The story of how we got into this global economic mess, and how we will get out, is inextricably bound up with the story of rising income inequality. After all, it was triggered by the interlocking fates of subprime mortgage holders – people who didn’t have enough money to get a regular mortgage – and their lenders. Every part of the ensuing cascade of calamity was linked to the pursuit of ever greater returns, a promise of prosperity fuelled by easy money and reckless bets.

Tax cuts are the worst possible economic stimulus with Bank of Canada interest rates heading to zero, and may well have a negative effect on the economy, says a report released today by the Canadian Centre for Policy Alternatives (CCPA).