As new research from CPJ demonstrates, the poor bore the brunt of the recent recession. In Canada, hundreds of thousands lost their jobs and were left at the mercy of inadequate Employment Insurance and social assistance. Globally, millions suffered from rising unemployment, deep financial uncertainty, and high food prices. Yet it was not the poor that caused the economic downturn.
The economic crisis was caused by financial activity – speculation – taking place far from the everyday lives of the poor. The banks and financial institutions and other actors involved in creating the speculation bubble have taken their bailout and moved on into recovery. The poor are still waiting for their recovery.