Quote:
Originally Posted by Tapioca
^ Real wages have been stagnant for 2 decades. Unemployment has been higher before and systemic underemployment has been a reality for the last decade. Manufacturing is all but dead. Debt has been increasing for the last decade also.
Yet, people are getting by, albeit with less savings. Maybe you won't be able to buy more supercars, but people who haven't worked in resource extraction have been muddling along for the last 10-15 years despite systemic changes in the global economy that no central bank has any real effect on.
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while i'll admit that few will die from this, look at the shit so many in america live in, or lack of assets they have due to it all being wiped out in 2009...
life will go on, but on average quality of life will decrease.
CAD will likely weaken as soon as Fed announces rate rise in Sept (it's somewhat priced in, but there is still a bit of uncertainty)
we're flirting with 1.30 USD/CAD, i expect 1.40 within a year or two. this recession will hurt, and canada will not easily get out of it.
glad i moved to europe >18 months ago - there were no good jobs then, i'd imagine it will only get worse and worse