The Financial Post today provides more proof that the Liberal brain trust led by Michael Ignatieff and his economics spin master John McCallum cannot be relied on to provide accurate assessments of the recession the world has endured for the past year or so. These silly old-fashioned politicians have been trying to convince Canadians that they are in the throes of the worst depression since the 1930s.
Because of their desperate need to blame the Tories for ruining the economy so they can offer themselves as saviours, Grit leaders ignore the mounting evidence that the recession has ended and was not as severe as was forecast by the doom and gloomers.
While Mr. Ignatieff makes speeches blaming PM Stephen Harper’s Conservative government for creating a “mess” of Canada’s finances and continuing his year-long campaign of trying to scare us into accepting his largely hidden agenda for leading us to unlimited prosperity, one of his main sources of support for economic doom and gloom, economists at Toronto-Dominion Bank, have revised upward their forecast for global economic growth, and suggest that, in Canada, there are signs of a “budding” recovery.
As reported in the Financial Post:
“For Canada, TD expects robust growth, on an annualized basis, in the final two quarters of this year, of 2.6% and 3% respectively, followed by 2.5% expansion in 2010. ‘The domestic side of the economy will strengthen at a steady pace,’ the [TD] bank’s economists said, adding that exports will also recover but be ‘constrained’ by a more robust Canadian dollar.
“Still, the improvement in world trade is expected to boost Canadian export growth in the third quarter by a startling 25%, the TD forecast said -- and mark the first time in two years that exports will have contributed to economic growth.”
If the TD bank is correct—and they have the recent reputation of being bearish on the economy—the growth would signify the strongest rate of recovery from a recession’s low point in three decades.
The Liberals’ hope of a reasonable rationale for forcing Canada into a $300-million federal election is draining away before their eyes. And by the time they get around to finding a new “cause,” I believe the average Canadian will have gotten the full measure of Mr. Ignatieff and will deny him the office of prime minister.
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© 2009 Russell G. Campbell
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