Recession watching

When New Brunswick has 9-10% unemployment, population decline, a $1.7 billion annual government deficit (the Equalization payment), it’s yawn yawn, yadda, yadda.  In fact, New Brunswick governments actually were known to brag about that state.

When Canada has  9-10% unemployment big government deficits (and the population is actually rising), it’s the worst thing since the great depression and the response is swift:

Bank of Canada readies weapons to fight record slump
CAW, Chrysler close in on deal
Bailout: Canada prepared to offer $6-billion in financing
Government to run record deficits to stimulate economy

I’m not complaining and I know the difference between economic decline in a province versus a national economy but it sure would have been nice to have had a greater sense of urgency in New Brunswick 5-10 years ago.

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One Response to Recession watching

  1. Don Dennison says:

    Sense of urgency vs. sense of complacency. That’s why the Prosperity Plan and the Self-Sufficiency objective are important, even though they may be dismissed by many as political rhetoric. Credit should also be given to outging UNB President John McLaughlin who noted that news of discouraging economic and social trends barely evinced a sigh. McLaughlin launched the NEXT NB/N-B movement which was aimed at getting New Brunswickers outside government circles engaged in visioning and collaborating in building a stronger future. That sense of urgency led to the creation of the New Brunswick Business Council and now the Roundtable on Self-Sufficiency.

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