Because I work for clients throughout the globe, I’m often asked if the recession has hit us hard here in Canada. I’d like to say yes, but as an outsider watching the US economy and the world as a whole, I’m really not so sure. It has certainly affected us, I don’t think anyone is exempt from it entirely, but I certainly don’t think it has crippled us the way it has so many others.
US and the Recession
The US as a whole seems to have been hit really hard. People are going homeless by the droves, homes are sitting empty, and don’t even get me started on the banks and auto industry. Entire states are going broke and there seems to be no end to the fallout. It’s no surprise that low-income families are feeling the brunt of things and children are experiencing a higher level of stress.
Not everything seems to be going horribly wrong there, however. Some industries seem to be doing quite well. Some people who were fortunate enough to play their cards right also seem to be profiting quite nicely.
UK, Ireland, Europe, and the Rough Economic Waters
Across the big pond, you don’t seem to notice the people dumping their Irish credit cards too quickly or going sour on their mortgages. Their systems have undoubtedly tightened up, but it doesn’t seem to be too serious, or at least not to the point that people becoming homeless like they are in the US. Everyone there seems to be making it through relatively unscathed with a few adjustments in the way they’re doing things.
People seem to travel just as much including the Irish, reward credit cards in hand, having a good time. Of course, many are staying a little closer to home, or going less frequently, but overall, it seems unaffected. Shopping seems alive and well, the housing market has slowed down a bit, but all in all, pretty good.
Canada and the Current Economy
Canada has survived in about the same manner as Europe and the UK. We’ve seen a bit of a slump, but not like the US. Yes, some people here have lost their jobs and their homes, but Saskatchewan has also created a record number of jobs to give it the lowest unemployment rate in the country. In my own copywriting business, I’ve experienced exponential growth because everyone seems to be moving to the Internet either for improved marketing or just to start a business and a new income stream.
Our retail industry is slow, but not as bad as you’d think. Everyone seems to be finding a way to make ends meet. People are changing their spending habits, and considering how out of control this seemed to be, it’s certainly for the better. Those who don’t, well, they’ll figure it out eventually.
I’ve seen entire towns continue to spend until the money dried up then attempt to defend themselves when taxpayers started getting angry. Germany has also seemed to discover what happens when you gamble a little too much.
The way I see it, we’ll all learn and rise from the ashes. Some just take a little longer than others.
(This post can also be found on Travel the Prairies at http://www.traveltheprairies.com/canada/us-uk-canada-recession/)