We’re won’t get living standards under control until productivity matches wage gains: economist
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- Опубліковано 28 тра 2024
- Derek Holt, vice-president and head of capital markets economics at Scotiabank joins BNN Bloomberg to break down and preview the latest economic data.
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Lol, Canada's "productivity " is trading houses back and forth to each other and Tim Hortons
New name for Canadians is Flippers.
@@APICSKHREAL greedy flippers 😊
Lol and not caring because what can one do with two weeks paid time off anyways? Canada get up to speed with the rest of the world with 3 to 4 weeks minimum, europeans are way more productive than us because they have real vacations. Here in canada, many literally do not care anymore, they dont benefit from being productive. Just my opinion.
And not caring because what can one do with two weeks paid time off anyways? Canada get up to speed with the rest of the world with 3 to 4 weeks minimum, europeans are way more productive than us because they have real vacations to look forward too. Here in canada, many literally do not care anymore, they dont benefit from being productive. Just my opinion.
We’re won’t get living standards under control until Bloomberg pays qualified copywriters to write their headlines.
Thank you! My thoughts exarctly [sic]
@@djexpo6655 nice!
We need rates lower again so we can just sell houses back and forth to up productivity. Canada has become a joke.
PLZ SIR WEN RATZ?
The problem is obvious. Too much government. Not enough private endeavous.
Dental. Healthcare. Kindergarten. Social housing. Pipelines. Everything is being nationalized in Canada.
No wonder why productivity is trending downward !!
Don’t need to work if everything is free
And not caring because what can one do with two weeks paid time off anyways? Canada get up to speed with the rest of the world with 3 to 4 weeks minimum, europeans are way more productive than us because they have real vacations to look forward too. Here in canada, many literally do not care anymore, they dont benefit from being productive. Just my opinion.
I see people coming to Canada and buying million$$ house and I am here for 15 years can’t pay my rent. Something is going on
Yup. A guy I know moved from Jordan like 5 years ago to Ontario. Some how bought a house after 1 year as a laborer in concrete, sold the house 3 years later for 400k profit. Moved to Edmonton in 2022 and bought a house clear title with the cash. Then you got me, born in raised in Edmonton. Bought a house in 2012 new and it is somehow worth less than I originally paid. This guy is set for like after 5 years. Has 10 kids all paying out the child tax credit.
Because they sell their property back in their country and buy here. Also they are more educated and talented than you that’s why canada needs them. 😂
@@mahtabali4256 If they are so talented, why can't these people make their own countries great ?
Chinese sweatshop money propping up our economy. How is it that they are moving from a “communist” country yet have millions of dollars.
@MustyBastard because many times the individual cannot change a bad system. So, like capital, they go where their education and hard work is treated best.
Keep voting for geniuses who have no interest in monetary policy and believe that budgets balance themselves, and the economy will definitely improve. Keep raising the plethora of taxes and that will definitely motivate productivity. The people waiting in line at food banks for a meal and living in tents or cars are there because of their overly generous wages.
Oligopolies, too many strong unions, too much government intervention, too much regulation, too many taxes, culture of constant complaining, culture of entitlement => no incentive to work, no incentive to invest => too little productivity. So Canadians keep getting poorer in real terms. I don't see how any of these factors would change soon.
Yep too much invested in real estate and on nothing else. People should be proud of businesses and want to work for companies. Just like the u.s.
This way of thinking needs to go mainstream and be supported by govt policy
Yes, more investment in capital goods and less investment in durable consumer goods.
Canadians despise that way of thinking.
@gcc8584 I was going to say all the millennial hipsters think business is evil and want the government to regulate everything. Leftist thinking has totally destroyed the economy.
If you think socialism works look no further than our own front door.
And not caring because what can one do with two weeks paid time off anyways? Canada get up to speed with the rest of the world with 3 to 4 weeks minimum, europeans are way more productive than us because they have real vacations to look forward too. Here in canada, many literally do not care anymore, they dont benefit from being productive. Just my opinion.
I work three jobs. I'm done. Going on strike now.
let us know how it goes
We wish you well.
Why would anyone work harder when you can work from home for the government for more pay? Productivity will continue to decline. How can the government justify paying 90k to someone that might send some emails and maybe answer the phone. The government makes every task take longer to do.
Get yourself a government job and enjoy the gravy train then. I heard that one department can't hire enough people and they're tying up their vehicles because there isn't anyone to man or maintain them. It comes with perks like free trips overseas, free education, and you get a bonus for the first few years to help you get used to the economy in the city they have you work in.
@@richarddespres8011 The issue isn't that someone works for the government. The problem is that one of the biggest employers, if not the biggest employer in Canada is the government and many of these jobs are entry level jobs. The government doesn't compete in the marketplace but they pay people more than the private sector. Now the BoC is complaining that Canadian's aren't productive enough.
@@richarddespres8011 Good luck getting hired when there's 3000 applicants on each position
Which politicians and policy makers didn't already understand this?
No politician will get votes if they tell voters this which us why this won't improve.
Canada is heading to some very difficult times.
Is there really a productivity gap? Wage gain reports are not accurate. The problem is with an influx of a new population, you have more people making less money doing low income jobs, and those of the middle class have not had raises. You are effectively stimulating the economy without making any good change or economic improvement. Profits and income are hoarded at the top of the food chain, and those at mid to bottom are suffering. Rearranging the classes and recess is nowhere in sight!
More grammer errors in the title of the video. I am noticing the quality of education is becoming noticably embarrassing in Canada. These education mills are popping out degrees like they are going out of style. This is what happens when money is prioritized over grades.
Education is important, but productivity is importanter.
Also what happens when you prioritize DEI instead of hiring on merit.
@@chrisskyllas1309 Agreed. Just ask Boeing
All Canadian who can reed at a 5f grade level moves to USA for opportunity.
Too much government.
Productivity is related to competition … Canada is super intolerant to competition… its economy is run by few companies that run the government into a monopoly system with immigrants and rest of population serving as clients… once you open the economy to competition we will have higher productivity….but you sure will ignore all that and just cut rates to zero as you always do 😊🎉
And not caring because what can one do with two weeks paid time off anyways? Canada get up to speed with the rest of the world with 3 to 4 weeks minimum, europeans are way more productive than us because they have real vacations to look forward too. Here in canada, many literally do not care anymore, they dont benefit from being productive. Just my opinion.
No one is talking about the well educated Canadians who are planning to leave the country and the Canadians with high education that already left the country in the last couple years. Thousands and thousands of educated Canadians left Canada already due to this irresponsible government!
Pointing out that business don't invest in machinery and productivity isn't "divisive" sir - it's the truth. Why are we protecting the feelings big corporations????
Wage growth hasn’t caught up to inflation yet as far as I can tell. Productivity has outgrown wage growth for decades. I’d like to see the correction even if it hurts a little on the way.
Keeping wages stagnant when we can't afford shelter and food is ludicrous.... This guy is disconnected from reality.
RIP Grammar
We are importing thousands of new Realtors and house flippers everyday.
That’s how we win.
Berserk immigration doesn’t add up to inflation? What is he smoking? I’d like to try.
Taxes are too high in Canada no one wants to work if punished through insane tax rates. I know so many professionals not working to full capacity due to taxes
Answer is to double immigration, reduce housing by half, and re-elect Trudeau. Smart panelist.
😂
So we have to work? And produce value? 😅
Not if you "work" for the government. They have absolutely no incentive to be productive.
Ofcourse not, this is Canada.
Without productivity how the hell are we going to buy stocks? Wait never mind us stock does much better. How their productivities, ooof, spaceX going to the moon.
Are businesses even giving wage increases relative to inflation? What a joke as far as wage gains in Canada are concerned.
Before we jump on small businesses, let’s take a look at how much raise government and public employees get. This is the whole reason productivity is down because it’s so hard to run a business in this country. No business wants to invest in Canada.
@@APICSKH There is a term for how hard government and public employees work. Best not said! I work for a small business; most struggle to stay in business, besides being able to give raises. I'm sure students with summer jobs shredding paper for the government get more than most middle class hard working Canadians do. And if we choose to work harder, they just take more from us!
@@Bobby_D_From_Napoli thanks for adding to exactly what I thought
Were wont.... does that make sense Bloomberg?
If our best and brightest.. the ones we want to stay don’t have options. And best and brightest are the ones that do have options. They will leave
lets get these rates down to get the houses trading and productivity moving... what a liberal mess
So when productivity increases, housing will become less expensive?
Imagine governments and businesses shipped majority manufacturing jobs overseas for cheap labour and complain we don't produce enough. I guess it's our fault not generations before who had power to stop it. Remember people profit means everything and when companies don't make enough it's the wage slaves fault wanting to be paid for work done.
*until immigration is properly managed
not like there is a few thousand ceos and managers and bosses making record profits, Greed Greed Greed, gotta do a news report on corporate greed. This productivity bullshit is all about corporations just not giving a fuck !
40% of this country's economy is composed of real estate, that's an asset don't generate any jobs. How do you expect productivity to increase in a country like that!
Trudeau," Productivity will take care of itself in Canada". Now let's talk about my priorities like, The climate crisis, social issues, proper
pronoun usage, LBGQ rights, and carbon taxes. Have you seen the new $8 million barn we built next to the Govoner Generals house? It has solar panels!"
LOL! Welcome to Liberal/NDP world. Hey Canadians - you voted for these idiots, you got what you deserved!
Hmmmm... So competition is needed to generate wealth and productivity eh? Good thing that the Canadian economy is an oligopoly in a trench coat that encourages more consolidation whenever a big player asks for it.
I wonder whether Derek Holt takes one for the team during his own personal salary negotiations to alleviate the "rising wages"/productivity problem 😂
Canada has been in decline for a long time now. People vote for and accept government that spends them into the poor house.
Note to Canadians: The government will never make you rich. Stop asking them to wipe your nose for you and make it all better. They continue to make everything worse.
What results when you give economies free money, and over long periods of time? You get gross misallocation of capital--for example, by propping up inefficient companies that would otherwise disappear, and by juicing economies, which long term creates overspending and overcapacity. You often also get overborrowing, which then leads to the need for debt servicing, for example by the US government. That creates instability and underconsumption down the road.
If the new norm for Canada is to supplement population growth with a constant flow of migrants, we're going to be in this endless cycle of "integrating" immigrants into Canadian society. It will never end and we are always going to face productivity issues.
Sorry, but the only solution is to stop the obsession of constant GDP growth (because GDP growth =/= an individual's prosperity) and slow the rate at which immigrants are coming into the country. What Canada is doing is completely untested and officials will be in for a rude awakening and we will be in a catastrophic situation that will be irreversible. By the time the public realizes how ****'d they got by their government it will be far too late.
Too many people not enough places to rent or jobs, simple duh
Extraordinarily unhelpful and divisive? Well, maybe.
But I note that the guest didn't say it was factually incorrect, either.
We have an OLIGOPOLE based economy & the banking sector is the ultimate example of that
When they lost over $1Billion with the Reichman Brothers in the 80s due to their investment in Canary Warf the banks resorted to make consumers pay for their lack of competence by installing fees on ATM
When Verizon wanted to enter the communication field in Canada a few years ago the communication oligopole demanded the gov to stop Verizon from investing here
Thse are only 2 ex but it's the same phenomena across are whole economy & the BANKSTERS are on top of that pyramid of incompetence & corruption
When i hear those BANKSTERS commenting on our lack of productivity whie they're the first responsible for it i feel like puking They litteraly control our Fascist gov & dictate their rules
For decades they nade MEGA PROFITS year after year taking money off the economy to put it in the pockets of a few big gangsters on top of the investment pyramidal scheme
And now the same people want your CPP investment in their monopoly businesses.
Lower rates is a small help. Government policy that lays the foundation for growth and the rails for business to use to develop and build community is gone. Just gone! Tell me one sector of the economy the current Govt has help grow that has benefited Canadians and productivity? We now have a generation coming of age that will be the least productive and reliant on governemtn wealth redistribution to make ends meet. Carbon Tax accomplishes that! Even if it benefits climate change in theory, it will kill productivity. No way around it. India is growing its coal plants 10% and we shut down industry that actually provides growth. Not so sure we are on the right side of this!
Keep hiring based on race or sexual preferences over merit. That will certainly help...
DEI = Didn't Earn It
Fix your headline “we’re wont” LMFAO
The bottomless pit of Corporate greed. Give us more profits or we will put you on the streets. Great strategy. Didn't work so well for the 18th century French monarchy. 😉
Your stupid pills are working like gangbusters for you!
Productivity will never match wage gains as long as we have labor unions!
Yup. 10+ years and the GTA Crosstown Eglinton LRT is still not complete. Public sector/unions are a joke.
Well inflation is up 6% from 2022 so ya 6% raise for year 1year is more than reasonable for 2024. JT carbon tax make me want to fight 7%. This guy clearly has a disconnect from reality.
You truly don't get it. The government created this inflation by stopping the economy and paying people to do nothing. Now it's structural.
"We're won't"?????? English please.
To be truthful, China can make everything, Canada? Not so much.
China is losing ground in manufacturing as fast as it gained ground 30 years ago. China will remain a country of low income people for a long time. Canada will join them.
Pathetic speech... first productivity he needs in his speech which itself is inefficient in terms of clarity....too much focus around service and finance industry. In fact whole economy is based there...canada need to remove too many govt gates to open up more competitive, self evolving economic growth
What is this title. Makes no sense.
So blame unions? Really Mr. Holt? Go back to the 1980s sir.
Hirer wages ? Not in the private sector