Politicians blabber away as if history never happened
. “The leading culprit for keeping wages low in this province is in fact the premier,” she said, hinting that the aim of the government is to keep people poor.Article content
Problem is, it doesn’t necessarily work that way. When wages rise to keep pace with increased prices, it adds to costs, which are passed on to consumers, which means more pay hikes are required, which pushes up costs again, which is the spiral that inflation is all about.Even less prescient than Horwath is Denis Coderre, a veteran Liberal operative who hoped to make a comeback Sunday in Montreal’s mayoralty race .
While politicians blabber away as if history never happened, commentators, analysts and some well-educated people have been suggesting it’s nothing to get excited about, it’s all just temporary and will go away soon enough, once a whole slew of problems are solved. The Bank of Canada will take appropriate action, they say. The supply chain disruptions will sort themselves out.
Tiff Macklem, governor of the Bank of Canada, says the situation is “probably something like, you know, transitory but not short-lived.” Maybe he’s right, though you could say the same thing about Donald Trump, or the Spanish Inquisition. Transitoriness doesn’t lessen pain or damage, and Macklem acknowledged people have different views on just what the word means. “I do want to assure Canadians that we are going to keep inflation under control,” he maintained.
He certainly sounds reassuring, but decades of previous governors found the mandate and the tools weren’t quite as effective as imagined. The areas feeling the greatest strain right now are, let’s see … housing, food, transportation, energy, entertainment, or just about everything that the bulk of the average income goes to pay for. And the upward pressure is clearly not going away.
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