How Addressing the Supply Crisis Can Create a More Equitable, Resilient Society

Throughout the COVID-19 pandemic, businesses across many sectors of the economy have found it increasingly difficult to find workers. According to Statistics Canada, the unemployment-to-job vacancy ratio reached an historic low of 1.4 in June 2022, amidst a record tight labour market. In particular, significant impacts have been felt within the healthcare and social assistance, construction, and manufacturing sectors. Today we unpack the causes and consequences of Canada’s labour supply crisis. What, if anything, can be done to improve the situation? Moreover, our guest Sean Speer outlined in a recent white paper entitled “The Urgent Case for a Supply Rebuild: Investing in a New Economic Compact for Canada” that we are facing broader supply shortages, for example related to the supply of energy, housing, and ideas. The latter part of our discussion addresses the rationale for government involvement in a broader supply rebuild. What is the role of government, and what are the long-term consequences of inaction?

Guest Bio - @Sean_Speer:

Our guest today is Sean Speer. Sean is an assistant professor at the University of Toronto’s Munk School of Global Affairs & Public Policy, Editor-at-Large with The Hub, and a project director at Ontario 360. Additionally, Sean is the Public Policy Forum’s Scotiabank Fellow in Strategic Competitiveness and, luckily for us, the Faculty Advisor of Beyond the Headlines. He has previously served in different roles for the federal government, including as senior economic advisor to Prime Minister Stephen Harper. Sean has written extensively about federal policy issues, including taxes and government spending, retirement income security, social mobility, and economic competitiveness. Sean holds an M.A. in History from Carleton University and has studied economic history as a PhD candidate at Queen’s University.

Further Reading:

Porter, D., & Kavkic, R. (2022). Workers Wanted: Demand, Demographics and Disruption (Focus). BMO.

Ragan, C. (2010). Two Policy Challenges Driven by Population Aging. Policy Options, 31(9), 72–79.

Shingler, B., & Bruce, G. (2022, August 23). In a tight labour market, this is where Canadian workers are going. CBC.

Speer, S., & Greenspon, E. (2022, November 1). The Urgent Case for a Supply Rebuild: Investing in a New Economic Compact for Canada. Public Policy Forum.

Producers:

Connor Fraser - Executive Producer