Juno News - April 12, 2022


How inflation is hurting you


Episode Stats


Length

2 minutes

Words per minute

164.42848

Word count

351

Sentence count

1


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

Inflation has been a problem in Canada for a long time, but what exactly is inflation and why is it so bad? Why are prices going up? Why is inflation growing? And what does it mean for the typical canadian?

Transcript

Transcript generated with Whisper (turbo).
00:00:00.000 why is inflation growing and what does it mean for the typical canadian well it means a lot of
00:00:06.240 hardships is what it means for canadians and this is real canadians who are in the private sector
00:00:11.520 who may have lost their job during the pandemic who may have taken a pay cut during the pandemic
00:00:15.840 who may have lost their business they're feeling the pain of higher prices at the worst possible
00:00:20.320 time yeah it might not feel too painful for the people who are living in their cushy bubbles in
00:00:25.040 ottawa who continue to give themselves pay raise after pay raise after pay raise but for everyday
00:00:30.720 working canadians in the private sector it means an awful lot of pain now let's talk about some of
00:00:37.040 these uh global confusions if we can call it that yeah other countries are feeling the pain of
00:00:42.960 inflation when these other countries are running massive deficits and have their printing press
00:00:48.000 on overdrive like canada but countries that haven't had all this money creation japan switzerland
00:00:53.760 aren't dealing with the type of inflation that's happening in canada and candace i want to address
00:00:59.040 another point of confusion that we often hear is about these supply issues well we always have
00:01:07.040 supply issues there is always supply issues year after year whether it's a refinery shutting down
00:01:12.800 whether it's maybe bad weather uh crop disasters this happens all the time yeah cp cp strike that
00:01:20.480 happened a couple years ago caused huge supply issues so you're right we see it every year
00:01:25.040 exactly but what's different about now that's leading to 30 decades high inflation what's different
00:01:31.280 about now is that we just had two years of revolving government lockdowns which hammers output we just
00:01:38.640 had the printing press create 370 billion dollars out of thin air drop it into our economy meaning the more
00:01:46.080 dollars they print the less that our dollars buy so what we've seen now which is different than before
00:01:51.920 is the government create the perfect storm for inflation which is too many dollars chasing too few goods