The shift in demand from services to goods it triggered and the resulting supply chain snarls, which I heard about very personally just this morning at a family-run hardware store in my neighbourhood.Ĭhina's COVID-zero polices have made those worse.Īnd then, Vladimir Putin illegally invaded Ukraine, forcing up the price of food and fuel. This is clearly a global phenomenon-one driven by factors that no single country is responsible for, and that no single country can insulate itself from.įirst: the pandemic. In the United States, it was 8.6 per cent in May Footnote 10. It was 9 per cent in the United Kingdom Footnote 7, 7.4 per cent in Germany Footnote 8, and 9.2 per cent across the OECD Footnote 9. Inflation in Canada was 6.8 per cent in April Footnote 6. Inflation is not a made-in-Canada challenge, and it is actually less severe here than among our peers. The pandemic has been-we hope-a once-in-a-generation crisis.īut like any major crisis, this one has after shocks, and inflation is chief among them. So that is what I want to talk about here today. I understand keenly that millions of Canadians drive a long way to the store, and that today, they'll wince when they fill up their tank and when they buy their groceries.Īnd I know that many of them are asking what their government is going to do about it. We can do that because there is a subway station barely 200 metres from our front door, and our kids walk to school.īut the house I grew up in in Peace River, Alberta, is about ten miles from town, and I got my driver's license the day I turned 16-as did every other kid in town. I rode my bike here today, and my husband and I are raising three kids in downtown Toronto without owning a car. Jobs are plentiful and business is booming, but it is also harder for a lot of Canadians to pay their bills at the end of the month. ![]() ![]() This is the strongest jobs recovery in the G7 Footnote 4, and Canada's real GDP is 1.8 per cent Footnote 5 above where it was in those awful first weeks.īut if the data is so rosy-if the rebound is so strong-why don't we feel very good? Why are Canadians so worried?Įveryone here knows the answer-inflation. Young people, Indigenous peoples, women, and new Canadians have particularly benefitted from the strong job market. Instead, we have recovered 117 per cent of the jobs that were lost during the darkest months of the pandemic, compared to just 96 per cent in the United States.Īnd instead of persistent unemployment, that rate is today just 5.1 per cent Footnote 3-a record low. In June of 2020, looking ahead with history as your guide, you would have been forgiven for expecting the worst. The Depression scarred an entire generation. In the aftermath of 2008, our economy remained sluggish for years. Three million Canadians had lost their jobs Footnote 2, and our government had just deployed war-time spending to prevent a complete collapse. Our economy had contracted by 17 per cent Footnote 1. ![]() ![]() Let’s remember, a little more than two years ago, we were in the throes of the deepest recession since the Great Depression. Three million Canadians had lost their jobs, and our government had just deployed war-time spending to prevent a complete collapse.Īnd that is where I want to start today-with how great and how novel it is for us to be here in person and en masse.īecause that novelty is a reminder of just how hard the past two years have been. Please provide the exact content of the review that you feel is inappropriate.Our economy had contracted by 17 per cent. Which dealership do you believe this review was meant for, and what leads you to believe the review was posted to the incorrect page? Please let us know what leads you to believe that this review should be removed from the page. Please let us know what leads you to believe that this review was posted fraudulently. Please provide any identifying information that you have regarding the former employee that you believe wrote the review – full name, email, social media links, anything that will help us research a connection between the review and that person. Which review do you believe this to be a duplicate of? Please provide the screen name, date, etc. This is a measure put in place to help identify fraudulent posts on the site, and in some cases we may determine that the review is not subject to removal even when the reviewer has not read your response. We ask that reviewers read your private response within 5 days. Please state your concerns regarding this review.
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