“Canadians are reflecting, rightly, that the job market isn’t as good as it was when times were good and they say ‘we’re in recession’ because of that, where economists say ‘we’re in recovery’ because we’re not as bad as we were during the recession.” — Avery Shenfeld, chief economist at CIBC
How is the recession over when there are more out of work now than there was five years ago? The big banks and other large corporations have made huge profits but the employment rate in most provinces have dropped. So what is it that the so called economist do not understand about that. Huge profits for huge corporations do not dictate how the economy is doing the levels of new jobs tells us how the economy is doing. Huge profits for the corporations and higher taxes for the poor, is this how they calculate how the economy is? well it is a bunch of hog wash. We say tell the 1.53 million people that are out of work in Canada that the economy is doing good.
Most people that do find jobs are in the service industry and they are low paying jobs, there have been no high paying jobs in the past several years. The good jobs are being traded to off shore business that have been created by companies that use free trade to do the manufacturing jobs that were once here in Canada and are now in foreign country. So a question to the so called economist, where are the new jobs coming from? Not technology — they are going to India and other Asian countries according to reports from Asian countries.
So much for the knowledge, new economy! More like service, low wage, serf economy!
Housing in Ontario, Newfoundland, Alberta, Nova Scotia and several other provinces are down. It is the housing market that creates jobs not insurance companies or big banks, these are the companies that take advantage of your tax dollars, so as they do not have to pay tax. Remember Brian Mulroney mad tax break for the wealthy? I do.
The problem boils down to this: you can read all the optimistic statistics and predictions you want, but it’s whether you can afford to buy food and shelter that matters. Also, people are worrying about servicing their debt.
So, if you get the “right” economist to put out the “right” optimistic spin on the economy, but people are still not convinced, perhaps its because your optimistic statistics and predictions don’t match their harsh reality of unemployment and rising costs.
If the newspaper claims more women are surviving breast cancer today than 20 years ago, it’s of little comfort to someone who is dying of breast cancer in palliative care right now. In summary, optimistic words on a page do not equate to prosperity and economic well being.
Canadian corruption galore causing Canadians to be ‘guarded’
Why should they not be guarded? The Feds spending $17 Billion of air craft that we could easily produce( since we once produced the best that there was), then the servicing contract. That kind of money directed toward peace moves would cause the world to flip on its axis.
Provincially, Mcguinty gives hydro contracts to the Americans. The auto bail out of 18 $ billion could have put in infrastructure Canada/Ontario badly needs putting people to work but no we give it to foreign companies. What the blazes is wrong with our leaders: are they just puppets of multi-nationals.
The Green Energy bill paved the way for solid footing but then Smitherman created such a neat loop hole /window allowing foreign wind farms and solar stuff to fill the void in Canada. THe laid off auto workers have the related skills to build those things, but then again Dalton gives the contract to a foreign company with little experience at that.
More of the best soils in the world are paved and build over. Don’t you think that people already see the rising cost of food. Thinking that “others” would feed us for cheap, give us work and look after our environment is as stupid as thinking that “they” will protect us with fighter craft.
Foreign companies taking over all of Canada’s nickel , diamond, copper, iron and fossil fuels resources and Canadians seeing the rapid increasing cost of their gasoline and metal needs is indeed scary.
Banks today meeting about the “potential” down turn in Canada while earning Billions of dollars is indeed frightening. ALL of those banks will not lend to Smooth Rock Falls and other towns where mills have shut down. Need I mention that hydro dams in all those places are up for sale leaving those communities barred from their own hinterland.
Economists say Canadians too gloomy about prospects
by The Canadian Press
TORONTO — Cheer up, gloomy Canadians — the recession is long over and growth will continue this year, say the country’s top economists, despite a survey which has found that most Canadians believe the economy is still in a downward spiral.
The chief economists of Canada’s big five banks gave their predictions for moderate Canadian growth Thursday at a panel discussion sponsored by the Economic Club of Canada.
About an hour before the economists took the stage in Toronto, the Economic Club released the bleak results of a survey that showed 65 per cent of respondents still believe Canada is in a recession.
Economists officially declared the recession had come to an end in mid-2009.
“The perceptions don’t reflect the fact that things have been getting better for now a year and a half,” TD’s chief economist Craig Alexander told the Toronto audience.
“There’s no question that the recession is over, so how do you actually reconcile the poll results with what the economic forecasters are talking about?”
Avery Shenfeld, chief economist at CIBC, said the difference of opinion stems from semantics.
“Canadians are reflecting, rightly, that the job market isn’t as good as it was when times were good and they say ‘we’re in recession’ because of that, where economists say ‘we’re in recovery’ because we’re not as bad as we were during the recession.”
Canada has churned out six quarters of economic growth, and the economy has recovered all of the jobs lost during the recession, but the Economic Club and Pollara survey suggests that Canadians are less optimistic about the state of the economy than they were a year ago.
(1) Economists say Canadians too gloomy about prospects