For the commenters that think this is hyperbole, here is my counter argument:
Inflation is a generational issue because prices have gone up and has made all Canadians poorer and this won't be undone until we have deflation (via a recession? more pain) or until wages increase faster than inflation does.
What are the chances we have deflation? Not likely when our Canadian Dollar is being devalued and Bank of Canada continues to decrease interest rates. Costs more and more for Canadians to import goods.
What would trigger wages or savings to increase beyond inflation in Canada at this point? All foreign investment has dried up. It will take many years to make Canada attractive again to foreigners and years before companies mobilize to come back. Maybe more export of oil and gas via pipeline or LNG terminals would help but that is not popular (Keystone XL is dead).
Out of control gov't spending (which has fed inflation) has cause gov't debt to sky rocket. This will take a generation to fix. First the new Conservative Gov't will have to get into power, then significantly cut spending (if they can). Reduction of gov't spending will reduce the economy (more pain).
If gov't is cutting spending, how will our medical system get better? It'll actually will get worse than it already is (more pain).
Immigration has caused rent and housing prices to go up. How long will this take to fix? We're not deporting anyone. Building new houses needs people who can afford new houses... did I mention inflation has made people poorer? How about a housing correction/crash (more pain)?
The damage that Trudeau has caused isn't done yet, even after he resigns. We're in for more pain.
Inflation has been present in every country on the planet. It's not much different in Canada than elsewhere.
There's a bit of a debate going on about how much carbon pricing ("tax") has effected food prices, with some claiming it has been a lot, but Canadian prices are about at the same (higher) level as the US and other places:
Inflation would have been less if there was less immigration, less gov't spending, less tax... all of which Trudeau actively increased.
Consumption taxes, such as carbon taxes, are actually OK if you reduce the income taxes to offset. Consumption taxes can change behavior vs. a blanket income tax. (Inexplicably, he reduced GST (another consumption tax)... so he's not thinking deeply about tax theory or anything at all really)
Trudeau planned to continue to increase carbon taxes by 200% higher than they are today. Also compare gasoline prices from the US to Canada.
This can't be emphasized enough. Canada has the highest household debt in the G7. There are no viable customers.
The only hope that you really have is something you're already doing -- mass immigration -- with all of the tradeoffs that come with it. Canada has to make a _fundamental_ change to get out of its current situation.
Inflation is a generational issue because prices have gone up and has made all Canadians poorer and this won't be undone until we have deflation (via a recession? more pain) or until wages increase faster than inflation does.
What are the chances we have deflation? Not likely when our Canadian Dollar is being devalued and Bank of Canada continues to decrease interest rates. Costs more and more for Canadians to import goods.
What would trigger wages or savings to increase beyond inflation in Canada at this point? All foreign investment has dried up. It will take many years to make Canada attractive again to foreigners and years before companies mobilize to come back. Maybe more export of oil and gas via pipeline or LNG terminals would help but that is not popular (Keystone XL is dead).
Out of control gov't spending (which has fed inflation) has cause gov't debt to sky rocket. This will take a generation to fix. First the new Conservative Gov't will have to get into power, then significantly cut spending (if they can). Reduction of gov't spending will reduce the economy (more pain).
If gov't is cutting spending, how will our medical system get better? It'll actually will get worse than it already is (more pain).
Immigration has caused rent and housing prices to go up. How long will this take to fix? We're not deporting anyone. Building new houses needs people who can afford new houses... did I mention inflation has made people poorer? How about a housing correction/crash (more pain)?
The damage that Trudeau has caused isn't done yet, even after he resigns. We're in for more pain.