Statistics Canada reports that compared with August 2007, the real GDP of Canada grew by 0.6 per cent. Considering the current global financial situation, the Canadian economy is holding up quite well. We may even avoid a recession entirely. A recession is defined as two consecutive quarters of negative growth in real GDP.
This irritating lack of recession is causing much howling and gnashing of teeth among the “Crisis of Capitalism” loving MSM. Where is that meltdown when you need it?
The MSM is especially upset because the federal Conservatives have been re-elected, and have strengthened their hold on power. Darn, the economy is supposed to tank – immediately!
But the media have found one catastrophe: oil prices have dropped 50%! Oh my.