More Bank of Canada interest rate hikes risk weakening our economy and potentially inducing massive job losses, says Bea Bruske. Read on.
If the Bank of Canada is determined to manufacture an economic recession, we know the pain will not be shared equally. Just last week, the International Labour Organization warned that global poverty and income inequality are on the rise worldwide while people’s purchasing power is falling behind. The ILO’s Global Wage Report recently warned that for the first time in history, real wages fell into negative territory in 2022, down 0.
The ILO cautions that this not only puts the pandemic recovery at risk, but it could also fuel growing social unrest. As the inquiry into the Ottawa convoy occupation wraps up, and the U.S. hearings examining the Jan. 6, 2021 insurrection draw to a close, the prospect of a manufactured economic crisis driving growing social unrest is not one we should take lightly.
As Macklem announces the Bank of Canada’s interest rate decision this Wednesday, he should consider the well-being of the workers and families already paying the biggest price from the cost-of-living crisis. This should start with Macklem pushing pause on more interest rate hikes. Let’s take time to evaluate the impact of previous hikes before raising them any further.Share this Story:
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Bea Bruske: Bank of Canada should pause rate hikes now to avert a manufactured recessionMore Bank of Canada interest rate hikes risk weakening our economy and potentially inducing massive job losses, says Bea Bruske. Read on.
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Bea Bruske: Bank of Canada should pause rate hikes now to avert a manufactured recessionMore Bank of Canada interest rate hikes risk weakening our economy and potentially inducing massive job losses, says Bea Bruske. Read on.
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Bea Bruske: Bank of Canada should pause rate hikes now to avert a manufactured recessionMore Bank of Canada interest rate hikes risk weakening our economy and potentially inducing massive job losses, says Bea Bruske. Read on.
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