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jeff b • 3 hours ago
Our food prices are totally messed, but so is our economy in general. In the past five years our manufacturing sector has shrunk by a third. The manufacturing sector for the longest time was the life blood of the canadian economy. Sure we had and have tons of natural resources; but it was the massive manufacturing bases in Ontario and Quebec that kept pumping out middle classes jobs through direct employment, feeder industries (steel, R&D, tool& die, parts production), or supporting sectors (construction, banking, service sector jobs ext...). Now we having nothing, yet housing prices have exploded by over 45 percent upwards in value (paticularly in Vancouver, Montréal, and Toronto). While wages have stagnated, dropped, or have been simply lost. Our youth unemployment rate (anyone 18 to 28 in Canada) is over 25 percent officially and unofficially closer to 35 percent. The one thing that was keeping our economy going was the oil and gas sector which has now collapsed. Alberta has lost over 35,000 oil and gas jobs out of a work force of only 150,000 in less than six months. Exports are down by 10 percent compared to 2014, yet imports have stagnanted because of a sluggish consumer base. Were in for some hurt already but who the hell isn't?
Corbulo_AUS jeff b • 10 minutes ago
Sounds like you guys are running on a similar parallel to those of us in Australia. We had our ridiculous mining boom over the last few years boosted by China that basically made us flush with money. Unfortunately the Australian government didn't think we need a Sovereign Wealth Fund or some kind of national reserve fund so we basically squandered all of that easy cash on non productive stuff.
Now our mining boom has tanked, we will loose our car manufacturing base by the end of the year, and our housing market is in the biggest bubble Australia (and maybe the world) has ever seen.
As an example of how fucked our situation is currently appearing to be, the government just recently leased out the port of Darwin to China for 99 years!