If media reports are to be believed, Canadians look to be a particularly unhappy lot right now. The recent bout of inflation and interest rate rises appear to have precipitated a specific phase of economic suffering that has spilled over into personal lives, and that misery appears to be uniform across demographic and socioeconomic categories. According to one survey, financial troubles, inflation, and high interest rates are having an impact on Canadians' mental health, driving concern about housing and food. Millennials, particularly those who own a home, appear to be the most vulnerable to economic downturns as interest rates rise on tight debt burdens and economic damage wreaks havoc on the economy and expectations. Burdened by debt and rising housing expenses, three-in-ten Canadians are "struggling" to make ends meet, with mortgage holders reporting trouble meeting housing bills up 11% from last June. If you have a place to live, you struggle to pay your bills, and
COVID-19 is primarily a human catastrophe, causing enormous suffering and underlining profound injustices in Canada and around the world. The extent of the resulting economic collapse is unprecedented: for the first time since the conclusion of World War II, advanced, developing, and rising nations worldwide are all facing severe recessions at the same time. In Canada, it has hammered the private sector, compelling governments to take previously unthinkable actions. As Canada takes attempts to restart its economy, governments beset with heavy debt and limited revenue will fight to remove rules while also containing the virus. With such uncertainty, there is a desire to see the economy return to normal. However, this cannot be our purpose. The unpleasant truth is that, prior to the crisis, the Canadian economy was already in neutral, with slowing growth, low productivity, and losing competitiveness. The crisis has also demonstrated that robust economic development alone is not suffici