this post was submitted on 19 Oct 2023
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Seeing as the government considers deflation to be not an option, the only practical fix to the crisis is a general wage gain across the entire workforce equivalent to the inflation we've been seeing the past couple of years. More, really, seeing as inequality had been growing prior to the pandemic as well. Prices are not going to go down. And if deflation is threatening to occur, the government will move heaven and earth to stop that from happening. Ergo, wages need to go up.
Or maybe we could move away from this irrational system, but one step at a time, I suppose.
In the US, the fed's stated strategy is to keep wages down. It does not have a lot of tools to deal with inflation, so it raises interest rates to inhibit growth until inflation is under control- the "soft landing." Legislation is needed in order to handle this problem, because wages will quickly be absorbed by increasing prices unless we can capture corporate profits with progressive taxation. I imagine the situation is similar in Canada but I'm not well aware. Remember to vote.