“The Recession is Over” – Really? Who are they Kidding?
22 Sep
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Mark Carney, from the Bank of Canada said earlier this summer that the recession is over in Canada. He said that the annualized rate of growth in the current quarter will equal 1.3%, meaning that the country is officially on a recovery.
Really? Who are they kidding? Do you feel as though the recession is over? Is your bank starting to lend you money where they wouldn’t 10 months ago? Are your customers coming in spending more freely than before? Are you selling higher ticket items? I know my business is not seeing any changes worth noting. I mean sure, business is solid, we’re not seeing any major decreases, but we’re certainly not seeing any strong growth either. And from the lending community, I am certainly not seeing any change of heart from banks. They’re being just as stubborn and tough to deal with today as they were a year ago.
So they say that the recession is over. I say that they must be so far removed from the struggles of owning and operating a small business in Canada right now that trying to relate to us entrepreneurs is a joke.
I think they should take the time to pole small business owners before they make any grand announcements like this again. I think they forget that it’s entrepreneurs and small business owners who actually make the economy tick, and if we can’t grow our businesses, then the economy doesn’t grow.
What do you think? Do you think we’re out of the recession? Do you feel as though your business is stronger now than it was last year?
Loading ...Worthy Reads:
- Read Sen. Bernie Sander’s response to comments by Federal Reserve Chairman Ben Bernanke, “it is very likely that the recession has ended.”
- Harper says recession over only in technical sense
Andy Buyting has been in the retail industry since he was six years old. Today, he applies his entrepreneurial know-how to Green Village Home & Garden, one of Canada's most successful specialty garden stores. Green Village Home & Garden is currently expanding into multiple locations throughout eastern Canada.
Looks like the consensus on this blog is that it is emphatically not over. Though in increase is good, doesn’t mean it’s going to continue. Just like a relationships… weigh the pros and cons. Are the bad times or good times more consistent.
Indeed, from the results of that pole, it appears that your readers agree with you.
Maybe what Mark Carney is doing is trying to inspire confidence and therefore help the economy? I’ve heard a lot of people saying that the recession could be seen as being reversable by simply changing the impetus of mass thought toward the positive, thereby inspiring spending, etc.; “fake it ’till ya make it” as it were.
I don’t hold too much stock in this theory, but it could be of some partial merit, I suppose. Just a thought…