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Profits, Not Wages, Have Driven Canadian Inflation - Centre for Future Work
Source: centreforfuturework.ca
Article summary:
1. The Bank of Canada has been focusing on the labour market as the main cause of higher inflation, but evidence suggests wages have lagged inflation instead.
2. Corporate profits have grown dramatically during the pandemic and are concentrated in industries that lead inflation.
3. Unit profit cost has increased significantly since 2019, while unit labour costs have grown much slower, suggesting that targeting workers with anti-inflation medicine may not be necessary.
Article analysis:
The article is generally reliable and trustworthy, as it provides evidence to support its claims and presents both sides of the argument fairly. The author cites statistics from Statistics Canada to back up their claims about corporate profits and inflation, which adds credibility to their argument. Additionally, they provide a link to a paper which further explores the role of record profits in 15 strategic sectors in driving overall prices.
However, there are some potential biases present in the article. For example, the author does not explore any counterarguments or consider any other possible causes for inflation besides corporate profits and wages. Additionally, they do not mention any potential risks associated with targeting workers with anti-inflation medicine or discuss any potential consequences this could have on workers or the economy as a whole.
In conclusion, while this article is generally reliable and trustworthy due to its use of evidence and balanced presentation of both sides of the argument, there are some potential biases present which should be taken into consideration when evaluating its trustworthiness.