[ilovebacon]

Originally Posted by Harvey Specter

We're in a recession.

I know people are hoping the Government will bail them out, it's not going to happen. All they're doing is soften the blow and keeping this country afloat during the lockdown. Once the pandemic is over, the harsh economic reality will set in for many of us.

People will be losing their jobs, businesses will be closing, people will have to walk away from their homes or investment properties because they're over leveraged and every sector of our economy is going to be affected one or another.

Just take a look at our billion dollar tourism industry, it's over for them. Even if our pandemic is over, no one will be travelling. No will be interested in flying, cruise ships will empty or even cancelled. Other countries might be in lock down and in a recession themselves so who's going to be coming to vacation here. I don't even think our RE market is going to escape this time.

Remember the articles for the past couple of years about Canadian debt levels been at record high levels, highest of any developed country and we should all be worried, well it looks like Covid was the pin that burst our bubble and this time around we're not going to be immune to a recession like we were in 2008. In fact I think Canada will be in worst shape than the US this time around.

What should we do and are you going to be affected by this?