Higher interest rates aren’t solely due to factors beyond our control. Our own excessive spending is mostly responsible. Read on.
into next year. The excess demand for labour — almost one million jobs are unfilled — means inflation will linger. Even though firms will reduce job availability as demand for their output shrinks, many will still be looking for workers. Continuing labour shortages enable workers to bargain harder for higher wages to make up for the loss in the purchasing power of their money. So, expect GDP growth to stall while unemployment hardly ticks up.
As shown in the table, the United States had the largest spending binge in 2020 — 18.1 per cent — and also the largest broad monetary growth rate — 17.2 per cent. And now it has the highest inflation rate, apart from the United Kingdom. Canada was second to the U.S. with a 17 per cent deviation from projected spending and 13.8 per cent growth in money supply.
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