John Manley joins CBC's Power & Politics to weigh in on Canadian GDP, interest rate increases by the Bank of Canada and U.S. Federal Reserve, the prospects of a recession and what all of this could mean for the federal government.

He explains why getting inflation under control is so important for investment and economic growth. "Inflation is what destabilizes an economy. If people can't trust the currency, they can't trust their savings anymore, then you can't have investment, you can't have economic growth. So getting our hands on inflation, getting it down to the level that Canadians have confidence in . . . is a very important step."