Canada's Unemployment Dips Below 8 Percent

Discussion in 'Politics' started by sargon20, Jul 9, 2010.

  1. sargon20

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    Canada's Unemployment Dips Below 8 Percent

    It appears those 'socialists' are doing better than those savage capitalists in the US:
    Canada's unemployment rate dipped below 8 percent for the first time in a year and half as the country added a higher-than-expected 93,000 jobs in June.

    And they've done better from the start:
    Canada entered the global downturn in the last three months of 2008 and withstood the global economic crisis better than most developed countries.

     
  2. kenmore3201

    kenmore3201 New Member

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    canada may want to down play their success or we may just have to invade!
     
  3. vince

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    Eight percent is still too high, but it is true that in Canada it's just been a been an "average recession". The number of business bankruptcies actually fell in both 2008 and 2009. No bailouts of major financial institutions... They are heavily regulated. There was a stimulus package paid for by running the first deficits in 15 years...

    And the reason for no deficits? In the 90's the government slashed spending and subsidies, raised taxes like crazy and adopted a pay as you go approach to govt spending and the surpluses mostly went to pay down debt. So when the recession hit, we could easily afford to borrow for the stimulus. I am a firm believer in requiring a government to fund it's spending. If they want a war or an entitlement program then they should have to find the money in the budget or raise taxes.

    I don't think high taxes are a growth killer either. Canada's economy over the past twenty-five years is proof of that. Being fiscally conservative is what allows Canada to afford to be socially liberal. But it takes discipline and politicians willing to risk being highly unpopular for a few years for a austerity program to work. Neither Democrats or Republicans have the nads to do it in the States. If they cut spending on social programs the left is all over them. If they cut the military and raise taxes, the right wing will scream and cry. So the only choice is spend and borrow and that can't be sustained forever. Eventually the whole house of cards is going to crash hard.

    And all the yapping about Obama's spending? The Republicans and their supporters should just STFU because they were the worst in the history of the US in running up public debts. They should hang their heads shame and sit in the corner for what they did to systematically ruin the US economy. In the 90's the US was well on it's way down the same road as Canada. A reasonable tax rate and moderation in spending was yielding some surpluses and the economy was humming. Along comes a economic downturn and Bush and Co. panicked and cut taxes (for the wrong group) and fucked the program. Then when they wanted a war, they couldn't pay for it. The whole hands-off, liberal approach to regulation of the banks and Wall St. didn't work out to good either did it?
     
    #3 vince, Jul 9, 2010
    Last edited: Jul 9, 2010
  4. cdarro

    cdarro New Member

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    Well said, Vince. But the job gains were almost completely in the non-manufacturing sector, which is where the recession's job losses hit hardest. A lot of $30 /hr jobs may have been replaced by minimum wage jobs.

    On a positive note for my province, Alberta's deficit for 2010 is now estimated to be $1 billion, down from the estimated $3.9 billion of just 6 months ago.
     
  5. vince

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    My brother's house construction business in the Gulf Islands slowed down just enough for him to catch up and take a holiday. He's very busy again this summer.
     
  6. sargon20

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    Another interesting article:


    Canada's mysterious success is bad omen for U.S.

    By Nick Godt, MarketWatch

    NEW YORK (MarketWatch) -- The success of Canada, where big money and business interests don't have as much sway over policies as in the U.S., is a good reminder of why economic prospects here are getting grimmer.

    In Canada, where a regulated banking system and strong consumer protection laws helped the country weather the globe's worst financial and economic crisis since the Great Depression, a vibrant private sector is hiring again.
     
  7. AG08

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    Here are more articles:

    http://www.thestar.com/business/article/833996--june-jobs-boom-hits-ontario?bn=1

    Need A Job? Try Canada, Where Hiring Is Booming And Home Prices Are Rising

    From what I understand, most of the new jobs created are considered good jobs. Manufacturing is pretty much dead in Canada. With countries that have considerably cheaper labour such as China and Vietnam, I don't think that will change much in the future.

    While 7.9% unemployment may seem high in other countries, Canada has now pretty much recovered most of the jobs lost in the beginning of the recession. We are the only G8 country to have done so.
     
    #7 AG08, Jul 9, 2010
    Last edited: Jul 9, 2010
  8. AG08

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    Are you sure you can afford it? :tongue: :biggrin1:
     
  9. sargon20

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    It can borrow the money like the US. :wink2:
     
  10. Bob Ross

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    HAHA...We can bill it as follows: The United States Dorito's, Pepsi, Washington Mutual Funds Invasion of Canada (financed by our proud sponsor: China).
     
  11. AG08

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    :lmao:
     
  12. AG08

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    Canada did have to take some pretty bitter medicine in the first half of the 90s to get our financial house in order. Thankfully, I was studying in university at the time. I remember everyone telling me that I picked a good time to go back to school (I was in the workforce for a few years before going to university) because there were no good jobs available and the economy at the time seemed to go from bad to worse. The federal gov't here also had to stand up to a lot of pressure from powerful corporations (especially the big 5 Canadian banks that wanted to merge together), and endured a lot of international criticism for being "too safe", "boring", and "overly cautious". The federal Liberals were in power at the time and took a lot of heat at home as well for not loosening regulations. As much as I detest the federal Liberals, I do have to give them credit for doing what was right instead of what was popular, so kudos to them. The funny thing is that now the countries that openly criticized Canada in the past for this (such as the U.S. and the U.K.) are now applauding Canada and even coming to Canada for advice about how to reform their banks. The fact that not one Canadian bank needed any help from the federal government (despite repeated offers), goes to show how strong and sound our banking system is which in turn inspires confidence in the economy. Canadian banks are now considered the safest banks in the world - even more so than Swiss banks which are legendary for safety.
     
  13. sargon20

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    The silence from the usual socialist Canada bashers on the site is deafening :smile: Maybe they've got heat stroke from the heat wave in the US after spending the winter denying global warming.
     
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