To return to the discussion over inflation, while Canada’s inflation rate has been reported as 4% over last year, the previous year the rate was zero, meaning a 2 year inflation rate of 2%, that is, nothing to worry about.
Let us also remember the “war on inflation” in the 1970s and ‘80s was part of an attack on working people, where unemployment was allowed to rise, social services slashed, industrial planning and policy abandoned, pensions privatized, unions gutted, and more. It was never just a battle to keep the cost of living from rising. It was a response to the success of working people in improving their lives. That hurt profit levels, and capital fought back successfully, with “think tanks” such as the Fraser and Cato Institutes, new political leaders and in Canada, parties, and more. Thus social welfare has suffered, from education to health care, wages have stagnated, but hey, with “the market” unrestrained and unrestricted, some sectors of capital, notably FIRE, have made out like bandits. So yeah, I’m not too worried about inflation in the next little while.