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Post by Cassie on Dec 24, 2020 6:21:15 GMT 10
And also, fuck Trudeau too, even before the 2020 pandemic, he was making taxes higher and unsurprisingly, is selfish, doing nothing to slow down the recession. I live in Canada, but I'm also worried for the United States and what's happening, just as how much I am worried for Canada and my home country Philippines. A question: how are liberals in Canada different from American liberals?
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Post by Deleted on Dec 24, 2020 8:42:09 GMT 10
Come on, 25% unemployment is pretty hyperbolic, and this is coming from someone who has been certain of an economic depression since the 2017 tax cut. But yeah, it’s gonna get pretty bad. Probably as bad as 2008, not sure if it’ll get as bad as 1932 though. This moment right now was my worst fear when Trump was elected. The only hope for our country was to get through his four years without a major crisis. Anybody with any sense knew that a major crisis with Donald Trump at the helm in the US would be a catastrophe for the history books. Well, here we are. Thing is, this is just getting started and none of us have any idea how this is going to end. The world is going to be very different by the end of this year. I think something comparable to the Great Depression is possible but I don't know if it will get that bad. A lot of it depends on how long the country remains shut down because of this virus. The longer everything remains shut down, the more severe and more long-lasting the recession will be. Well, the absolute worst-case scenario I imagined back in March is exactly how it has played out. The 2008 recession was a small speed bump compared to this. So far, it's been the worst since but hasn't been as bad as the Great Depression but we are only in the first year and we haven't seen the banking crisis caused by the commercial real estate collapse yet.
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Post by Deleted on Dec 24, 2020 12:25:51 GMT 10
This moment right now was my worst fear when Trump was elected. The only hope for our country was to get through his four years without a major crisis. Anybody with any sense knew that a major crisis with Donald Trump at the helm in the US would be a catastrophe for the history books. Well, here we are. Thing is, this is just getting started and none of us have any idea how this is going to end. The world is going to be very different by the end of this year. I think something comparable to the Great Depression is possible but I don't know if it will get that bad. A lot of it depends on how long the country remains shut down because of this virus. The longer everything remains shut down, the more severe and more long-lasting the recession will be. Well, the absolute worst-case scenario I imagined back in March is exactly how it has played out. The 2008 recession was a small speed bump compared to this. So far, it's been the worst since but hasn't been as bad as the Great Depression but we are only in the first year and we haven't seen the banking crisis caused by the commercial real estate collapse yet. It's not that bad... the unemployment rate is around 7%, I believe? It's not exactly boom times obviously but in the Great Recession it peaked at 10% in 2010 and didn't fall to 7% until 2013/2014ish. And also, fuck Trudeau too, even before the 2020 pandemic, he was making taxes higher and unsurprisingly, is selfish, doing nothing to slow down the recession. I live in Canada, but I'm also worried for the United States and what's happening, just as how much I am worried for Canada and my home country Philippines. A question: how are liberals in Canada different from American liberals? Probably the same, just less partisan or polarized because we have a multi-party system.
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Post by Cassie on Dec 25, 2020 8:35:47 GMT 10
Well, the absolute worst-case scenario I imagined back in March is exactly how it has played out. The 2008 recession was a small speed bump compared to this. So far, it's been the worst since but hasn't been as bad as the Great Depression but we are only in the first year and we haven't seen the banking crisis caused by the commercial real estate collapse yet. It's not that bad... the unemployment rate is around 7%, I believe? It's not exactly boom times obviously but in the Great Recession it peaked at 10% in 2010 and didn't fall to 7% until 2013/2014ish. A question: how are liberals in Canada different from American liberals? Probably the same, just less partisan or polarized because we have a multi-party system. We NEED a three or more party system NOW.
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Post by Deleted on Dec 25, 2020 14:42:23 GMT 10
Well, the absolute worst-case scenario I imagined back in March is exactly how it has played out. The 2008 recession was a small speed bump compared to this. So far, it's been the worst since but hasn't been as bad as the Great Depression but we are only in the first year and we haven't seen the banking crisis caused by the commercial real estate collapse yet. It's not that bad... the unemployment rate is around 7%, I believe? It's not exactly boom times obviously but in the Great Recession it peaked at 10% in 2010 and didn't fall to 7% until 2013/2014ish. A question: how are liberals in Canada different from American liberals? Probably the same, just less partisan or polarized because we have a multi-party system. It will be interesting to see how Canada does economically this decade compared to the U.S. Since you have your own currency and don't use the USD, that's a good thing. I think the damage Trump has done to this country is going to create a situation unique since World War II. The rest of the world will have an economic recovery, likely starting in 2022, while the U.S. will remain mired in depression. This is going to be similar to Japan in the 1990s.
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Post by Deleted on Dec 25, 2020 15:20:07 GMT 10
It's not that bad... the unemployment rate is around 7%, I believe? It's not exactly boom times obviously but in the Great Recession it peaked at 10% in 2010 and didn't fall to 7% until 2013/2014ish. Probably the same, just less partisan or polarized because we have a multi-party system. It will be interesting to see how Canada does economically this decade compared to the U.S. Since you have your own currency and don't use the USD, that's a good thing. I think the damage Trump has done to this country is going to create a situation unique since World War II. The rest of the world will have an economic recovery, likely starting in 2022, while the U.S. will remain mired in depression. This is going to be similar to Japan in the 1990s. I think the US is best placed actually. In Europe there was a heavy focus on keeping traditional industries alive. In the UK they even gave people vouchers to go out to eat at restaurants (??) among other kind of subsidies and furlough schemes. The US instead gave a flat cheque to everybody with less favouritism. It means a lot of companies went bust but this is going to be good for creative destruction and allow new more productive industries to emerge, while Europe gets anchored by the low productivity industries that should've died out in a normal recession. Canada was somewhere in the middle though more like the US. Our economy however is reliant on industries like oil & gas and manufacturing, which didn't fare well in general during this pandemic. 
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Post by Deleted on Dec 27, 2020 0:55:03 GMT 10
It's not that bad... the unemployment rate is around 7%, I believe? It's not exactly boom times obviously but in the Great Recession it peaked at 10% in 2010 and didn't fall to 7% until 2013/2014ish. Probably the same, just less partisan or polarized because we have a multi-party system. We NEED a three or more party system NOW. It'll never happen: In order to get a three-party system in the U.S., you'd need to complete change the electoral system away from first-past-the-post victory. In order to do that, you'd need a government interested in moving away from that electoral system. In order to get a government comprised of people interested in getting rid of first-past-the-post, you need a viable third party. See where the difficulty lies?
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