Unemployment in Canada: The Solutions
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This paper explores what actions can be taken to lower the unemployment levels in Canada. The paper explains how the pursuit of zero-inflation has been a major factor in ongoing higher unemployment while the inefficient Unemployment Insurance (UI) program has provided very little incentive for Canadians to work. The paper addresses the controversy surrounding the impact of the minimum wage policy, unions and payroll taxes, and presents the argument that reducing the cost of hiring workers and removing impediments to business growth is not a viable strategy in the quest for reduced unemployment. The paper concludes that something must be done about unemployment in Canada, but for now, it is not clear what the solution is.
From the Paper:"Canada has faced nothing short of an unemployment crisis throughout the 1990s. Unemployment levels are second only to those during the disaster of the Great Depression and continue to lurk well above those in the US. In recent months the rate has fallen to 8.6%, down from its decade long average of around 10%. Despite this slight improvement, however, the International Monetary Fund noted in its recent consultation to Canada that unemployment is still a concern, and more must be done to remedy the situation. But what can be done about unemployment?
"Luciani reveals the widespread myth that there isn't much that can be done about high unemployment. In an interlinked world that is increasingly governed by high technology and service oriented economies, many have come to accept that Canada's natural rate of unemployment is simply higher than other countries; the US in particular. This, however, is untrue. There is something that can be done about high unemployment. Luciani notes several so-called home grown factors that have sparked Canada's unemployment spiral. And as this paper will show, all of them can be controlled. BUT, change does not come without its costs or confusion."
Cite this Analytical Essay:
Unemployment in Canada: The Solutions (2003, October 23) Retrieved June 26, 2022, from https://www.academon.com/analytical-essay/unemployment-in-canada-the-solutions-33349/
"Unemployment in Canada: The Solutions" 23 October 2003. Web. 26 June. 2022. <https://www.academon.com/analytical-essay/unemployment-in-canada-the-solutions-33349/>