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“The Job Losses Continue” – The return of Gritgirl.

With today’s grim unemployment figures mentioned earlier comes a new video from Gritgirl.

The recession not over, and some EI 360 hr cost spin from the Cons.

I take a look a some very bad job figures that seem to completely contradict the Bank of Canada and the Conservative government declaring the recession over, as well as some extraordinary bad faith cost estimates the Conservatives did with the Liberals EI 360 hrs proposal (more). […]

Contradictions on the economy

Some of you may have received another one of those Conservative Party fliers in your mailbox today, highlighting the fact that the International Monetary Fund praised Canada for its economic stimulus package, which therefore, according to the propaganda spin in the flier, means that the Conservative government is on the right track with its plan of fighting the global economic crisis.

In this flier however, there is a complete lack of any specifics of where all this stimulus money has been spent or is being spent, and how much of it has even been allocated. The only thing the government wants to highlight in its ad is it’s “cutting taxes”; […]

Gritgirl updates her original video – “The Job Losses Continue”

Related to the prior blogpost story, Gritgirl has come out with an update to the original video she did – an update made unfortunately necessary with today’s announced job losses that now are disappearing at the rate of the 1982 recession:

This is Harpernomics, to use a phrase from a few months ago.

(PS – I think it high time the Harper government stop resisting pressure to loosen the EI requirement eligibility, make it a bit more generous to help all these people losing their jobs, and stop insulting people when they say such measures are “paying people to not work”.)

[…]

Remember, this is a “mild” recession, according to Finance minister Flaherty.

What would a bad recession look like to him, I wonder? Some more terrible numbers out today:

Canada is shedding jobs at a rate not seen since the deep recession of the early 1980s, as March saw another 61,300 workers join the ballooning ranks of the unemployed. The loss brought Canada’s official unemployment rate to eight per cent, the worst in seven years. Statistics Canada noted that since the peak in October, employment has fallen each month for a total of 357,000 jobs lost, representing 2.1 per cent of the workforce. That is the most since 1982.

I think Flaherty’s other talking point has been that from his perspective, it […]

Harper’s incredible buying opportunities, Part 2.

Our Prime Minister apparently fancies himself as a financial adviser guru; not content to advise Canadians last autumn about how the plunging market meant they should rush out and buy stocks of falling companies (you remember, the “incredible buying opportunities right now” interview), he’s now advising Canadian banks to risk their relative stability and go out and buy up failing financial institutions in the US and/or elsewhere.

(The financial stability of our Canadian banks is something, by the way, he’s been bragging about while overseas at the G20. That may be justified in telling the world how Canada is better off with our banking system and regulations, but he […]

Who do you believe: Jim Flaherty, or the TD Bank?

There’s a wee bit of a discrepancy between Flaherty’s forecast and the TD Bank’s:

The worsening recession will drive Ottawa $18-billion deeper into deficit over the next two years, a leading economist is predicting – an increase beyond existing government forecasts that appears set to push annual budget shortfalls into record territory. The Toronto-Dominion Bank’s calculations – using their updated economic forecasts – would see Canada’s federal debt swell by $81.5-billion over the next two years instead of by $63.5-billion as the Harper government forecasted seven weeks ago.

So do you believe the TD Bank, or do you believe this guy?

I think I’m more inclined to go […]

Clueless Conservatives

A well-done video showing how clueless Harper and the Conservatives have been in handling the recession (or a “cyclical downturn”, as Harper, the self-declared economist calls it). […]

Inaction on stimulus not an option…

…when you see numbers like these:

Canadians lost 71,000 jobs in November – almost triple expectations – and the unemployment rate crept up to 6.3 per cent, as Ontario employers felt the harsh impact of the U.S. recession.That’s the biggest month of job losses since the recessionary period of 1982, and puts the unemployment rate at its highest point since November, 2006.

…and when more of that may be coming, because of the spillover effect from the US.. specifically, the newest report that has come out saying that Over half a million jobs were lost in November in the U.S.:

U.S. employers axed payrolls by 533,000 jobs in November, the […]

Meanwhile, in more relevant election news…

Finance Minister Flaherty decides to take $25 billion in mortgages off banks’ books to loose credit. He claims that this will enable banks to drop their prime lending rates, as they only passed along a 1/4% drop to their consumers when the Bank of Canada cut the prime lending rate by a lot more. Maybe they will, but I’ll believe it when I see the announcement. The banks are more concerned with their bottom line then they are with consumers at the moment.

The other economic news the Conservatives are trying to play up is the fact that 107 000 new jobs were created last month, but unfortunately, that’s a bit of old news, given most of this occurred before the current market crisis, and the fact the jobs are mostly part-time:

…almost all of this increase was in part-time work, representing 97,000 positions. “That’s not what you want to see in job creation,” Taruc said. “What you want to see is more full-time jobs because there are more people gainfully employed.”..Despite the increase, the unemployment rate was unchanged at 6.1 per cent, as there were 113,700 more Canadians actively looking for work in the month.

Unfortunately, the TSX hasn’t been impressed with this move or the job figures: The TSX as of this posting is down another 457 points as of this blogpost – a 4.8% drop.

“Buying opportunities” for Canadians are growing better and better, eh Harper? This is the reason the Conservatives jumped on the language difficulties of Mr Dion last night. They’re looking for any bit of distraction to the media and to the voter over the real issues they don’t want to face flack over – the economy and their so far “don’t worry, be happy” approach to it being the main issue.

UPDATE @ 12:42 pm – Dion responds to the mortgages announcement:

After months of saying no action was required and his approach was sufficient, it appears, four days before Election Day, Stephen Harper has now had a change of heart, said Mr. Dion. It is no surprise that many Canadians will believe that the Conservatives are playing partisan politics with their mortgages and savings in the dying days of a federal election. After saying my concrete proposals for action were wrong, it appears Stephen Harper has finally woken up to the fact that a Prime Minister should and must take action to help Canadians instead of lecturing them on buying opportunities available in a collapsing market, added Mr. Dion.

UPDATE 2 @ 2:24 pm: Ugh. The TSX plunged through the 9000 points barrier, but has rallied a bit since. Still down 587 points on the day.

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