Friday, January 30, 2009

Global slowdown; local circus

Most stats you see about the change in economic fortunes are regional or national. At that level, you still have to exert some mental energy to absorb what it means.

So when you see a stat from the International Labour Organization which says that as many as 51 million jobs worldwide, almost twice the entire population of Canada, could be lost this year because of the global economic crisis it's hard to conceive of what that means. Add to that the conclusion that the IMF predicts that global economic growth is set to fall to just 0.5% this year, its lowest rate since World War II, and you sober up pretty quick.

Makes local political spats seem irrelevant. But of course, stoking local spats to a fever pitch means you can avoid discussion of the hard choices or blame them on others.

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