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So much for that prediction

Stockwell Day issued a “don’t worry, be happy” newsletter to his constituents the past week, declaring the recession to be over.

So much for that prediction, and now you know why other government cabinet ministers distanced themselves from that declaration:

The gross domestic product fell 0.5 per cent in May, a faster rate of decline than in the previous three months..The output of the energy sector dropped a further 2.3 per cent in May as oil-and-gas extraction as well as associated support activities posted significant declines…The manufacturing sector continued to fall in May, down 1.6 per cent, with about half the decrease due to a 21 per cent drop in motor vehicle manufacturing after three months of recovery, and an 8.2 per cent decline in parts production…Construction activity was down 0.7 per cent in May.

Overall picture? Not good:

“The economy contracted 3.5 percent in May from the year-ago month, the biggest drop since October 1982, Statistics Canada said. The report adds to evidence the world’s eighth-largest economy extended its contraction in the second quarter as the global slump saps orders for Canadian exports.Output shrank at a 5.4 percent annual rate in the first quarter, the biggest drop since 1991, and will shrink at a 3 percent pace in the second quarter, according to a separate Bloomberg survey.”

Meanwhile, John Baird doesn’t want to track how the government’s stimulus package is being spent (even as it appears he is breaking his own program rules in not doing so) and Tony Clement is busy engaging in pork-barrel politics in his own riding, trying to justify the spending on either getting this riding ready for the G7 Summit, or tying it into stimulus. I hope he remembers the rest of the country would like and are entitled to some stimulus money too – even ones that don’t have Conservative MP’s or cabinet ministers representing them.

UPDATE @ 1:00 pm: A little humour at Stock’s expense, courtesy of a doctored photo of him from Antonio:


2 comments to So much for that prediction

  • janfromthebruce

    And the reason why the rest of the country deserves stimulus $ is because we all, repeat all pay taxes in some form, so thus we ALL should get this %. If not, then the areas that got the money should pay more taxes – fair is fair.

  • Dan

    Oh, so program rules can be broken, just not when it would help Toronto. Sigh.

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