The population surge is masking a whole lot of things going on in this country, says David Rosenberg. Read more
The third item is how the population surge in this country is masking a whole lot of things going on. For one, what appears to be a jobs boom is not one at all. Why? Because in the past three months, the pace of job creation has lagged well behind Canada’s rampantFor example, Canada created 21,800 net new jobs in February, but the population expanded by a far greater 60,100 — a triple.
The jobs data also masks the structural decay in Canadian productivity. This jobs boom is not being matched by growth in national output or income, and it is the per-capita, macro-economic variables in real terms that best characterize the well-being and prosperity of any country. This is the legacy of this current government in Ottawa, which has done next to nothing from a fiscal policy standpoint to promote the growth in the private-sector capital stock. This is the legacy of the economic policymakers in the nation’s capital. Boasting about job creation and a five-per-cent unemployment rate is pure camouflage.Article content
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