everyone gets 2 grand regardless of income and now essentials workers who make under 2k get a top up to 2,500
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everyone gets 2 grand regardless of income and now essentials workers who make under 2k get a top up to 2,500
That 2K is to help with your necessities eg food/bills...
The tax man gonna come back next year to collect with interest...
I already know some nikkas wildin out with it
The tax man gonna come back next year to collect with interest...
I already know some nikkas wildin out with it
One million Canadians lost their jobs in just one week in March. Millions more have applied for the Canadian Emergency Response Benefit, or CERB.
Businesses are closed across the country; almost no one is travelling.
There is a closed sign on Canada's economy. And that will be reflected in dire economic numbers in the coming months.
Canadian economists are expecting that economic activity will shrink somewhere between 25 and 35 per cent over the course of the spring - a drop that is unprecedented in such a short period of time.
Over the course of 2020, the International Monetary Fund expects Canada's GDP to shrink by 6.2 per cent.
In fact, the only comparable detonation in the economy happened during the Great Depression from 1929 through the 1930s, until the beginning of the Second World War.
Canadian economic activity dropped by about a third over that period, which was much longer than the current situation.
This has raised the question of what to call this downturn.
Is it a depression, a recession, a great recession? Or somewhere in between?
"You start talking about numbers like negative 30, negative 35, negative 40, then I think that classifies as a depression," said David Rosenberg, founder of Rosenberg Research.
Rosenberg pointed out that the Great Depression lasted for 12 years and was characterized by a real reluctance on the part of government to get involved.
We're going to use the United States as the microcosm," said Rosenberg. "The Great Depression really began in late 1929, but it wasn't for another four years really until after F.D.R. [President Franklin D. Roosevelt] got elected that there was really an aggressive policy response."
Decades later in Canada, the federal government and Bank of Canada moved quickly to respond to the impact of COVID-19, pouring tens of billions into the economy, while slashing interest rates.
While the stimulus will significantly add to Canada's debt load, the financial pain for Canadians could be much worse without it.
Numbers off the charts
In terms of the longer term impact on the economy, the so-called "Great Recession" of 2008-2009 might be a better point of comparison, even though on the surface, the numbers Canada faces right now are much worse.
Canada's economy went into recession in 2009, and contracted by 3.3 per cent over a nine month period.
That number is a much smaller contraction than we are likely to see this spring, but in 2009 it was stretched out over the course of nearly a year.
Today's economic downturn is happening at top speed, which makes the GDP projections look worse.
"A lot of the reason these numbers look so bad on the surface is that we're compressing what would typically take eleven to twelve months to pull down on the economy into a much shorter period," said Frances Donald, chief economist at Manulife Investment Management.
"So the total extent of the damage on the economy might be similar to 2009 but we're going to go through it much more quickly and for that reason almost every economic figure that we've seen so far and we'll continue to see we'll be quite literally off the charts."
How Canada recovers is key
Whatever phrase we use to describe our current downturn is far from the most important question. What does matter is how Canada's economy recovers.
The general expectation at the moment is for recovery in the summer, but how strong that recovery will be depends on health measures such as the level of physical distancing still required to fight the pandemic.
There is a lot of pent up demand in the economy already.
For example, people will want to go for dinner or get a haircut after weeks of services being unavailable.
But there are also problems looming which are particular to Canada's economy.
"There's another important part of this story which is that Canada, unlike the United States in 2009, did not experience the same sort of pop in their housing bubble in 2009," said Manulife's Frances Donald.
"Canadians did not … reduce their levels debt to the same extent as the United States, and for that reason Canadian consumers are in [worse] health than American consumers are."
That overhang of debt could make Canadians less likely to spend in the coming months.
As a result, people could change their approach toward savings and spending after this crisis, according to researcher David Rosenberg.
"Because the one thing that we found out is that nobody had any cash on hand. So the old saying about saving up for a rainy day. Well all of a sudden, we had not just a rainy day. We had a hurricane and there is no cash to draw from."
Businesses are closed across the country; almost no one is travelling.
There is a closed sign on Canada's economy. And that will be reflected in dire economic numbers in the coming months.
Canadian economists are expecting that economic activity will shrink somewhere between 25 and 35 per cent over the course of the spring - a drop that is unprecedented in such a short period of time.
Over the course of 2020, the International Monetary Fund expects Canada's GDP to shrink by 6.2 per cent.
In fact, the only comparable detonation in the economy happened during the Great Depression from 1929 through the 1930s, until the beginning of the Second World War.
Canadian economic activity dropped by about a third over that period, which was much longer than the current situation.
This has raised the question of what to call this downturn.
Is it a depression, a recession, a great recession? Or somewhere in between?
"You start talking about numbers like negative 30, negative 35, negative 40, then I think that classifies as a depression," said David Rosenberg, founder of Rosenberg Research.
Rosenberg pointed out that the Great Depression lasted for 12 years and was characterized by a real reluctance on the part of government to get involved.
We're going to use the United States as the microcosm," said Rosenberg. "The Great Depression really began in late 1929, but it wasn't for another four years really until after F.D.R. [President Franklin D. Roosevelt] got elected that there was really an aggressive policy response."
Decades later in Canada, the federal government and Bank of Canada moved quickly to respond to the impact of COVID-19, pouring tens of billions into the economy, while slashing interest rates.
While the stimulus will significantly add to Canada's debt load, the financial pain for Canadians could be much worse without it.
Numbers off the charts
In terms of the longer term impact on the economy, the so-called "Great Recession" of 2008-2009 might be a better point of comparison, even though on the surface, the numbers Canada faces right now are much worse.
Canada's economy went into recession in 2009, and contracted by 3.3 per cent over a nine month period.
That number is a much smaller contraction than we are likely to see this spring, but in 2009 it was stretched out over the course of nearly a year.
Today's economic downturn is happening at top speed, which makes the GDP projections look worse.
"A lot of the reason these numbers look so bad on the surface is that we're compressing what would typically take eleven to twelve months to pull down on the economy into a much shorter period," said Frances Donald, chief economist at Manulife Investment Management.
"So the total extent of the damage on the economy might be similar to 2009 but we're going to go through it much more quickly and for that reason almost every economic figure that we've seen so far and we'll continue to see we'll be quite literally off the charts."
How Canada recovers is key
Whatever phrase we use to describe our current downturn is far from the most important question. What does matter is how Canada's economy recovers.
The general expectation at the moment is for recovery in the summer, but how strong that recovery will be depends on health measures such as the level of physical distancing still required to fight the pandemic.
There is a lot of pent up demand in the economy already.
For example, people will want to go for dinner or get a haircut after weeks of services being unavailable.
But there are also problems looming which are particular to Canada's economy.
"There's another important part of this story which is that Canada, unlike the United States in 2009, did not experience the same sort of pop in their housing bubble in 2009," said Manulife's Frances Donald.
"Canadians did not … reduce their levels debt to the same extent as the United States, and for that reason Canadian consumers are in [worse] health than American consumers are."
That overhang of debt could make Canadians less likely to spend in the coming months.
As a result, people could change their approach toward savings and spending after this crisis, according to researcher David Rosenberg.
"Because the one thing that we found out is that nobody had any cash on hand. So the old saying about saving up for a rainy day. Well all of a sudden, we had not just a rainy day. We had a hurricane and there is no cash to draw from."
I dunno breh, my best friend is a TTC driver and everyone is getting sick. The TTC don’t give a shyt about the health of the drivers.
This is what’s going to happen according to my boy. The union is fed up.
TTC needs to furlough some staff, ridership is down 90%
Our political leaders are hanging on to a capitalism that clearly is unable to stand up to a crisis and hanging on to those notions of how the economy should work is putting the foundations our society is built on at risk. People are not prepared to live like this for the next several months. Political leaders absolutely MUST get creative to come up with a new way of doing things in the meantime (or maybe forever?) or their will be social unrest.
With disastrous consequences.
Artificial Intelligence
Not Allen Iverson
.......................
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The Connoisseurs
Superstar
Aren’t their vehicles like 60 to 70 percent automated already, to the point drivers do the least ... this is what a ttc driver on his last hurrah before retirement showed me.
No idea about that but the only ppl taking TTC these days are those who do jobs or live lives that put themselves at high risk for exposure to the virus. And as a driver I’d have something to say about that too. My boy lives with his mom and she’s old so if he gets it then it’s potentially lights out for her and he has no other siblings or family.
Aren’t their vehicles like 60 to 70 percent automated already, to the point drivers do the least ... this is what a ttc driver on his last hurrah before retirement showed me.
nah, Canadians are soft for the most part.
That’s true—I meant western leaders and ppl in general. I’m not particularly worried about Canada. I am worried about the idiots to the south of us.