I realize this will spoil a really great panic the opposition/press have worked themselves into, but…
Canada’s economy firm, RBC says
Economists at Canada’s largest bank have reduced their expectations for economic growth, while saying the domestic economy “remains firm.”
The Royal Bank of Canada now projects national growth this year of 0.9 per cent, down from its previous prediction of 1.4 per cent.
It cites “the persistent turmoil in financial markets and disappointing economic trends over the past two quarters.”
For 2009, the report released Wednesday sees a modest revival in gross domestic product with a growth rate of 1.5 per cent.
“The continued weakness in the U.S. economy is expected to dampen growth in Canada,” said Craig Wright, RBC’s chief economist.
“However, this pressure on our growth will be tempered by strong commodity prices which are contributing to robust export revenues and providing support to Canadian domestic spending via a boost to incomes.”
The report notes that Canada’s housing market “is showing signs of coming off the boil” after almost a decade of high activity.
“However, any weakening is expected to be more moderate compared to the U.S. experience as Canadian mortgage markets did not see the excesses that afflicted the U.S. housing sector,” RBC says.
It also notes “fatigue” in Canada’s labour market, with net job gains of only 87,000 in the first eight months of this year, after 320,000 new positions on average each year from 2002 to 2007.
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Thwim,
Thats just partisan. He could have been like Bush and got the credit card out again. Only G7 country to be in surplus….they did something right, especially while doing what you call a boneheaded move and melting a major revenue source.
So do you think the government should be spending or have spent less then?
A Few more years of Harper and we will be in real trouble!
Surely that can’t be right. I mean, partisan….. You must be speaking of some other blogs. Surely.
jwl, thanks for that info, but that’s only half of the answer I’m seeking. What would have to happen for interest rates to hit the teens again like they did in the 1980s?
Stephen: So the highest increase in spending in the history of Canada isn’t “pulling out the credit card”? 2.5 years, 12 billion gone. Again, the only reason that we’re not in deficit after a spending spree like that is because we were in such a good position already, and because we had record oil prices. And now Harper’s plan is “stay the course.”
Think about that. He wants us to stay the course that blew away 12 billion with a projected surplus of only 3 billion and oil prices well off of their record level.
Again, you’re praising Nero for the Colloseum not burning.
Now should he spend more or spend less? To be honest, he shouldn’t do either, because he shouldn’t be elected — handcuffing BC’s lumber industry, talking down Ontario’s economy, handing out his handbook to make parliament dysfunctional, abusing confidence votes, wasting parliament’s time with useless fixed-election date legislation — the man needs to be removed from the party fast, and a real conservative put into power.
Beyond that, I honestly don’t much care. I used to lean toward the Green policies before May swung them to the left, now I’m a voter without a home. But as mentioned elsewhere, I’m in Calgary, so what I vote doesn’t matter anyway.
Bruce:
“You missed the point Andrew, the Dion “Green Shaft” would destroy the economy and along with it our currency and credit rating.
Then again the Libtards would probably have no problem going hat in hand to the Russians for a bail out loan.”
No, I got your point. I just think it’s a stupid conclusion, and reveals a lack of any kind of sophisticated economic understanding.
Do you support Harper’s determination to keep income taxes high? The Liberals are the party of income tax cuts.
How much of that extra federal “spending” is increased transfer payments to the provinces. And how much of that was necessitated by Paul Martin’s draconian cuts to provincial transfer payments in the interests of balancing “his” budgets (provinces be d@mned??)??? I believe the number was around 40% cut out of the federal->provincial transfers during the liberal reign of Mssr’s Chretien and Martin? But of course Mike Harris got the final blame because he had to cut back to compensate for less federal monies…
“Do you support Harper’s determination to keep income taxes high? The Liberals are the party of income tax cuts.”
Uh, Andrew, what medication have you been taking?
Bruce, read the platforms. Income taxes would be lower with Dion’s plan vs the CPC plan. Thus, supporting the CPC is tantamount to supporting higher income taxes.
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