Economy Tanking On Harper's Watch

Its The Economy, Stupid Stephen

Harper today accused Liberal leader Stéphane Dion of "sitting on the sidelines, cheering on a recession". This is a serious charge. Not believable, but serious.

Harper also said that concerns over Canada's economy are "without foundation". Last week Harper said the Canadian economy is "solid". All is well in Harperland, a place of fantasy where he alone appears to live.

Sadly in the real world, all is not well in our country. Canada's manufacturing sector is in tatters, with hundreds of thousands of jobs lost over the past few years, most of them on Harper's watch. In July alone 55,000 jobs were lost, on Harper's watch, representing the largest single month loss of jobs since the recession of 1991 when another conservative Prime Minister, Brian Mulroney, presided over the last big recession in this country. On Stephen Harper's watch a new recession is only a matter of time.

In forestry we've seen massive layoffs and mill closures continue thanks to David Emerson who sold away Canada's forestry industry, on Harper's watch. 123 mills closed over the last year alone, taking with them over eleven thousand jobs, on Harper's watch.

Interest rates are heading higher while housing prices are falling across the country, recording in August the steepest decline since 1996, on Harper's watch.

Today the Toronto Stock Exchange fell over 500 points during the day to close at the lowest level in two years, on Harper's watch.

TSX vs Dow Index as of the close Friday Sept. 26, 2008 - click to enlarge

Stock markets are good indicators of the times. Canada's market has been pointed down for months, on Harper's watch, and market professionals expect deeper declines. Things are going to get much worse before we see a bottom to the current world wide economic slowdown. Its happening now, on Harper's watch.

After the election, when Harper finally comes clean on what's happened to the economy, on his watch, what programs will Stephen Harper slash then?