Next city election – are we ready?
That questions are already being asked about the city’s preparedness for the November election, in view of the pandemic, suggests the authorities don’t believe any magic bullet will make the virus go away by then.
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Kate
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qatzelok 12:36 on 2020-12-15 Permalink
I wonder at what point we will start hearing about “an economic depression?”
It seems to have started in March, but there is nothing at all about it in major newspapers.
I am a bit concerned about this lack of information out there because, from what I have read, Economic Depressions are fairly important.
DeWolf 13:03 on 2020-12-15 Permalink
The media isn’t talking about a depression because there isn’t any evidence that we’re in the midst of one. Canada’s GDP has contracted by 5.5% this year, but the Bank of Canada is forecasting growth of 4% next year. You need multiple years of decline in order to be in a depression. If something happens next year that prevents economic recovery (eg, the vaccination campaign does not go as planned), then maybe people will start talking about a depression.
Since people love comparing our current pandemic to what happened in 1918/19, it’s worth noting that a depression didn’t follow the Spanish flu – instead we had the roaring 20s.
Kevin 14:46 on 2020-12-15 Permalink
I’ve read several articles saying we’re in a K-shaped recovery or K-shaped recession — a marked shift in the economy as some fields recover quickly, and others fail.
Mark Côté 15:37 on 2020-12-15 Permalink
CERB was a huge stopgap that, combined with less ability to spend money on vacations and such, actually left some people with _more_ money than they had before. However, now that that has run out (and afaik the replacement program isn’t as generous), and that the tax bills for CERB will be due in the spring, we may soon start feeling some delayed economic effects. But yeah, some industries have benefitted, so the K-shaped recovery/recession is a real thing.
qatzelok 21:59 on 2020-12-16 Permalink
“The media isn’t talking about a depression because there isn’t any evidence that we’re in the midst of one.”
You mean, there’s no evidence in the media. There is a trillion tons of evidence if you read economic journals and have been following the 2000-2008 busts and that they were never fixed. Just forestalled and “shovelled forward” for other people to deal with.