Meanwhile, the 40 richest Canadians grew their wealth by $95B
Just to put that in perspective, that's enough to pay around a $1 million dollar annual salary to each of these 84,000 lost jobs, or to pay $100,000 salary and still keep 90% for themselves.
Are they rich enough yet? Or do they still need more?
I do think immigration is the main cause of the unemployment crisis, mass immigration while the Bank of Canada raised interest rates was always going to cause mass unemployment.
During Covid they did stimulus and QE, which caused the 8% inflation. If you see the Phillips curve you'll see that causes a labor shortage in the short term. This is a natural part of an economy, and wipes out the wealth inequality caused by asset appreciation via bargaining power for wages, if you rememeber the "quiet quitting" phenomenon a few years back.
The Federal government then did mass immigration, 1.4 million a year, tripling immigration over 3 years. They also allowed students to work 40 hours. This decreased labor pressure and lowered wage growth.
The Bank of Canada then raised interest rates to cool the job market. Now we have cooled wages, less need for workers, and an inevitable surplus of workers. All this was also done when we had a preexisting housing shortage, so rents and housing prices dramatically increased as well.
Sure bro the supply of workers has nothing to do with demand for labor or the rate of pay. Im sure that as soon as they get a.i. sorted they wont reserve course. You better wake up and start noticing.
It is entirely supply and demand for labor, that was my whole point. We increased supply of workers while interest rate hikes lowered demand by mechanically slowing money supply creation, what am I missing?
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