The Covid-19 pandemic slowed down the world economy by messing up supply chains, but the real kicker to the world was Russia’s invasion of Ukraine, and the West’s response to it. Decisions by the West early in the invasion clearly helped Russia and decimated Ukraine, but no country and people will get off Scot-free. As oil and gas, and wheat prices skyrocket, coupled with supply chain problems with China, the world will soon welcome a global recession.
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The Russian Invasion of Ukraine and its Widespread Effects on the World
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Having the unenviable experience of being out of work for a long time, I very much sympathize with this 29 yo Millennial. His name was kept confidential so I cannot contact him. If you read this, please drop me a line. It seems he did everything right, schoolwise, but society has failed him. Who is to blame for such systemic problems in finding gainful and meaningful employment?
I am currently working as an IT recruiter, a difficult and low paying job, where success is few and far between. Still, I get to help some people some of the time. Oddly, I find this one of the benefits of the job. I can also shed light on some of the quirkiness of the job search that others might not tell a candidate.
So Canada is much better off than all other OECD countries? We have economic growth of supposedly 2%. How can this be? Statistics magic saves the day. Lose well paying full-time jobs, gain low wage part-time jobs, and call it even. Unfortunately your average citizen here in Canada knows first hand that job and economic statistics do not put food on the table. Long-term joblessness, as I know first hand, is a common and growing problem. We need to overstate that this personally decimates the job seeker but society overall. The negative implications long-term joblessness or unemployment are widespread and damaging to society in general. The newly jobless scale back discretionary purchases. The long-term jobless change their philosophy of life and spending, resulting in radical systemic changes to our retail and marketing environments. Health deteriorates, resulting in higher long-term health costs. No matter if you are currently employed, long-term joblessness will affect you directly or indirectly.
It is with great dismay that I have been reading news reports that the recession in Canada has been over for many months, yet I still cannot find work. I consider myself to be an intelligent fellow, very well educated with work experience to match, but somehow I’ve lost my golden touch. Really, that is putting it mildly. Logically speaking if I had not been fortuitous enough to live a frugal and stable life in the past, today I should be in bankruptcy, living off food banks and be a beggar in the street. Smart strategies and a whole lot of luck in the past have saved me this fate. Or was it typical Chinese values. One will never know.