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Yesterday, The Bank of Canada made headlines by declaring that the recession was indeed “over”. The Synergy Merchant Services Blog joined Toronto newspapers and television broadcasters in reporting on this astonishing piece of news.
As written by Julian Beltrame of The Canadian Press in yesterday's Toronto Sun: “The bank said Thursday it estimates the Canadian economy will advance by 1.3% during the current July-September period, and 3% in the fourth quarter, both at annualized rates”.
Numerous online readers of this report, however, were not quick to start celebrating. Many Canadians, of course, have felt victimized by the nation's economic decline through the loss of their jobs. The hurt, anger and frustration felt by these individuals were made clear by many.
A reader under the name “Big Al” posted this question in response to Beltrame's article entitled “Bank of Canada Declares Recession Over” on Toronto Sun's website yesterday: “If the recession is over how come I haven't been able to find a full time job yet.”
These sentiments were shared by Wayne Moores who also expressed his feelings on the site: “…the middle class has seen a 50 buck a year raise in two decades, family debt is at an all time high, personal bankruptcy also at an all time high. But every thing is great. Funny, the blast furnaces are still cold in Hamilton, the truck plant is not reopening in Osawa [sic]. I don't hear that the Feds are returning to surpluses any time soon. What a load of crap.”
One reader, known simply as “Paul” responded this way: “Recession over ????? Of which planet do they speak of [sic] ???”
Evidently, a lot of damage has been done to Canadian society as a result of the recession. For many, the end of the recession will be marked by the reclaiming of jobs by the numerous citizens of Canada who have lost employment over the past year. Clearly, the nation and the rest of the world's economic troubles remain a complicated issue.
According to Federal Finance Minister Jim Flaherty, Canada's future is bright. After taking part in the groundbreaking for a new park in Toronto's waterfront yesterday, The Canadian Press quoted Flaherty as saying that “Canada went into the recession much later than the United States (and) will come out more strongly than the United States…Because our fiscal fundamentals are stronger, we werent running big deficits in Canada.”
It is likely, however, that for most Canadians, celebrating the end of the recession won't happen just yet.