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‘No urgency’ for Bank of Canada to cut rates as economy skirts recession (globalnews.ca)
submitted 2 years ago by to c/canada@lemmy.ca
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The slowdown in Canada's economy hasn't yet met the bar for a technical recession amid modest real GDP growth in the fourth quarter of the year, Statistics Canada says.

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[–] 3 points 2 years ago (4 children)

and lots of people losing their jobs, but hey sure, take your time bank of Canada, no rush

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  • [–] 2 points 2 years ago (2 children)

    Job losses is the stated goal of the BoC. Job losses dampen consumer spending, which slows down purchases, which (theoretically) stops prices increasing.

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  • [–] 5 points 2 years ago (1 child)

    It's too bad they can't pick which jobs are lost. Many people on the lower end of the income spectrum (who are more likely to be the ones losing their jobs) can't really cut spending because the vast majority of their income goes to housing, food, and other essentials.

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  • [–] 2 points 2 years ago

    Totally agreed. It's a shit policy that punishes people with precarious jobs.

    I have no idea what would be better, TBH. I suspect the working poor would get the short end of the stick, regardless of the solution.

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