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August 18, 2021

Canadians think economy will recover twice as strong as U.S.

By Jason Buckland, Sympatico / MSN Finance

If Little Mosque on the Prairie’ s success is any indicator, Canadians are good at shining a turd and calling it gold.

And it’s that eternal optimism we’ve used to best cope with an economy that, despite our better efforts, continues to stink like Ron Jeremy on a hot day.

Yet a new poll suggests we’re more sure of a rebound now than ever, no matter how our neighbours to the south may be performing.

A Canadian Press survey shows not only do six of ten Canucks think the economy will bounce back, but that it’ll return to strength twice as solid as in the U.S.

“(We) feel like things are really rebounding, that things are turning around,” said Jeff Walker, the study’s vice-president.

The Canadian Press suggests the poll results echo recent projections by Bank of Canada governor Mark Carney that the recession is all but over and the economy will begin growing again this summer.

And that’s all well and good – and certainly what we all want – but there are some undeniable roadblocks we’ve got to topple before we’re out of the woods.

For one, Canada shed another 45,000 jobs last month and the unemployment rate hasn’t budged at all. It stayed at 8.6 per cent from June-to-July.

Then there is that American economy, which isn’t so much acting like the elephant in the room as it is the elephant in the room wearing lace panties, chain-smoking cigars and doing Pilates next to Richard Simmons after he’s just downed three vodka-Red Bulls and a case of Fun Dip.

Because of weak consumer spending, big time government deficits and a still-battered housing market, the U.S. economy looks to be on the skids for a while longer, according to CP.

That’s certain to stunt healthy Canadian trading with the U.S., surely, and while you’d expect that to temper most people’s outlook on recovery, we are Canadians, after all.

“There’s a sense … that there’s demand for what we’ve got, maybe that’s greater than demand for what (the) Americans got,” Walker said.

“So even though we had to incur a deficit through this period of time, our books were pretty solid going in (unlike the U.S.’). And, I think, a lot of people feel like if your books are pretty solid when you go into a bad time, you can usually weather it better.”



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

James HaversJames Havers

James is the senior editor of MSN Money living in Toronto. He has worked for the Nikkei Shimbun (Tokyo),,, Canadian Business and other publications. Havers turned to journalism after teaching overseas.

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...