The combination of rising interest rates and high private debt catapults Canada into the top third most dangerous economic periods since the Second World War. If the Bank of Canada hikes interest rates by 0.5% or more in September, we’d move into second place.

History tells us that the Bank of Canada has a 0% success rate in fighting inflation by quickly raising interest rates. If a pilot told me that they’d only ever attempted a particular landing three times in the past 60 years with a 0% success rate, that’s not a plane I’d want to be on. Unfortunately, that looks likes the plane all Canadians are on now.

Throughout the pandemic, many small- and medium-sized businesses have weathered the storm, thanks to federal government help. In his deputation to Canada's federal Industry Committee, David Macdonald says it's time to give those businesses an "off-ramp".

This isn’t a workers’ wage-led recovery; in fact, inflation is eating into workers’ wages, diminishing their ability to recover from the pandemic recession. Corporate profits are capturing more economic growth than in any previous recession recovery period over the past 50 years.

Our analysis of the 2022 federal budget

The pandemic, through the eyes of our researchers

This budget could herald the beginning of a Pearsonian period of progressive policy making

Twenty-six per cent of higher inflation for Canadian households is being driven by excess profits

Prepared remarks to the House of Commons finance committee's study on inflation

Opening remarks to the House of Commons Standing Committee on Finance regarding the 2022 federal budget on Feb. 3, 2022

Tackling inflation can be part of a public-led recovery—it only requires government to reduce or maintain prices in areas they control.

Despite the likely transitory nature of this inflation, many of the poorest Canadians won’t be protected.