Poverty Costs BC $9.2 Billion Annually (CCPA)

The Canadian Centre for Policy Alternatives (CCPA) released a report on poverty in BC on July 14, 2011, taking a look at how taking no action on poverty costs more money than poverty reduction.

The CCPA put an estimated  dollar amount on how much inaction is costing the government and society in general. Here is a snippet of what they have to say:

“The bottom line is that poverty in BC represents a direct cost to government alone of $2.2 to $2.3 billion annually, or close to 6 per cent of the provincial budget. The cost to society overall is considerably higher — $8.1 to $9.2 billion, or between 4.1 per cent and 4.7 per cent of BC’s GDP (Gross Domestic Product, or the size of our economy). That is as much as $2,100 for every man, woman and child in BC, or $8,400 for a family of four, every year. In contrast, the estimated cost of a comprehensive poverty reduction plan in BC is $3 to $4 billion per year.”

— Canadian Centre for Policy Alternatives, Summary, Page 1

CCPA: Think we can’t afford to end poverty? Actually, we can’t afford not to.

Thanks to the GV Coalition to End Homelessness and CCPA for drawing our attention to this excellent report.