It will right itself just as the Titanic did:
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Cabinet yesterday said it will recall Parliament into emergency session for a third time to pass another pandemic relief bill, this one to provide $9 billion in aid to university and college students. Cost of the Canada Emergency Student Benefit puts the federal deficit close to $200 billion this year: “We’re working out those details.”
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The COVID-19 pandemic has effectively wiped out job gains made in the Canadian economy since October 1986, if the number of Canada Emergency Response Benefit (CERB) claims is used as a proxy for the unemployment rate, according to an analysis of Statistics Canada data by the Canadian Centre for Policy Alternatives (CCPA).
Publicly available data from Service Canada and the Canada Revenue Agency show more than 7.1 million unique applicants have filed for the $2,000 monthly benefit since applications opened on April 6.
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Roughly five per cent of the Canadian labour force, or one million people, are now out of work because of COVID-19. A further 10 per cent worked less than half of their usual hours, none in some cases, despite technically remaining employed. In Toronto — which has experienced an unprecedented employment boom over the past five years — at least 25 per cent of all jobs have now been wiped out.
But the most remarkable thing about these statistics is that they represent just two weeks worth of data showing the devastation COVID-19 has wrought on the employment landscape. The situation can get markedly worse, and likely will.
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