2022 was one of the worst years in decades for real wages, but once inflation surges, the die is cast and the fight lost for labour. Read on.
The unfortunate answer is that it’s probably already too late. Once inflation surges, the die is cast and the fight lost for labour.
The end result was a sharp redistribution of income away from labour. The share of national income that went to corporations, meanwhile, jumped to well over 28 per cent over the past two years, hovering at one of the highest shares in the past five decades and up from 26 per cent in 2019. Governments also did well as inflation fattened their coffers.
More fundamentally, real wages are closely correlated with productivity growth. Given productivity in Canada is stagnant, there’s little scope for wages to grow much past inflation for a sustained period of time.
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