Friday, February 09, 2007

US Growth May Edge Canada! - So What?

Well they got the headline right but from there on in....
They go on to paint a negative picture of our Nations Economy which contrary to the implications of the article is doing just fine. It's very neat how economists can go about overreacting to both good or bad economic news. First over stating the upside and projections then when the things don't go as planned making like chicken little over the imagined failure to meet their own overly optimistic projections.

The only story here is that the US economy which was falsely portrayed in the MSM as languishing has in fact been running like a locomotive on a long piece of straight and level track.
It's been picking up steam and is now projected to keep accelerating.

Yes they will surpass Canada's performance. BUT when the US does good Canada does too!

So don't believe for a minute that we are about to go into a nose dive as these chicken heads are trying to imply.


From Thursday's Globe and Mail

"" Hopes that Canada's economy would finally be able to outpace the United States are falling flat, according to a new forecast from Global Insight.

Sunny projections from just a few months ago, that Canada's growth would surpass its floundering neighbour, have been turned on their head. In September, Canada was expected to grow 2.6 per cent in 2007, while the United States would only eke out a 2.2-per-cent expansion, Global Insight forecasts said at the time.

But now, both the United States and Canada have had a reversal of fortunes, with prospects for the United States shaping up to be better than expected, but Canada falling short, says Dale Orr, chief economist at Global Insight Canada. ""

BTW - At least ONE reader of the Globe & Mail was quick to jump in with " Harper's Ruining Our Economy! " - that's the first comment offered up from the braintrust folks who get their information at G&M !
""" ....
Duncan Munro from Langley BC, Canada writes: Harpo's destroying the economy...Told ya so! """

Yeah right genius!


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