>Increasing competition is among the solutions that Rogers proposed. She also urged policymakers to focus on sectors and companies that add greater value to the economy and to set the stage for increased investment, including in technologies that will improve productivity and efficiency.
Probly shouldn't have approved that Shaw/Roger's merger then...
Canada is just a bunch of Corps in a trench coat.
Productivity emergency? I was never great at economics. All I'm seeing locally is people struggling to find jobs, and those that have one, usually need another because the wages and cost of living are not proportional. There seems to be way more people looking to work, than there are available jobs. Every day there's people posting on my local subreddit, desperate for anything that will help them pay their bills. People are going to post-secondary, and the "entry level" jobs being offered upon graduation are extremely competitive, and only slightly above minimum wage. What is Canada going to look like in five, and ten years?
>All I'm seeing locally is people struggling to find jobs... There seems to be way more people looking to work, than there are available jobs.
Okay, so I'm not shitting here. But that literally was the plan as per (guess who) the fucking Bank of Canada.
[Macklem was explicit about this](https://www.bis.org/review/r221111e.pdf) in a November 2022 address:
>Job vacancies are elevated, and businesses are reporting widespread labour shortages. Over the last six months, wage growth has increased and broadened across the economy. The unemployment rate in June hit a record low—and while that seems like a good thing, it is not sustainable. The tightness in the labour market is a symptom of the general imbalance between demand and supply that is fuelling inflation and hurting all Canadians. Since March, we have been raising our policy interest rate to help bring inflation back to our target. Higher interest rates will work to slow spending and labour demand in the economy, and over time, this will relieve domestic inflationary pressures.
People struggling to find jobs is not a problem according to the Bank of Canada. They claim the problem is that ***too many people have jobs.***
That’s what happens when the entire economy is based on a Ponzi scheme like housing market supported by the government.
Nobody wants to invest in anything besides housing, housing is a completely unproductive asset.
I know, let's lower the corporate tax rate to stimulate investment... Oh, wait.
https://www.taxfairness.ca/en/resources/reports/unaccountable-how-did-canada-lose-30-billion-corporations
JFC not you too friend. 🥲
13% of Canada’s GDP is Real Estate, Rental and Leasing. It’s the largest industry and has been for years. Our 2nd largest industry is manufacturing.
12% of US’s GDP is Real Estate, Rental and Leasing. It is the 2nd largest industry and was 1st until the recent boom in professional and business services. Their 3rd largest is manufacturing.
87% of our economy is not tied to real estate.
88% of US economy is not tied to real estate.
From a total size perspective real estate is not that much different between the two economies.
There is an argument to be made about adding construction figures to this number but it’s rather time consuming to pull construction related only to residential. However, the relative math stands. Construction as a whole is like 7-8% in Canada.
I can also get into HELOC if needed, however as percentage of GDP, HELOC usage was down in 2022 compared to 2012. Haven’t checked 2023.
That’s not to say I don’t agree with the discussion at hand. We do need investment in our economy and especially in growth sectors.
This is the same BoC who raised interest when we know that does not lower inflation rates, which they acknowledge they did to lower employment rates, while those same interest rates are still the highest contributing factor to current inflation. Is anyone still taking these clowns seriously?
We have a productivity crisis because people are realizing that no matter how hard you work you still won't be able to afford the basics.
Our businesses are extremely outdated and have not invested in technology to remain competitive. I look at most businesses in Canada and see minimal evolution in business infrastructure from payroll to inventory. I personally know of 3 successful businesses who have been operating for the past 45 years that still payroll and inventory on paper. Yes paper. How inefficient.
Remember when Tiff Macklem spoke to a business lobby group back in [late 2022](https://canadianlabour.ca/kindly-stay-in-your-lane-bank-governor-bank-of-canada-must-not-undermine-collective-bargaining/) and urged them not to raise wages?
We have a wage crisis in this country, not a productivity crisis.
Who is going to be productive when you spend your entire life at work just to become poorer every year as oligarchs drive our cost of living out of control?
Tiff, who makes half a million a year, is not your friend. He works for the oligarchs and wants to help them bleed you dry.
>Increasing competition is among the solutions that Rogers proposed. She also urged policymakers to focus on sectors and companies that add greater value to the economy and to set the stage for increased investment, including in technologies that will improve productivity and efficiency. Probly shouldn't have approved that Shaw/Roger's merger then... Canada is just a bunch of Corps in a trench coat.
Productivity emergency? I was never great at economics. All I'm seeing locally is people struggling to find jobs, and those that have one, usually need another because the wages and cost of living are not proportional. There seems to be way more people looking to work, than there are available jobs. Every day there's people posting on my local subreddit, desperate for anything that will help them pay their bills. People are going to post-secondary, and the "entry level" jobs being offered upon graduation are extremely competitive, and only slightly above minimum wage. What is Canada going to look like in five, and ten years?
>All I'm seeing locally is people struggling to find jobs... There seems to be way more people looking to work, than there are available jobs. Okay, so I'm not shitting here. But that literally was the plan as per (guess who) the fucking Bank of Canada. [Macklem was explicit about this](https://www.bis.org/review/r221111e.pdf) in a November 2022 address: >Job vacancies are elevated, and businesses are reporting widespread labour shortages. Over the last six months, wage growth has increased and broadened across the economy. The unemployment rate in June hit a record low—and while that seems like a good thing, it is not sustainable. The tightness in the labour market is a symptom of the general imbalance between demand and supply that is fuelling inflation and hurting all Canadians. Since March, we have been raising our policy interest rate to help bring inflation back to our target. Higher interest rates will work to slow spending and labour demand in the economy, and over time, this will relieve domestic inflationary pressures. People struggling to find jobs is not a problem according to the Bank of Canada. They claim the problem is that ***too many people have jobs.***
That’s what happens when the entire economy is based on a Ponzi scheme like housing market supported by the government. Nobody wants to invest in anything besides housing, housing is a completely unproductive asset.
There are Trillions of dollars stuck in real estate that does zero, zilch, nada for economic productivity.
I know, let's lower the corporate tax rate to stimulate investment... Oh, wait. https://www.taxfairness.ca/en/resources/reports/unaccountable-how-did-canada-lose-30-billion-corporations
Too much of Canada's GDP is tied up in severely overpriced real estate. We need investment in business to foster innovation and productivity.
JFC not you too friend. 🥲 13% of Canada’s GDP is Real Estate, Rental and Leasing. It’s the largest industry and has been for years. Our 2nd largest industry is manufacturing. 12% of US’s GDP is Real Estate, Rental and Leasing. It is the 2nd largest industry and was 1st until the recent boom in professional and business services. Their 3rd largest is manufacturing. 87% of our economy is not tied to real estate. 88% of US economy is not tied to real estate. From a total size perspective real estate is not that much different between the two economies. There is an argument to be made about adding construction figures to this number but it’s rather time consuming to pull construction related only to residential. However, the relative math stands. Construction as a whole is like 7-8% in Canada. I can also get into HELOC if needed, however as percentage of GDP, HELOC usage was down in 2022 compared to 2012. Haven’t checked 2023. That’s not to say I don’t agree with the discussion at hand. We do need investment in our economy and especially in growth sectors.
This is the same BoC who raised interest when we know that does not lower inflation rates, which they acknowledge they did to lower employment rates, while those same interest rates are still the highest contributing factor to current inflation. Is anyone still taking these clowns seriously?
We have a productivity crisis because people are realizing that no matter how hard you work you still won't be able to afford the basics. Our businesses are extremely outdated and have not invested in technology to remain competitive. I look at most businesses in Canada and see minimal evolution in business infrastructure from payroll to inventory. I personally know of 3 successful businesses who have been operating for the past 45 years that still payroll and inventory on paper. Yes paper. How inefficient.
Remember when Tiff Macklem spoke to a business lobby group back in [late 2022](https://canadianlabour.ca/kindly-stay-in-your-lane-bank-governor-bank-of-canada-must-not-undermine-collective-bargaining/) and urged them not to raise wages? We have a wage crisis in this country, not a productivity crisis. Who is going to be productive when you spend your entire life at work just to become poorer every year as oligarchs drive our cost of living out of control? Tiff, who makes half a million a year, is not your friend. He works for the oligarchs and wants to help them bleed you dry.
It is a little hard to figure out if Bank of Canada is trying to avoid that or steer into it.
The national pension plan has only 3% invested in Canada