10/08/2008

The Economic Reality

In the face of all the Liberal "chicken-littling," I'd like to direct your attention to what the Royal Bank of Canada has to say.
As reported by the Star:
...the domestic economy "remains firm..."
For 2009, the report released Wednesday sees a modest revival in gross domestic product with a growth rate of 1.5 per cent...
"The continued weakness in the U.S. economy is expected to dampen growth in Canada," said Craig Wright, RBC's chief economist.
"However, this pressure on our growth will be tempered by strong commodity prices which are contributing to robust export revenues and providing support to Canadian domestic spending via a boost to incomes..."

But, their most notable comment of all?
"...any weakening is expected to be more moderate compared to the U.S. experience as Canadian mortgage markets did not see the excesses that afflicted the U.S. housing sector..."

I'd like to draw your attention to the fact that this is exactly what the PM said during the debates last week. The opposition leaders flogged him for it, and are continuing to do so, claiming that he "doesn't care."
Maybe he just has a firmer grasp on reality, and is actually paying close attention the the economic situation. It's a much smarter thing to do than running around, making massive tax-and-spend promises the country can't afford.

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