Wednesday, October 01, 2008
The Recession Is Already Here
I also believe the recession is already hear and we are seeing it unfold. For example yesterday another multi-national, Volvo, announced it is closing their heavy machinery plant putting an additional 500 people out of work. In the last 18 months under the Tory watch credit has tightened making the cost of reinvestment more expensive for the private sector. Also under the Harper Government he has promoted tax subsidies to the oil sector and refused to implement a realistic environmental plan to cut emissions which has fueled the oil sector pushing up the value of the Canadian $ removing the competitive edge our manufacturers had on the world stage. This has resulted in massive unemployment in the manufacturing heartland with the parallel loss of revenue to all levels of government coffers. Harper has announced that he did not like the price for the new ships for the armed forces from Canadian manufacturer so he will look off shore. This will lead to higher unemployment which will cost us UIC payments,. We will also loose tax revenue from the manufacturers who would build the ships. We loose the income taxes from the laid off workers. The personal and corporate taxes will go to the country where the ships will be built. Harper economics is forcing us into a recession. He must go!