Tuesday, June 9, 2009

Please Mr. Flaherty - No More Predictions!!!

By now you've probably heard that Canada's Federal Finance Minister is once again making predictions about the Canadian economy. First we had Jim's assurance that Canada would avoid recession, but of course that was during an election and Canadians should always take a jaundiced view of anything said during a campaign. Then after the election came the laughable economic update that had the federal balance sheet continuing to operate at a surplus. Strike three was the recent federal budget which pegged this year's deficit at about 34 billion.

Normally its three strikes and you're out, but with Liberal support Flaherty was able to keep batting and finally came clean that the deficit would be upwards of 50 billion. Now we're being told that Canada's economy is poised to take off, leaving us in a stronger position than ever.

Ya think Jim???

GM is in bankruptcy and Canada is hemorrhaging jobs. Our dollar is soaring against the U.S. greenback, which will do nothing to help our already battered manufacturing sector. Oil is once again bubbling around $70 per barrel USD as pump prices start climbing again. And the banks just nudged mortgage rates up a couple tenths of a point.

Flaherty looks at this mess and sees a strong rebound on the horizon? The so called "green shoots" showing up in economic data must be wacky tabaccy if that's what Enron Jim envisions. Forty thousand Canadians join the ranks of the unemployed and we're expected to believe that this is good news?

Of course there's a very good reason for all this spin. The Conservatives are already in election mode, and as previously mentioned, nobody should expect the truth when politicians are attempting to woo voters. Some basic advice for those trying to decipher the prognostications of Mr. Flaherty: If Jimmy says red, bet black. If Mr. Magoo says its gonna be a sunny day, put on a raincoat...you get the idea.

The oil companies are getting there's with increased prices at the pumps. The bank's are taking their cut by raising mortgage rates, which can only move in one direction now. Taxes have nowhere to go but up now that we're mortgaging our grand kid's future. And amidst all this doom and gloom our corporate media is encouraging us hosers to belly up to the cheap credit bar and spend spend spend, so we can be...uhm, hosed.

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