It’s Spelled R-E-C-E-S-S-I-O-N
I don’t know what school Stephen Poloz went to, but the one I went to (and every other economics school on the planet) defines a RECESSION as two consecutive quarters of economic downturn.
Yesterday, after making the decision to chop interest rates another 0.25% to a basic level of 0.50%, Poloz was asked if he would (properly) label the last two negative quarters as a recession. He declined to add detail saying “I just find the discussion quite unhelpful“.
Unhelpful to whom? The Great Economist Leader Stephen Harper and his bid to pretend that he knows what he’s doing?
Let’s face it: the Great Economist Leader Stephen Harper has failed miserably at his one promise to Canadians that the others couldn’t seem to meet up with: better management of the economy.
As we head into an election in the fall, a RECESSION is not what the Great Stephen Harper wants everyone to be talking about, but there it is.
However, Stephen Poloz won’t call it a recession because I’m sure he’s afraid of being shoved into the salt mines in the Ukraine and he doesn’t want the media to actually copy/paste his comments about the country being in a recession because only then will it be true.
What’s even more sad is that the horde of journalists that mimic the ‘say nothing’ comments continue to, well, say nothing. Why aren’t the pushing Poloz to admit that the facts in front of us say we’re in a recession?
FOLKS … we are in a recession.
RECESSION. RECESSION. RECESSION.
Stephen Harper has failed. Admit it.