It is an enormous shortage of jobs, not a lack of workers and not a lack of work ethic, that explains the decline in the employment rate pictured in the graph and the challenges in our households and communities.
Let me conclude by summarizing the relevance of this analysis for Bill C-38.
With chronic underutilization of our existing supply, policies that are aimed at compelling more labour force participation, such as the OAS deferral and the new rules cutting and restructuring EI benefits, are questionable. Those policies should be designed not to compel more labour supply but rather to support Canadian families in an era where there's a chronic shortage of jobs that dominates the outlook for our labour market moving forward.
Thank you for your attention. I look forward to our discussion.