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EDITORIAL: Enough is enough

The effects of inflation are being felt across the country
Gas prices are just one place where inflation is felt. (Black Press file)

Next month, all motorists in B.C. covered by ICBC insurance will be getting a cheque (or credit) for $110 to offset the gouging going on at the gas pumps.

Thanks very much. Who is paying for that? We all are.

Sure, it’s all fine and good to get a little bit of cash back, but it is window-dressing on a much bigger problem.

The current rate of inflation in Canada is 5.7 per cent, the highest in decades. Projections for 2023 and 2024 are 2.2 per cent.

Of course, we all know it is effectively worse than that because the things we buy every day have gone up way more. Gas is up more than 30 per cent over last year. Food prices have increased dramatically by 7.4 per cent on average.

The cost of shelter – which represents approximately 30 per cent of income for working folks – has risen by 6.6 per cent. Meanwhile, how much have our wages changed?

For most of us, zero per cent. Effectively, most of us have taken a huge pay cut in recent months.

The nebulous actions that are being taken – by the Bank of Canada, for example, raising interest rates – are not doing anything for our pocketbooks. If anything, for the average person, these things merely exacerbate the situation since most of us are also seriously debt-ridden.

The fact of the matter is that wages for working people have been in decline for decades, while the wealthiest among us have seen exponential increases in theirs.

And it’s scary how many of us have bought into the myth that what is good for big corporations and their executives trickles down.

Elon Musk’s net worth is currently estimated at $264.6 billion. According to Worldometer – an independent statistics agency – one individual human being is now worth more than the GDP of 149 of the 190 countries in the world.

That is obscene. Enough is enough. It is time for our governments to get serious about income inequality.

–Black Press

READ MORE: Amazon adds 5% ‘fuel and inflation surcharge’ to seller fees

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