Is Canada's Economy Facing a "Productivity Crisis" with D.T. Cochrane
D.T. Cochrane, senior economist at the Canadian Labour Congress, dispels the misconceptions behind Canada's "productivity" crisis.
Economic data shows us that corporate tax cuts have not been met with increased investment to the economy. Instead, the last fifty years have seen a steady decline in corporate investment while dividend payouts to share holders grew to new heights.
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Progressive Political Economy spotlights leading progressive economists and thinkers paving the way towards a more economically just Canada.
Keep up with the latest episodes at perspectivesjournal.ca/category/video/progressive-political-economy/
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During World War II, inflation was held under control despite massive government expenditures, and unemployment fell to 1%. The highly-trained workforce was a major factor in the post-war Golden Era when transportation, education and health infrastructure were built to be publicly-owned and operated at cost, and when comprehensive new social programs were introduced. Today unemployment rates of 6% that keep labour weak are normalized, and private sector advocates demand low taxes and accelerated depreciation because new infrastructure is be owned and operated for profit by corporations. Many Canadians worry about having enough income to pay food and rent, and having available timely health care. If hard-pressed citizens are to fret about "poor productivity", then they must be offered more than a slick slogan that a rising tide will raise all our yachts.
@JohnJackVancouverIsland
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I think this is evidence that the standard thinking about the relationship between unemployment and inflation is off by a considerable number. The NAIRU for Canada will likely be higher than the USA, but not nearly as high as it is thought to be now.
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