The Competition Bureau’s study is just the latest in a string of evidence that corporate profiteering has cost Canadians gravely. Ottawa has now been given a range of policy options to address the problem. As D.T. Cochrane explains, a windfall tax on the largest and most profitable corporations would be an ideal place to start.

In 2010, Occupy Wall Street popularized the slogan “We are the 99%” to confront the excess of wealth and power of the one percent. Unfortunately, those at the top continue to grab an oversized share of incomes and wealth, both in Canada and globally. Between 2010 and 2019, the top one percent added almost $140,000 to their average incomes, while the ultra-elite 0.01 percent enjoyed an increase of $2.9 million.

There is much economic uncertainty as the country uneasily exits the pandemic. Now is not the time for governments to be timid. Now is the time for the federal government to lead. Bold spending can deliver long overdue government programs that support those in greatest need and stimulate the economy. As it stands, the NDP’s promises are the only ones that approach the necessary scale of action.

Early in the pandemic, it was clear that the economic fallout would be unequally distributed. However, few anticipated that the pandemic could mean boom times for some. But that is precisely what happened. While lost wages, lost jobs, and small business closures generated headlines, many of Canada’s largest corporations quietly managed to achieve record profits.

In Janet Yellen’s confirmation speech to US Senators, she said the government must “act big” to deal with the pandemic’s economic fallout. Three months into her role as the first woman treasury secretary, Yellen is going beyond big spending with an ambitious plan to rollback decades of corporate tax cutting. Canada’s Liberal government must grab the same opportunity to go as big, if not bigger.