The Bank of Canada’s rapid interest rate hikes are driving us towards a recession – but it's not too late to pump the brakes.
The Bank of Canada’s current approach of rapidly increasing interest rates is putting workers at risk of a policy-induced recession, which could throw hundreds of thousands of people out of work.
Families will pay the price with lost jobs and rising bankruptcies. Precarious and low-wage workers—in particular women, Indigenous, racialized and recent immigrant workers—will be hit the hardest. But we know there’s a better way.Canada’s unions and the Centre for Future Work have launched a powerful new report—written by economist Jim Stanford–—that outlines the impact of the Bank of Canada’s interest rate hikes on workers and proposes alternatives for the Bank of Canada and the government to take in response to high inflation.
The evidence is clear. Decision-makers must embrace alternatives that put people at the heart of our nation’s economic policies—starting with a rate hike pause to save jobs.
The CLC’s new report, “A Cure Worse than the Disease? Toward a More Balanced Understanding of Inflation and What to Do About It”, highlights the devastating toll a recession would have on families in Canada, and explores real solutions to the inflation crisis that’s hurting workers’ wallets.
Learn how to counter bad-faith narratives about the causes of inflation using the findings in our new report.
Against inflation, rising interest rates and sky-high bills, Canada’s unions have got workers’ backs.
Join our call for real solutions to make life more affordable for workers and their families.