Former Bank of Canada governor warns both Canada and the United States headed towards a recession
https://www.ctvnews.ca/politics/article/canada-and-us-sliding-in-the-direction-of-a-recession-poloz/
Former Bank of Canada governor warns both Canada and the United States headed towards a recession
https://www.ctvnews.ca/politics/article/canada-and-us-sliding-in-the-direction-of-a-recession-poloz/
31 Comments
Tariffic!
Quick, kill resource sector, increase government handouts and government size, increase TFW and other programs to hire non-canadians, increase global aid… that will get us out of recession faster! /s
Headed?
Newsflash, we’ve been in a recession since covid. Even the news has already acknowledged that it’s being masked by high immigration multiple times.
How many of these do I have to do?
Newsflash CTV. You’re at least a few years behind on this. The middle class has already been feeling this pinch.
LOL!
This shows up on my feed every week since covid started. The next piece says AI will take my job next week. Been saying that for 5 years now. Just burn it all down and get it over with
Whatever not like we haven’t been through them before.
Recession is here, no need from officials to tell us.
You best start believing in recessions Mr.Poloz, you’re in one!
Thanks Obama.
Since covid, US gdp per capita has increased by more than 20k, while Canada only 8k. But sure, America is also facing a recession.
It feels like we’re in a recession more often than not in one. We hear this so often that it’s just another day.
It’s already a recession, it’s heading for a depression
Canada has been in a recession for a solid 5 years, closer to 10.
The only thing that kept it afloat was the ridiculously low interest rates (kept low by the government under/over-reporting key factors) which threw everyone financially illiterate into huge debt, and had the knock on effect of driving house prices to the moon because the monthly payments were so low.
Plus the population growth in 10 years of 6 million people, but our unemployment and GDP stayed static.
Better increase immigration to keep the real estate ponzy alive. Also – lets waste taxpayer money on collecting Farmer Joes semi-auto rifle because its black and scary looking.
we’ve been in one for years…
This is the same guy who said the US was headed for a massive recession because tariffs would make Barbie’s go from $20 to $25 lol
Now he’s suggesting AI is replacing youth jobs while checkouts have been slashed for self checkout and minimum wage jobs are increasingly filled with international students, asylum seekers and TFWs… Wilful ignorance leads to mal informed conclusions – also why are all these old bankers obsessed with AI?
Finally I can claim my W. I’ve been predicting those recessions for 5+ years.
The rich buy things at a steak and ordinary people suffer…. What else is new??
It doesn’t take an economist to see that!
Former Bank of Canada governor?? You mean like Mark Carney??
You know it’s bad bad when banks start calling it what it is.
What? We are not in a recession already? For certain sectors (e.g. IT) I believe it’s already a depression…
We’ve been in one for about 5-6? Years lol
I always find it funny when officials make these statements as if we haven’t been in a recession to the point where I sometimes think it is ragebait (not engaging the real issues). Financially speaking, it has objectively never been harder in modern day history to get ahead since maybe the Great Depression. 2008 hit some people in Canada hard, I won’t ignore that as an honourable mention. The average house price to net income in Canada is 12:1; paying 15% on $80-100k like in the 80’s is not the same as paying 6% on $700k, especially when wages don’t follow. Not a single going out entertainment option isn’t expensive anymore, groceries are beyond expensive for most high quality products and Canada’s own trade laws restrict investment in Canada. That’s more of a realist stance.
The eternal optimist in me says we can turn a corner in the medium to long term. Hopefully with new trade deals and expansion of markets into other countries, we can make things overall better for Canadians. Somehow I own a business, several investments and am a mechanical engineer in training at 24 and still have zero chance of owning a home anytime soon in my city without suffering major down payment penalties (though a starter home is perfectly okay for me).
We’ve been in one since Covid…
Heading towards? I’m sure we’ve been there since before the lockdowns began. The Canadian government has been massaging numbers and cooking the books every way they could to make things look good for years now.
Just look at the cost of goods and how many people are out of work.
Yep, told my son months ago it would come this year. As much as we hoped Donald Trump would listen to informed advisors I always believed he would stick with his own opinions and that meant sucking it in for Canada with no alternative markets for our biggest industries. The govt rhetoric tried to buy time with positive messages but I’ve been mentally preparing. Carney is the best person to manage it but he’s stuck with a difficult reality.
~~recession~~vibecession
Fixed it
The US is pushing us into one for sure and not unexpected given the trade war they started.
I am happy to see we are doing are part to drag them into recession as well.