Jobs Recovery Overstated, Says Bank of Canada

Submitted and Written by Joseph Scott

Canada’s job creation record is being overstated, according to the Bank of Canada reported by CBC News. Perhaps enough people are realizing how phony our recovery actually is, and it is forcing the hand of our central bank to admit the obvious, but the admission is still a positive signal that those who aren’t believing what their government is telling them are probably on to something. If you believed conventional wisdom, you would believe that western economies are improving. Economists and politicians will cite easily manipulated macroeconomic statistics to prove that their policies are producing positive results, they will point to lowering unemployment figures and rising GDP numbers as proof that things are actually getting better. Nothing could be further from the truth.

Unemployment figures do not count those out of the labour market, nor do they count those who are underemployed. A business could fire a full time employee because they cannot afford to pay them benefits and hire two part time workers, and that would count as a positive for the unemployment numbers. The unemployment statistics are a farce, they are used by governments to keep their populations from understanding the real problems their economies are facing, purely because of their bad policies. GDP is also an inaccurate measure of an economies health, because in today’s global system of Keynesianism, borrowing money to spend is seen as a positive, despite the fact that going into debt fundamentally means that you are losing money to sustain the life you are living. Debt is completely ignored by mainstream economists when assessing the health of an economy, and people are up to their eyes in it. By every measure that directly affects the average Canadian, the economy is getting worse, and will continue to do so.

The world’s focus, including many Canadians, is on the financial and political mess occurring south of our border. We may want to start paying more attention domestically, as the crippling issues of debt, inflation, and bubbles plague the Canadian economy as much as any other. Our debt is hitting new records every day, whether it be individual, municipal, provincial, federal, or business debt. These debts are going to have to be repaid someday, and it seems that our federal government understands that, but isn’t admitting it.

Our government snuck into its 2013 economic action plan a Cyprus style “bail in” policy (pages 144 and 145), where if banks fail, depositors would be on the hook for its banks bad decisions. Why would they make this policy if they weren’t seriously concerned of a banking crisis? If they know a crash is coming, wouldn’t the ethical and moral thing to do be warning the population, giving them an opportunity to prepare? Considering the oligopoly that the big banks in Canada currently hold, it should make every Canadian scratch their heads in wonder of whose interests our government is looking out for. Is it ours, or the banks and corporations who are profiting from creating economic and political instability all around the world?

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