I think that's right. The impact of this recent surge of the dollar has yet to be felt, and we'll see further job losses and closures. Moving forward, I think the next six to eight months are going to be critical. I'm unfortunately expecting probably as many as 50,000 job losses up until June in manufacturing alone. But as I say, if we're seeing production closures elsewhere, we'll begin to see those in other sectors, too, and across communities.
My concern here is not only the level of wages—again, we're seeing the shift of employment from high-wage to low-wage jobs—but we're also seeing the shift from high-productivity jobs to low-productivity jobs, and then we wonder why the overall level of productivity is falling in the economy and we wonder why the Bank of Canada says our overall capacity rate is falling and therefore we have to keep interest rates high to stave off inflation. This is all part of the same problem.