Obviously, when you go through recessions, typically.... I think at the onset of the pandemic, everyone was talking Great Depression. Certainly nobody wants that. What ended up happening was that certainly it was rushed out the door, and probably rightfully so, but in the second quarter of 2020, labour income declined by about $20 billion nationally. At the same time, government transfers to households grew by over $70 billion. Basically, three dollars went out the door for every one dollar lost in income.
What happens is that you have a situation where in a recession, for example, typically you'd see a decline in consumer demand. But that was kind of offset by government transfers while businesses reacted by obviously shutting the doors, thinking the worst was coming. So what you have is basically too much demand out there, because it was supported by government to households.
Again, I'm not saying that's the wrong decision to make, but now we're starting to see that obviously in consumer price inflation. Consumer price inflation expectations right now in Canada are running at a 20-year high. Half of businesses next year are expecting to raise prices by 5%—