Bank of Canada governor Tiff Macklem said that unemployment needs to rise in order to slow down inflation, although elevated levels of job vacancies could soften the blow.
“The unemployment rate in June hit a record low - and while that seems like a good thing, it is not sustainable,” Mr. Macklem said. “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.”has raised interest rates six times since March, increasing its benchmark rate to 3.75 per cent from 0.25 per cent at the start of the year. Mr.
“Generally speaking, when job vacancies are high, as they are now, a decline in vacancies does not lead to as big an increase in unemployment as it does when job vacancies are low to begin with,” Mr. Macklem said.
Translation implied : = ' all you ... ... peasant pawn pee-on precariat ... must reduce your wages to ... 'another day another dollar' ... or even perhaps ... ... 'another day another dime' '
ShaneDoolittle
I've never heard of such a nonsense so the idea is put people out of work have them working what part time no benefits no nothing no way of paying the bills I get it the rich get richer the politicians get richer and Tiff here get steak and lobster
Macklem focussing on rising wages of workers, which are still not keeping pace with inflation BTW, is missing other key drivers of inflation such as housing, food & energy. We are also subject to global factors & a federal govt signalling austerity, which will make things worse.
Translation: The current system doesn't work unless people are starving. What a joke.
Inflation is made up of two parts, demand side& supply side. Demand has been strong, but supply has not been, so we see prices rise a lot because with less supply&steady demand, there are more dollars chasing fewer goods. Govts also increased the money chasing those fewer goods.
So, kill off more Canadians so the rich can get richer. That makes complete sense
But.......
'This is what will make the corporations that are solely causing greedflation to stop being greedy.'
WRONG: 'overheating labour market must slow to fight inflation' RIGHT: The liberals printed a ton of paper (called money) So now the paper is worth less because there is more of it in circulation causing you to use MORE paper to pay for stuff, that's inflation.
Nope. Big greedy corporations need to stop being greedy to slow inflation. Millionaires and billionaires don’t need a bigger yacht/car/house/bank balance to live. Millions of regular folks do need jobs to live. Macklem is full of malarkey.
This clown should be held accountable or at least be fired. He fails and we pay for his failure. If you are a hard working Canadian, you shouldn't vot next time to anyone who doesn't promise firing TM in day 1 in office.
No mirror in the house. See the cause.
How can this man still have a job
Anything to avoid blaming excessive government spending… now they’re blaming workers for inflation? Are they really saying that inflation would be down if we were all unemployed?
No duh, that’s why the BOC has been raising the overnight rate.
Great to see so many people see through this capitalist propaganda. Workers Unite and Fight! Down with corporate profiteers! Roll on the Red Republic!
So high demand for workers and higher wages is apparently the cause for inflation. Not printing money and injecting it into the system. Guess Macklem thinks workers are paid too much. Is he sure he's in the right country? The USA and their unchanged $7.25 wage fits him better.
BoC is the biggest reason for inflation. They created money to balance the budget itself. Now they raise interest rates to draw that same money out of the economy.
I don’t get it. They’re trying to scare companies that are making record profits and having trouble retaining talent into firing people…?
Garbage. If he could be fired for saying stupid things… then this is one of those things. He is not equipped to solve he problem he helped create. Super low interest rates supported the housing bubble. Since Trudope borrow so much we all need to suffer now.
So you basically saying people need to stop working to help slow inflation? How about you give up your 6 figure plus a year position to set a precedents and hope people will follow? I hear social assistance pays top dollar you would know
Now we get to the crux of the matter. Declining int rate did not cause inflation, therefore increasing int rate wont solve it. Economist know that but they lie. Inflation will only be solved if markets reset, ie mass layoffs or new technology to increase productivity.
So the cure for inflation is unemployment? This guy has got to GO!
“If socialists understood economics they wouldn't be socialists.” -- Friedrich A. Hayek
BoC manipulation of unemployment levels & interest rates (mostly affecting people at early phases of homeownership) is a clunky old model that wears a fully blind (elite) eye to impacts on individuals & families who despite best efforts therefore often never get ahead. cdnpoli
Fire that clown.
Cool tell him to resign then.
Someone should tell Tiff neoliberal policies have stopped working. Need a new song book.
So the cure for inflation is to stop hiring people? What fresh hell is this?
Why does Macklem still have a job He specifically held back on raising rates causing this inflation and recession. This is insane.
Can he start by resigning then. He should be modelling what he preaches.
That's what happened when uneducated people comes in power
Charity Begins at home….. lets cut Tiff macklems pay cheque first…bankofcanada PierrePoilievre JustinTrudeau theJagmeetSingh
That’s what happen when right people wasn’t hired🤣
☝️That sounds like incomplete, ideologically biased, BS. I smell a Con. '...Tiff Macklem says unemployment needs to rise in order to slow down inflation...' cdnpoli yow topoli vanpoli yyz yvr yyj onpoli onted qcpoli yul nspoli yhx nbpoli nsed bcpoli bced ableg
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