Inflation will rise slightly, while GDP will go down 0.1%.
Minimum wage hikes across Canada will result in the loss of 60,000 jobs, according to the Bank of Canada.
According to a recent report on a study by the Bank of Canada, “In examining the impact of the wage increases, the report estimated that the consumer price index could be boosted by about 0.1 percentage points on average and real gross domestic product could be cut by 0.1 per cent by early 2019. The number of jobs lost was based on a 0.3-per-cent decline in the number of hours worked, while aggregate real wages were estimated to increase 0.7 per cent.”
While the fact that wages will go up is positive, the loss of jobs is not.
Of course, there are ways to get higher wages without the loss of jobs. It would require policies that increase the leverage of Canadian workers – including reversing Trudeau’s planned large immigration increases, and rethinking trade deals that end up letting good jobs and factories get taken away by low wage countries.
Those are two things that the globalist elites are not willing to do, because they want to put workers in a more desperate situation, and are hell-bent on destroying our homegrown manufacturing capacity.
After all, some of those workers who don’t get jobs due to the minimum wage hike will end up dependent on government benefits, and will likely fall even further into debt, giving politicians more power over them, while production will continue to shift to low wage countries that are able to circumvent any idea of fair trading.
So, while various governments try to legislate higher wages, their other policies are going against workers.
Additionally, future trade deals hold more serious peril for working class Canadians, including the fact that China wants to be able to import their workers into the country as part of any “free trade” deal, which would have a devastating impact on Canadian workers.