The Great Re­ces­sion

ZOOMER Magazine - - POLICY -

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.

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