We need to focus on ways to increase our long-term growth and spread that prosperity as broadly as possible. I hasten to add that these policies are, for the most part, outside the purview of the Federal Reserve. We need policies that support productivity growth, business hiring and investment, labor force participation, and the development of skills.
Rules and regulations should not prevent workers from shifting from sector to sector, province to province, or even region to region within a province. Too often, labour mobility is hindered because credentials are not recognized from one province to another. All of these barriers to labour mobility are unhelpful, not just to the economy, but to the workers themselves.