Headlines about falling oil prices and a falling Loonie are stark and economic forecasts suggest the situation will only get worse.
On Tuesday, the currency fell to 69.90 cents U.S., the lowest it’s been since May 2003. Crude meanwhile, fell to a 12-year low of $29.93 U.S. per barrel.
During the election, Harper’s opponents wanted you to believe that any economic problems were the fault of Stephen Harper due to lack of diversification of the economy (that was never the case). Since then, the price of oil has continued to fall in what is a world-wide phenomena.
But it seems they’d rather not talk about the spending side of their problems. They’ve promised deficits of ten billion per year and now they’re saying it will get higher and higher as they try to deal with what can only be described as a collapsing world economy.
What we’re dealing with now is an oil industry that is crashing and a government determined to grow the deficit.
Finance Minister Bill Morneau is traveling the country talking about the state of the economy and the upcoming budget.
I think Canadians are paying attention but one thing I know for sure is that we’re in for a bumpy ride and that, “Sunny Ways”, won’t overcome world wide economic forces.
Put simply, I don't have faith in the government to look after our tax dollars or the federal balance sheet. With what we’re seeing now, what the forecasters are predicting – it might be wise for all of us to reevaluate our own finances and get them in the best position we can to weather any coming storm.
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