Quote:
Originally Posted by blankall
A lot of this is going to be compounded by the fact Canada was already in the midst of crisis involving a widening generational wealth gap and globalization. We're going to see a further cementing of a class system. Anyone with a job that doesn't require a lot training or that can be done overseas is going to be left behind. Anyone who isn't inheriting a huge amount of money from their parents isn't going to be able to make up for that shortfall via hard work.
Some of the takes in here....are very optimistic? A few simple rules:
1. Increased material and fuel costs will not result in employers paying their employees more.
2. Increased interest rates are not good for people with lots of debt. Canada just went through a period where both debt and money supply were rapidly increasing. Not good.
3. Inflation is never good for employees on fixed wages. The cost of living rises first. Salaries rise over time...if at all.
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I think there is going to be a big bifurcation. Jobs that can't be done remotely (retail, delivery driver, cleaner) will probably continue to grow in number. But supply of people available for those jobs will increase as people who used to have white collar jobs that can be outsourced will be competing for them. Things like payroll, some IT, call centers, etc are all going more and more offshore to save money. The cost of living in Canada makes Canadian labour uncompetitive in those areas. As those jobs disappear some of the people who used to do them will compete for "local" type jobs.
Higher end labour will still be in demand, and those who have a software engineering degree from Stanford will probably see their earnings rise much faster than inflation.