The Missing Middle Podcast

If $130,000 is the new poverty line… what does that make you?

In this episode of Classonomics, we tackle the viral argument that the middle class isn’t struggling — it’s being mismeasured. On paper, incomes are up and unemployment is low. So why does it feel harder than ever to afford a home, raise kids, or even stand still? We break down the hidden costs of economic participation, from housing and childcare to smartphones and “technological coercion”. We also examine the rise of the two-income trap that quietly reset the price of middle-class life. Are millennials truly worse off than their parents? Is inflation data masking reality? And was the 80s and 90s middle class partly a sitcom illusion? 

If you’ve ever felt “middle class” in theory but squeezed in practice, this episode explains why.

Chapters:

0:00 – Introduction: Welcome to Classonomics

0:39 –  Why 90s “Struggling” TV Families Look Wealthy Today

02:03 – Is $130k the New Poverty Line?

04:52 – Technological Coercion: From Luxury to Necessity

09:08 – Why Inflation Stats are Misleading: Better vs. Cheaper

11:03 – The Two-Income Trap: From Option to Obligation

14:54 – The Nostalgia Gap: Are We Remembering the 80s Correctly?

17:20 – The Reality of Generational Downward Mobility

Research links:

Part 1: My Life Is a Lie

How a Broken Benchmark Quietly Broke America

https://www.yesigiveafig.com/p/part-1-my-life-is-a-lie

Cory Doctorow 

https://en.wikipedia.org/wiki/Enshittification

https://en.wikipedia.org/wiki/Cory_Doctorow

Hedonic adjustments

https://www.npr.org/2022/11/10/1135849519/hedonic-adjustment-how-to-measure-pleasure

Credits:

Mike Moffatt 

https://twitter.com/MikePMoffatt

https://bsky.app/profile/mikepmoffatt.bsky.social

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Edited by Sean Foreman and Canadian Civil

Why is it so hard to make friends once you leave school? In this episode of The Missing Middle, Cara Stern and Mike Moffatt dive into the "Loneliness Epidemic" and the disappearing concept of the Third Place – those vital social hubs that aren't home (the first place) or work (the second place).

From the 1980s mall culture and bowling alleys to the modern era of "convenience-first" coffee shops and endless doomscrolling, we explore why 60% of Canadians feel disconnected from their communities. We also break down the surprising 2025 StatCan data showing that young people (15–24) are significantly lonelier than seniors.

In this episode, we discuss:

The Zoning Crisis: Why it’s literally illegal to build a walkable pub or café in most North American suburbs.

The Death of the Comfy Chair: How rising land costs forced businesses to prioritize drive-thrus over community "hangouts."

Weak Social Ties: Why interacting with people outside your "bubble" is essential for democracy, your mental health, and your career.

Practical Advice: Cara shares her (slightly terrifying) tips for meeting neighbours, and Mike discusses how rec sports saved his social life. 

Chapters:
00:00 The Connectivity Paradox: Why we’re lonelier than ever
01:40 Youth are lonelier than seniors
03:10 The "Doom Scrolling" effect on community connection
04:10 What is a "Third Place"? (And why you need one)
05:20 The power of "Weak Social Ties"
07:34 How Zoning & NIMBYism killed our local hangouts
12:18 Can Digital Communities Replace Physical Ones?
14:58 High Land Costs Make Everything Worse
17:08 Practical Advice: How to Build Community Today
20:41 The Senior Discount Problem: Why cities are ignoring youth isolation
22:10 How to Push Past Rejection & Find Your People

Research/links:

Six in Ten Canadians Surveyed Have Little or No Sense of Community, New YMCA Research Reveals

https://www.ymcagta.org/news/Six-in-Ten-Canadians-Surveyed-Have-Little-or-No-Sense-of-Community

Church Closures and the Loss of Community Social Capital

https://carleton.ca/panl/wp-content/uploads/Church-Closures-and-the-Loss-of-Community-Social-Capital-By-Don-McRae-March-2023.pdf

Where Have All the Great, Good Places Gone?: The Decline of the “Third Place”

https://www.mironline.ca/where-have-all-the-great-good-places-gone-the-decline-of-the-third-place/

Third places, true citizen spaces

https://courier.unesco.org/en/articles/third-places-true-citizen-spaces

Brands should provide “third places” to help Canadians feel connected: 

https://strategyonline.ca/2024/11/11/citizen-relations-report-third-places/

The Hidden Health Crisis: Understanding Loneliness in Canada
https://blog.theralist.ca/the-hidden-health-crisis-understanding-loneliness-in-canada/

Why your ‘weak-tie’ friendships may mean more than you think
https://www.bbc.com/worklife/article/20200701-why-your-weak-tie-friendships-may-mean-more-than-you-think

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Edited by Sean Foreman and Canadian Civil

The unemployment rate says everything is fine. So why does finding a job feel impossible?

Canada has added nearly 200,000 jobs and unemployment sits around 6.5%. On paper, that’s a “normal” economy. But talk to young workers, or anyone trying to switch jobs, and you’ll hear a very different story: hundreds of applications, zero callbacks, and months of silence.

In this episode of Classonomics, Sabrina Maddeaux and Mike Moffatt break down the hidden story behind the headlines. They explain why low unemployment can mask a frozen job market — one with fewer layoffs, fewer hires, and far fewer opportunities for people trying to get in.

If you’re a recent grad, stuck in your career, or wondering why the economy feels worse than the data suggests, this episode is for you.

Tell us in the comments: How long has your job search taken? Has it been harder than expected?

Chapters:

00:00 – Why Finding a Job in Canada Feels Impossible Right Now

01:57 – Beyond Unemployment: The Hidden Labour Market Indicators

05:28 – Why Employers Have the Upper Hand Right Now

06:12 – Global Uncertainty, Trade Tensions & Hiring Freezes

07:26 – The "Low-Hire, Low-Fire" Equilibrium Explained

10:21 – How Over-Regulation Stifles Economic Growth

13:06 – The Systemic Impact of Locking Out a Generation

14:20 – The Housing Theory of Everything

Research:

Consulting the Magic 8 Ball of Canada’s Job Market

The Job Market Is Frozen:Unemployment is low, but workers aren’t quitting and businesses aren’t hiring. What’s going on?

Canada’s shifting labour market: Recalibrating ‘breakeven employment’

Glassdoor Worklife Trends 2025

Employment by industry, monthly, seasonally adjusted and unadjusted, and trend-cycle, last 5 months (x 1,000) 1, 2, 3, 4

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Edited by Sean Foreman and Canadian Civil

Does having a baby mean you're officially "car-dependent"? 

In this episode of DemograFix, Cara Stern and Reece Martin, of @RMTrasit, tackle the reality of navigating Canadian cities with kids. While many parents are told that a private vehicle is the only safe or convenient way to get around, Cara and Reece explore why our transit systems often fail families – and how we can fix them.

From the "elevator roulette" at subway stations to the hidden costs of car ownership, we’re breaking down the barriers to urban parenting.

Have you ever been "trapped" at a subway station with a stroller or in a wheelchair? Let us know in the comments.

Chapters:

0:00 Introduction

00:44  The "Car Trap": Why parents feel forced to drive

01:38  Canadian Transit vs. the US: How do we actually rank?

03:22 The Stroller Struggle: Accessibility "on paper" vs. reality

08:47 A Tale of Two Cities: Toronto, Montreal, and the elevator gap

13:11 Reece on the GoTrain accessibility car

15:50 The Hidden Cost: Is owning a car costing you a second child?

19:45 Policy solutions for family friendly transit

25:02 Why free transit for kids is a game changer

28:15 The problem with busses

29:48 Teens and Transit: How free fares encourages a healthier lifestyle

33:15  Making cities livable for the next generation

Research/links:

Studies on impact on free fares on active transportation for teens

https://www.getonthebus.ca/resources

Transit Use by Children and Adolescents: An Overlooked Source of and Opportunity for Physical Activity? - PMC

https://pmc.ncbi.nlm.nih.gov/articles/PMC5502534/

Engaging students to increase public transit ridership A guide for using city–school partnership to inspire youth to choose sustainable transportation.

https://greenmunicipalfund.ca/sites/default/files/documents/resources/guide/guidebook-engaging-students-to-increase-public-transit-ridership-gmf.pdf

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Edited by Sean Foreman and Canadian Civil

Your 20s: risky bets, crypto hype, and meme stocks. 🎲 Sabrina Maddeaux and Mike Moffatt explain why being priced out of a home is turning saving into gambling — and why young men are taking the biggest swings.

In this episode of The Missing Middle – Classonomics, we unpack why a generation priced out of housing is turning to meme stocks, crypto, and online sports betting instead of traditional saving. Mike and Sabrina explore how the “gamification” of investing on your phone blurs the line between investing and gambling, why young men dominate high-risk trading, and what research tells us about the link between gambling, crypto, and financial stress. 

The conversation introduces the idea of “financial nihilism” — when homeownership feels impossible, big bets can start to seem rational. They also debate solutions, from tighter gambling advertising rules to better financial education and, most importantly, fixing housing affordability. Is this risky behavior a cultural problem, a policy failure, or both? Watch to find out — and tell us in the comments if you’ve ever placed a big bet with your money.

Chapters:

00:00 Introduction

01:10 The high-risk landscape

02:15 Personal experience with risk

03:00 Demographics of gamblers and investors

04:35 Gambling vs investing

05:30 The Risks of sports gambling & prediction markets

06:52 The difference between zero-sum and negative-sum behaviour

08:53 The link between gambling & crypto trading

11:01 How the culture of gambling is hurting young men

12:22 How the housing crisis leads to financial nihilism

14:22 How big risks start to become rational choices

15:38 The role of social media 

16:24 YOLO spending and the gendered aspect of risky bets

17:50 Mike drops a hockey metaphor

19:23 Solutions: Regulation, education and home ownership

Research: 

Canada Is Finally Regulating Stablecoins – Here’s Why It Matters

Cryptocurrency trading, gambling and problem gambling

"Giving Up": The Impact of Decreasing Housing Affordability on Consumption, Work Effort, and Investment

Newsletter Sabrina mentions:

1 big thing: Gen Z plays the economy like a casino

Are We Ignoring a Generation of Struggling Young Men?

All Bets Are On: The Rise of Prediction Markets

The Doom Spenders

polymarket.com Website Traffic Demographics

Gambling Statistics Canada 2026 – Unveiling Canada’s Gambling Landscape

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Edited by Sean Foreman and Canadian Civil

Yesterday, Bank of Canada governor Tiff Mackem warned that early evidence shows AI is reducing the number of entry-level jobs available. 

Are we heading toward a future of mass unemployment, or is AI just the latest "calculator" to change how we work? Cara Stern and Mike Moffatt dive deep into the data behind AI's impact on demographics and the workforce.

While Mike leans into historical optimism, Cara brings the receipts: a recent Stanford study showing a 13% drop in employment for young workers in AI-exposed fields since the release of ChatGPT. We explore which jobs are "AI-proof," why Gen X seems to be winning (again), and what policy changes could help young people get a foot in the door.

Chapters:

00:00 Introduction

00:29 Why Mike is unconcerned about AI taking his job

01:30 Why Cara is worried about AI

02:21 Young works AI exposed jobs see 13% drop

03:52 Examining AI exposed occupations

04:30 How AI impacts different cohorts of workers

06:12 Understanding the impact of AI on wages

06:54  Being well rounded is the best protection

08:16 Trades, healthcare and education will continue to be in demand

09:20 Mike shares a story from the olden times

10:00 Mike’s take on going into the trades

11:20 Mike on wages

12:18 Focus on developing skills

13:17 The role of policymakers and solutions

Research/links:

Canaries in the Coal Mine? Six Facts about the Recent Employment Effects of Artificial Intelligence

Youth in Canada will need help gaining experience in the AI era

No to being young again; The struggles of Canadian youth employment - CIBC Capital Markets

Canada must pioneer AI adoption that creates job opportunities: Ryan Khurana in Canadian Affairs | Macdonald-Laurier Institute

Canaries in the Coal Mine? Six Facts about the Recent Employment Effects of Artificial Intelligence

Youth in Canada will need help gaining experience in the AI era

No to being young again; The struggles of Canadian youth employment - CIBC Capital Markets

Canada must pioneer AI adoption that creates job opportunities: Ryan Khurana in Canadian Affairs | Macdonald-Laurier Institute

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Edited by Sean Foreman and Canadian Civil

Canada’s housing ladder is broken. In this episode of Missing Middle, Sabrina Maddeaux and Mike Moffatt explain why the starter home no longer works and how an entire generation has been locked out of moving up.

They compare buying a detached home in 2004 for $168,000 with today’s reality, where condos fail as a first step and buyers are trapped with no clear path forward. The conversation explores how this breakdown affects family formation, careers, ambition, and Canada’s economic future.=

If homeownership feels impossible, this episode explains why and why it matters.

Do you still believe the starter home works, or has the housing ladder completely collapsed where you live?

Chapters:

00:00 — What “Buying Your First Home” Used to Look Like

00:40 — Mike’s First House: A Brand-New Detached Home… as a “Starter”

01:47 — Why That Dream Is Gone for Today’s Buyers

02:29 — What “Starter Home” Means Now vs. Then

05:23 — “Aging Out” of the Starter Home

07:03 — Trapped in a Condo

09:58 — The “Second-Time Buyer Problem” Explained

11:09 — Housing, Birth Rates, and Canada’s Demographic Crisis

13:37 — Careers Limited by Real Estate, Not Talent

18:45 — Why Politicians Are Getting This Wrong

Research links:

Teranet Market Insights Q1 2025

National Bank Housing Affordability Monitor

CMHC Housing Market Outlook 2025

CMHC Housing Supply Report 2025

Royal LePage House Price Survey and Market Forecast

Statistics Canada - Homeownership and Mortgage Debt of Tax Filers

CIBC Economics - Housing Affordability Reports

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Edited by Sean Foreman and Canadian Civil

Canada’s housing crisis. Youth unemployment. Immigration debates. A broken healthcare system.

What if we told you a book published in 1996 predicted almost all of it?

In this episode of The Missing Middle, Cara Stern and Mike Moffatt revisit the Canadian classic Boom, Bust & Echo to explore how demographics, especially the aging of the baby boomers, reshaped Canada’s economy, housing market, job prospects, and public policy.

We break down:

• Why youth unemployment was a policy choice

• How demographics quietly drive housing prices

• What governments got right — and very wrong

• Why immigration policy, real estate, and healthcare are deeply connected

• And how Canada ended up with a generational economic imbalance

This isn’t just history. It explains why life is harder for young Canadians today and what choices led us here.

If you care about housing affordability, jobs, immigration, public policy, and Canada’s economic future, this episode is for you.

Chapters:

00:00 Introduction

00:49 Why Boom, Bust, and Echo (BBE) still matters

03:00 What the book got right and wrong

04:25 Prediction about the rise of home health care

06: 06 Policy dilemma: high demand for PSWs & balancing budgets

08:12 Immigration policy advice from Boom, Bust and Echo

09:03 Governments didn’t take the advice 

10:55 BBE real estate prediction

11:45 Housing market predictions: what went wrong

15:10 Boomers, Millennials & real estate

16:40 BBE prediction on future changes to taxation policy

17:13 The politics of moving taxation from income to capital

19:50 Real estate prediction for aging boomers

20:34 Naturally occurring retirement communities

23:40 Following where people actually live

24:47 Demographics are facts that help us understand the future

Research/links:

Boom, Bust & Echo: How to Profit from the Coming Demographic Shift

https://www.amazon.ca/Boom-bust-echo-profit-demographic/dp/0921912978

David Foot on Aging Society & Youth

https://www.youtube.com/watch?v=Gy7y2w9i_aA

What David Foot didn't tell us

https://www.theglobeandmail.com/life/what-david-foot-didnt-tell-us/article784233/

Finding Naturally Occurring Retirement Communities - Agenda segment

https://www.youtube.com/watch?v=Ynlwpsye2c0

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Edited by Sean Foreman and Canadian Civil

In this episode of The Missing Middle, Mike Moffatt and Sabrina Maddeaux dig into why homeownership for Canadians under 40 has fallen off a cliff. Spoiler: it’s not just zoning, NIMBYs, or avocado toast. The federal government plays a much bigger role in today’s housing mess than it likes to admit.

They break down how rapid population growth collided with a massive slowdown in building family-sized homes, why “dog-crate condos” became the default housing plan, and how taxes, development charges, and investors quietly push prices even higher. They also ask the uncomfortable question: do first-time buyer programs actually help young people — or just lock in high prices?

From down payments that feel impossible, to policies that accidentally reward investors over families, this episode gets into what’s broken, who benefits, and what Ottawa could actually do if it wanted to bring the dream of homeownership back to life.

If you’ve ever wondered how Canada managed to make buying a home feel impossible — this one’s for you.

00:00 – Intro: Is the dream of homeownership dead?

01:08 – The Federal Role: Debunking the "Provincial Responsibility" trope

01:58 – How Federal immigration and monetary policy impact housing

04:12 – A Blueprint to Restore Homeownership: The 4 big hurdles

06:30 – Not All Units are Equal

10:22 – How Population Growth Affects Supply and Demand

12:06 – Time to Reduce Taxes on Homes

14:05 – Making It Easier for First-Time Buyers

16:14 – Will these Policies just Drive Prices Up?

17:59 – The "Second-Time Buyer" crisis and downsizing seniors

21:09 – Incentivizing Seniors to Downsize

22:00 - Getting investors out of single-family homes: The MURB plan

Research/Links

A Blueprint to Restore Homeownership for Young Canadians

https://www.missingmiddleinitiative.ca/p/a-blueprint-to-restore-homeownership

The Quiet Death of the Investor Condo? MURBs May Change the Game

https://www.missingmiddleinitiative.ca/p/the-quiet-death-of-the-investor-condo

How to get single family homes out of the hands of investors

https://www.thestar.com/opinion/contributors/this-is-how-the-government-can-get-single-family-homes-out-of-the-hands-of/article_0f92b0f4-e67e-4a84-aa62-2c9316492363.html

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Edited by Sean Foreman and Canadian Civil

Do you actually own the things you pay for anymore?

In this episode of the Missing Middle Podcast, economist Mike Moffatt and Cara Stern explore how ownership is quietly disappearing from everyday life—and what that means for consumers, younger generations, and the economy as a whole.

From streaming services and digital books to video games, cars, exercise bikes, and even housing, more and more products are shifting from one-time purchases to subscription-based access. While these models offer convenience and regular updates, they also raise serious concerns about control, pricing, and long-term access.

Mike and Cara examine the “illusion of ownership” and more about “constrained optimization,” where economic circumstances make traditional ownership nearly impossible for younger generations. Questioning if we are being pushed into a future where the top 0.001% owns all assets while the middle class is permanently transformed into a generation of renters. Mike and Cara break down the policy choices required to reclaim property rights and protect the Canadian dream of actually owning the things you pay for.

Is society moving toward a future where access replaces ownership? And what do we give up when that happens?

👇 Share your thoughts in the comments:
 Are subscriptions worth the convenience, or are we losing something more important?

📩 Questions or feedback? Email us at [email protected]

Chapters:

00:00 Introduction

00:56 What was the best year for music ever?

02:13 The loss of physical media

03:30 Millennials and the benefits of digital

05:37 The illusion of digital ownership and revoked access 

06:40 Digital subscription models 

10:10 Rentier capitalism 

12:35 The benefits and downsides of subscription 

14:04 Two schools of thought on ownership 

15:30 Constrained optimization in housing and cars 

18:07 The future of ownership and rentier capitalism

19:26 You'll own nothing and be happy

 20:47 A way out: The right to repair

Research/links:

https://blog.roonlabs.com/44-days-in-91/

Welcome to 2030. I own nothing, have no privacy, and life has never been better

Welcome to 2030. I own nothing, have no privacy, and life has never been better | by World Economic Forum | World Economic Forum | Medium

https://medium.com/world-economic-forum/welcome-to-2030-i-own-nothing-have-no-privacy-and-life-has-never-been-better-ee2eed62f710

You'll own nothing and be happy

https://en.wikipedia.org/wiki/You%27ll_own_nothing_and_be_happy

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Edited by Sean Foreman and Canadian Civil