The Great Recession

When the 2008 financial crisis brought the American economy crashing down, Canada remained relatively insulated in the short term. It wasn’t long, though, before the ripple effects reached our shores, with the loonie, like many Canadian exports, taking a nosedive as recession set in. And, as with the Great Depression – the other benchmark for global economic collapse – the aftershocks continue long after the recovery commenced. Less than a decade later, Donald Trump harnessed the still-smouldering anger surrounding the economic collapse to fuel his presidential run, eventually repealing part of an Obama-era law meant to help prevent future financial catastrophes. Meanwhile, in Canada, low interest rates and stagnant wages serve as vestiges of the crisis, with concerns of another recession on the horizon. As well, retirees continue to contend with mounting debt on both sides of the border, leaving many to face down their so-called golden years in the red.