The True North Times
  • The only thing that Andrew Coyne DOESN'T hate
  • Exporting Beaver Hides to the Metropol since 1608
  • It's Dynamite!
  • For the sophisticated hoser
  • Peter Mansbridge’s bathroom reading material
  • Winnipeg? There?
  • Now with 60 minute hours!
  • Ineligible for the Supreme Court
  • Yet to be castrated by Margaret Wente
  • First to podcast with Wilfrid Laurier

The Bank of Canada announced it would be cutting key interest rates amidst weak economic performance and sluggish GDP growth. With Q2 growth foretasted at -0.5%, Canada is beginning to fall under the “recession” moniker.

The Conservative party was calling it a mere “downturn” and hoped their image as economic vanguards would prevail as they head to a federal election this October. There’s little doubt that the Bank of Canada’s forecasts puts Canada in a fiscal deficit once more.

What will happen to the pledge of a balanced budget? The Harper government could enact emergency cost-cutting measures. Maybe they’ll abolish the Bank of Canada. For fiscal prudence.

A surplus was the cornerstone of the Conservative’s election platform. Finance Minister Joe Oliver presented the government’s delayed federal budget in April, with various changes to accommodate a steep drop in oil prices. It looks like there will be more work to do. The NDP is currently riding on a surge in nationwide support. The Bank of Canada’s announcement could solidify Thomas Mulcair’s gains well into October.

Investment in Canadian business has plummeted by 16%. Investment in the oil sands is 10% less than expected. It’s clear we need a hero to save us from this economic peril.

There is one man. He’s not the hero we deserve, but the one that we need.

We need Batman Mark Carney.