Seriously, 70% of Canada's exports go to the US. A lot of those exports are in the energy sector and the US demand for energy is fairly constant. Manufactured goods is another story. Ontario builds more cars and trucks than Michigan (don't tell anybody) and most of that production is exported to the US. When demand falls for those goods, or if the Canadian dollar goes way up (and conversely the US dollar goes way down), it is a definite problem.
I am not being smug or nationalistic. A recession/depression in the US is bad for Canada, there is no doubt. But I don't think things will get as bad here. We have energy and food. We have not had a major bank failure since 1923 and the banking sector is one of the strongest in the world. Canada's national debt is 35% of GDP (US is approaching 100%) and the government is on track to balance the budget in two years.
Your president is a marxist community organizer by training and profession. The Prime Minister of Canada is a conservative economist. I rest my case.
#54 was a great post. thanks.
i know Harper is a great “Thatcher” type conservative.
so until i read your post, i didn’t understand this:
Canada Surprise GDP Economic Contraction, Largest Drop in Two Years, It’s Not Temporary
http://www.freerepublic.com/focus/f-news/2756781/posts
“Output fell 0.3 percent in May to C$1.26 trillion ($1.32 trillion) “
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but thanks to you, i know Canada exports more to the USA than i thought, so our Marxist led recession hurts them too.