‘Justinflation’ or ‘greedflation’? Here are the real reasons behind soaring prices
The Bank of Canada also injected stimulus into the economy by slashing interest rates to near zero and buying up government bonds to lower rates even further and encourage spending, a strategy followed by other central banks worldwide.In a speech at the University of Waterloo in September, its deputy governor Paul Beaudry said that a faster global withdrawal of fiscal and monetary stimulus during the recovery from the pandemic would have likely resulted in lower inflation.
“Some of the income support programs look too large now, but only because we were so successful in combatting what could have been a much, much deeper and more painful public-health and economic crisis,” Tombe said, adding that the programs alone do not account for the 8.1 per cent peak inflation rate.Gordon agreed that the programs’ effects were not predictable at the beginning of the pandemic. “Nobody knew at the time what the appropriate amount was.
However, Tombe says the rise in corporate profits is complicated. A look at the grocery industry, for example — one often cited by the NDP — shows that margins are not up.Trudeau defends financial assistance programs after calls from Conservatives to reel-in spending
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