Last week, the Canadian and American governments released their unemployment figures July - and just as we told you last month - the so-called recession isn’t over yet, at least not in Canada.
Statistics Canada said there was no sign of economic recovery last month, with a loss of over 45, 000 Canadian jobs, despite the Bank of Canada’s previous claim.
Though the American economy did do a tad better, showing a slight i
Image by Roby© via Flickrncrease in jobs - the first such increase in over 15-months.
This whole economic meltdown has government deception written all over it.
Instead of declaring it what it really is - a depression - economists at major private and public financial institutions continue to refer to as a “recession.”
This is because technically, it hasn’t lasted long enough to be a depression. But the affects of the current economic crisis are far worse than they were during the Great Depression of the “dirty thirties,” so doesn’t it make sense to call this fiscal mess what it really is - a depression?
Some clever financial analysts have come up with ways of describing the astronomically bad nature of the current economy, without using the “d”epression word.
I heard one the other day call it the “Great Recession” linking it to the nature of the Great Depression, but without using the word “depression.” Some just refer to it as the “worst economic slowdown since the Great Depression.”
Far more just talk about the effects on jobs, people’s homes and saving instead of actually talking about what we really are in. They talk around the issue, describing the situation, without actually defining it. Clever - and possi
Image by State Library of New South Wales collection via Flickrbly scary - would you want this type of person responsible for your finances?
Truth is, we are in something far worse than an economic depression. It’s so bad, economists don’t have a word to adequately describe it. The economy will never be the same - we’ve lost jobs that will never come back, companies that were fiscal powerhouses in their business and industry sector have disappeared completely, more people have lost their jobs, their homes, their cars, and in the most literal sense of the word - their way of staying alive - than at any other point in history worldwide.
Governments have had to bailout mega-big businesses including the auto sector and various airlines. People have cut back on once thought normal, every day activities, like going to the movies, eating out, or having that morning coffee, just to scrounge up enough savings to have some money for the basics.
More people go without the basics everyday than ever before - things like food, clean drinking water, clothing, and a roof overhead.
The economy will get better, it has too, that’s the nature of the Capitalistic system. But we are far from out of the worst economic . . . or f*ck it - we are far from being over this global economic depression.
Before it is a distant memory, more people will lose their jobs, millions more will lose their cars, and homes, and governments will continue to forecast the end.
Well, eventually they will get it right. If you keep calling the cars passing by a “bus” eventually, when a “bus” passes by, you’ll be right.