Thursday, September 01, 2011

Another recession?

Exports are down and growth was negative in the second quarter. It is good that HM Government is aggressively looking for free trade deals throughout the world. We are not immune from the incompetence and profligacy of Barack.
What do e not need? Another stimulus. This time around we don't have the grits and dippers pushing Huge stimulus programs. Keynesian measures must be avoided.

Canada has officially sunk halfway into recession.

A dismal second quarter saw the Canadian economy contract for the first time since the Great Recession, meeting the first of two consecutive quarters of negative growth required for a second economic trough.

Finance Minister Jim Flaherty said the data prove Canada’s economy is still fragile and vulnerable.

“Global economic growth has been weak in recent months and as a trading nation, we must recognize that turmoil abroad will inevitably have an impact on our economy,” Mr. Flaherty said.

Gross domestic product fell by 0.4% annualized during the April-to-June period, after growing by 3.6% in the year’s first quarter, Statistics Canada said.

“No matter what, we are getting growth that isn’t going to be going anywhere for some time,” said Derek Holt, vice-president of economics at Scotia Capital.


bertie said...

I may be wrong,but I think most of the stimulus went to bail out the auto industry and infrastructure projects.Something that would have had to happen anyway if we didn't want to lose the auto industry and see our roads and bridges collapsing.

Canajun said...

No stimulus? Whatever will Muskoka do?

And while it's fair to point the finger at the opposition parties for applying the pressure, the Harper government sure embraced the concept with gusto - it's almost as if they were waiting for an excuse to do what they wanted to do in the first place but needed some cover in case it all went pear shaped on them.

And just for the record, I personally believe the whole stimilus program was an unnecessary boondoggle, especially the auto company bailouts and the aforementioned Tony Clement slush fund.

Anonymous said...

Harper is a useless economist.

I Support Lord Black