When regime water carriers like the CBC start to run stories about an imminent recession, that’s a pretty good indication that they’ve run out of ways to sugar coat bad news and are coming to the same conclusion that many SDA readers arrived at months ago.
Soaring inflation has eroded purchasing power, and climbing interest rates have clobbered households. Now, cracks have begun to appear in the data, and economists expect those cracks to grow. GDP contracted in the second quarter of this year.
Next week, new data is expected to show economic growth flat-lined in July and perhaps contracted again in August. Some of that can be chalked up to specific factors, including labour actions like the port strike in B.C. or wildfires.
But before any of that, momentum was clearing being sapped out of the Canadian economy.
I managed to get through the article. CBC is now saying energy prices are a large factor in inflation after telling us all year that the carbon tax doesn’t fuel inflation. But I had to stop when I got to the comments… some dim lib/ndp voting, Toronto resident saying this is all from Harper’s bad polices that Jr is working hard to correct. I mean… it’s stupefying that people can be that dim.
“But I had to stop when I got to the comments… some dim lib/ndp voting, Toronto resident saying this is all from Harper’s bad polices that Jr is working hard to correct. ”
They sure closed those comments in a hurry, didn’t they? All the Top Comments were devastating to the Trudeau government defenders (check out the number of ‘likes’) and they were just overwhelmed by all the negative responses. There are only so many times you can claim that carbon taxes don’t add to inflation when it states right in the article that they do.
But if you ask Paul “Always Wrong” Krugman inflation isn’t that bad if you don’t include groceries, shelter and energy. He won a Nobel prize and everything.
Water carriers?
More like cabin boys.
When the pursuit of green mythology and regional pathologies supersedes productivity, competitive advantage, access to energy, agricultural production, capital investment, fiscal and monetary sanity, and thrift, then don’t expect much growth in the productive sectors struggling to survive. Canada is governed by economic illiterates, cultural vandals, green theologians, innumeracy, race and poverty pimps. The rot isn’t restricted to the elected Bolsheviks and Jacobins but extends through the culture and now virtually all the institutions. A recession or election will not change this. An overturning of the institutions is required, most critical would be academia, public services and media (already underway). Breaking up the nation might offer some respite to some regions.
I’m waiting to see what big, new taxpayer funded giveaways the Trudeau liberal-NDP government is going to announce before the next election. A few possibilities : student loan forgiveness, universal basic income, subsidized mortgages on tiny homes paid by taxing home equity, food stamps….
The cure to the jabs….
It won’t work and it didn’t really work all that well before either-Trudeau hasn’t had a majority since 2019. The Zeitgeist isn’t favorable to ‘free stuff’ for a few reasons, the housing shortage being a paramount one, and the bond market is going to become even less favorable. You don’t get to say no to the bond market. The Liberals are probably boned.
A little late to the party but the ugly truth is hard to hide. CBC had to admit it sooner or later. This appeared in my feed without my conducting related searches, so….
https://dailyhive.com/vancouver/canada-economy-recession-housing-crisis-forecast
Taxing principal residences will definitely not work for any Liberal/NDP election platforms, for this round, although many Canadian voters are not surprisingly stupid or ill-informed.
Just remember that taxing ppl residences is on the Liberal/NDP agenda for next time. Has anyone kept receipts for every improvement that CRA would accept for 30 years?
Instant death! Fake land prices for aging homes. There is no way that the tiny plot of land that my townhouse occupies is worth what BC Assessment says it is. My neighbour’s home is larger, renovated and for sale for the insane amt. of 1.74 million.
That dog don’t hunt.