Why, when the country’s GDP is expanding, have individual Canadians not been getting ahead? Why is their wage growth projected to lag so far behind citizens of other nations? And why are millennials taking the brunt of it?
David Williams, policy analyst for the Business Council of B.C., is helping ring the national alarm bells.
“Past generations of young Canadians entering the workforce could look forward to favourable tailwinds lifting real incomes during their working lives. That’s no longer the case,” he said.
“If the OECD’s long-range projections prove correct, young people entering the workforce today will not feel much of a tailwind at all. Rather, they face a long period of stagnating average real incomes that will last most of their working lives.”
Ottawa’s economic strategy is based on several “shaky pillars,” which include using “record immigration levels to turbo-charge population growth and housing demand in major cities,” Williams said.
“The political class appears to have lost interest in efforts to raise workers’ productivity and real wage growth through higher business investment per worker.”
Read the full article at VancouverSun.com