? 06:39 The “Goldilocks” Scenario for Sustainable Housing Gains 08:16 Polling Data: What Ontarians Actually Care About 10:17 The Case for Extending HST Rebates Beyond First-Time Buyers 11:11 Policy Dorks vs. The Public: Finding Common Ground 14:00 Property Taxes: The "Political Third Rail" 15:45 Should Housing Rules Be Handled by the Province? 16:35 Why Down Payment Support Might Be Hurting More Than Helping 18:43 Renters’ Rights & The Future of Canadian Housing Research Links: New OREA survey finds Ontarians support change and transparency in housing costs and policies Housing in Ontario: Perceptions, Impacts, And Solutions Unlocking Homeownership: What Canadians Want from Housing Policy A Blueprint to Restore Homeownership for Young Canadians Is Ontario Ready to Spend $895M to Jumpstart Homebuilding? Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

    23 min
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Hosts & Guests

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out of 5
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About

Welcome to the Missing Middle, a podcast about why the middle class in Canada is disappearing. We hope to help you understand why life is becoming unaffordable for so many in this country, and what can be done to reverse course.

Information

  • Creator
    Cara Stern, Mike Moffatt, and Meredith Martin
  • Years Active
    2023 - 2026
  • Episodes
    170
  • Rating
    Clean
  • Copyright
    © 2026 The Missing Middle Podcast
  • Show Website
    The Missing Middle Podcast

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