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Floundering US Economy / On Potash – It’s Looking Like Victory

You’ve probably seen my comments about how the average Canadian worker has done so poorly when compensation is compared to inflation during the past quarter century. Now the Conference Board forecasts that in 2010 and 2011, net wage increases will likely be non-existent, and, contrary to so much right-wing propaganda, public sector increases will be well below private sector compensation. Overall, average employees across the land will probably end up poorer by the end of 2011.

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Looking once again at the sinking U.S. economy, their federal deficit was a horrendous $1.55 trillion in 2009, it will be at least $1.5 trillion in 2010 and who knows how much higher with a hung Congress in  2011? They’re looking at a debt to GDP ratio of 80% by the end of next year, what the Conference Board describes, correctly, as “Third World Territory”. The implications are ominous, including for U.S.foreign policy as well as domestic policy. And, sadly, for Canada too!

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Jeffrey Stevens points out that with the Tea Party in Congress, what we’re likely to get, at best, is “voodoo solutions”. Yes, the impact on Canada will be substantial. Thanks to “ the lobby-infested money-soaked swamp of U.S. politics.” So much for the myopic geniuses who wanted us to become much more integrated with the U.S.  Rejoice, John Manley has taken over from D’Aquino as our #1 pro-American. No surprise.  That’s what he was in cabinet too.

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It’s still a bit early to rejoice, but at the moment we now have 5 Premiers against the Potash takeover. Bravo to Brad Wall and Bill Boyd in Regina!  Looks like all our efforts are paying off.  Too, the people of Saskatchewan are now firmly against!  And, how nice it is that our sellout PM, Mr. Harper, is caught in a really difficult spot with all those Conservative MPs from Saskatchewan also against.  Looks like a delicious win for our side.

And a big BOO to the Canadian Chamber of Commerce.

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Back to the floundering U.S. Looks like they will be spending a gigantic, unprecedented $4 billion on this week’s mid-term elections. And of course most of it will be secret, hidden money from big corporations or extreme right-wing billionaires.

So much for democracy.

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Alas, the recent OECD report on Canada says our GDP to 2017 will likely grow at only a bit more than half the rate of the period 1998 to 2008. So much for all those Conservative and Liberal projections that growth will take care of our burgeoning deficits and debt.  Look for major fiscal restraint coming in the not too distant future.

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As I pointed out in The Truth About Canada, Canada has abandoned peacekeeping where we once were the much-admired leader. And, while almost 70% of Canadians still support our role as peacekeepers, the Harper government isn’t interested.  So much for this “defining characteristic” of our country.