Quote:
Originally Posted by JDął
Everyone will be affected. Those who weren't over leveraged, held cash, or got out of the markets before the record crashes are the only ones who will be treading water.
The Liberal government was spending like a drunken sailor for the past five years while not producing economic growth to match it. They added tens of billions in debt and still had only a 0.3% GDP growth in Q4 2019. I'm sure that will be audited to flat and Q1 2020 was already going to be 0 or negative GDP growth as a result of the blockades. All of this during the greatest global economic prosperity we'd ever seen; the markets were juiced. Canada was entering a recession before COVID-19 hit, plus OPEC decided to kill the energy industry to say 'fuck you' to Russia and their pricing games. Canada is now in big, big trouble. Harvey is putting it nicely saying we'll be worse off than the US.
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At this point i don't think it even matters how ineffectively this government has navigated the economy. Decades of low interest rates, coupled with an artificially inflated housing market, positioned Canadians as the most indebted country in the developed world. Our dollar tied to a resource whose market we have no control over.
Did they cause it? No. They also didn't do anything about it. Understandable though, considering the prime job of a politician is to be re-elected, not fix problems.
Half a million ei claimants, equating to a 2.6% increase in unemployment this week alone. The US is projected to see 20% unemployment before we come out the other end of this.
These numbers haven't been seen since the 30's.
Of course, the US will come out on top. They always do. They are a capitalist powerhouse with the world's strongest and most influential military.
And Canada will benefit because of it. as we always have. Due to our geographic location and tied history.
Children of a common mother.