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CHARBONNEAU – Re-emergence of economy must be done carefully

(Image: CFJC Today)

CANADA’S ECONOMY has been placed in an induced coma since it was infected with the novel coronavirus. Arousal from the coma must be done carefully to avoid a devastating setback.

Keeping the comatose economy on life support has been expensive. We’ve blown the wad on the first wave of the pandemic to the tune of one-quarter trillion dollars. We can’t afford an expensive relapse.

Canada’s debt, manageable now, could lead to consequences worse than that of the Dirty Thirties if the recovery is not done right.

Royal Bank of Canada CEO Dave McKay puts it this way: “We can’t screw this up because we don’t have enough fiscal firepower. We can’t fail the re-entry. We don’t have enough money for a massive step back.”

Bringing the economy back to life is as much an art as a science; a little wakefulness here, a few stimulations there. Hurry up and wait to see what happens. The patient’s urge to run must be tempered with the pitfalls that lie ahead.

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David Charbonneau is a retired TRU electronics instructor who hosts a blog at http://www.eyeviewkamloops.wordpress.com.

About Mel Rothenburger (7717 Articles)
ArmchairMayor.ca is a forum about Kamloops and the world. It has more than one million views. Mel Rothenburger is the former Editor of The Daily News in Kamloops, B.C. (retiring in 2012), and past mayor of Kamloops (1999-2005). At ArmchairMayor.ca he is the publisher, editor, news editor, city editor, reporter, webmaster, and just about anything else you can think of. He is grateful for the contributions of several local columnists. This blog doesn't require a subscription but gratefully accepts donations to help defray costs.

1 Comment on CHARBONNEAU – Re-emergence of economy must be done carefully

  1. I am no economist but I am sure we cannot compare the “dirty thirties” with the present paradigm and its possible outcomes. Even the study of economics itself has gathered a key numbers of insights since those days…we even moved up from the gold standard! The key is for sure to not panic, even you lonely scribbler from Kamloops…don’t panic!

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