TAKING STOCK | Canada's productivity problem - Here's what you Need To Know
2024 ж. 25 Сәу.
5 992 Рет қаралды
Guest: Daniel Garcia-Macia, with the International Monetary Fund and Dennis Darby, president and CEO of the CME.
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We have a productivity problem because we invest all of our money in non-productive assets called houses.
Canadians are like crackheads; completely addicted to rising housing prices. Real estate is now a black hole sucking in all capital and human resources to a non-productive asset class.
We've been having this problem since the 90s. Homes weren't always ovepriced. We focus so much on homes even in irrelevant discourse that it's insane.
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There are just too many monopolies in Canada. Monopolies are definitely affecting innovation, growth, and productivity in Canada.
It is not just that. That is only the tip of the iceberg. The main problem is that our ruling class (those with capital and money) invests little to none in R&D, and matter of fact almost no one regardless of socio-economic background invests in starting a business in the first place. Everyone instead invests in real-estate.
I was working at a warehouse when I was 16 and there was a foreign gentleman that was working next to m, he grew frustrated, picked up the cards we were folding and threw it on the table yelling "I have a masters in chemical engineering and I'm doing this shit!!" Later, I found out that Canada doesn't recognize any foreign degree. So...y'know...I (high school student) got to work side by side with a guy with a masters in chemical engineering...
How do U know that he had a master’s degree in chemical engineering? If he was skilled, he would stay in his own country and contribute, not come to Canada!? You can claim to be ANY degree to get into Canada..no background check needed.,’
@@dadwire1483not if it was one of the shithole countries
@@dadwire1483 Not true, here in latin america you can have a masters and still have the minimum wage... and here in latin america the minimum wage is the same as starving to death
port of Vancouver wants to automate and use modern equipment, union says don't automate hire more staff instead
Unions are a business after all. More members means more dues
Productivity is NOT just about producing more of the same final product or service per unit of input through efficiency, it is also about using the same input to produce something ELSE that is of higher value to consumers so that companies can afford to pay workers higher wages, because the new product or service can command higher prices in the market place.
The issue with productivity is complex. It seems to be a combination of employers not investing in their businesses and employees, coupled with a lack of incentive for employees to put in longer hours at work due to high payroll taxes (and one may argue low salaries, relative to our neighbors to the south). Currently, it seems (at least to me) we have fallen so far behind that it may be a tough issue to fix.
Canada had too many migrants who have phony credentials/degrees, who don’t come to work but to mooch the system!
Here is an idea: Let's set up a sovereign wealth fund. Norway has such a fund. The aim of the fund is to ensure a long-term management of revenue from Norway’s oil and gas resources, so that this wealth benefits both current and future generations. We have lots of oil, let's use it for our future. Each year, the Norwegian government can spend only a small part of the fund, but this still amounts to almost 20 percent of the government budget.
LoL! Are governments are to corrupt to leave it alone
statistics Canada reported that Canada real GDP per capita was about 58 100 at the end of 2023, so it's not really that bad.
It has been going down on relative terms for the last 40 years and the it has fallen more over the last 4 years so that is concerning, the trend
@@Daniel-ef7nk it rebound at the end of 2023, the survey reported that the decline happened due to covid 19
@@thetruedemocraticnorth the latest big decline in gdp per capita relative to our peers happened after covid, but since it is a relative decline they cannot blame covid because other countries were also hit by covid but did not have the same decline in productivity. However this has been happening since the 80s when we were the fourth richest country in the world in terms of gdp per capita and our gdp per capita was 88% of the american versus 72% now
@@Daniel-ef7nk the real GDP per capita still rebound above 58 100 at the end of 2023 as stated by the survey. which means that our nominal GDP per capita must be way beyond 60 000, which makes our nominal GDP at least 2.5 Trillion as of April 2024
@@thetruedemocraticnorth GDP growing a little bit when the economy rebounded does not mean much, what matters is that our peers Australia, US and Europe had their GDP per capita increased much more than ours during this period so there is clearly something bad about our economy
The population has smartened up so grifting starts from bottom up now instead of top down ? lol
Lifeless eyes black eyes like a dolls eyes.