How bad is the economy going to hit the fan

So raising taxes during low oil prices is the best tactic to bolster government spending?

 

Didn't the NDP campaign on raising corporate taxes and then win a landslide majority government ?

That's called social licence

 

I'm not asking sarcastically. That's the question that's going to be asked if this is what the oil companies start saying as people are being laid off. That's a concern for the NDP I would think. Hopefully they can have success with their first fight with big oil. Something that can help the economy and the budget.

 

NDP now only have majority support within Edmonton proper. In Calgary the PC's are coming back in the polls and the Wildrose has really secured rural Alberta. Anyways, I don't want to turn this into a political discussion. My comment was just an observation.

 

I know this is a Canada thread, but in regard to global economy, every sector of industry/manufacturing/transportation is dominated by fossil fuels. Coal and oil are the linchpin of monetary exchange. Although all economies would take a pretty big hit once fossil fuels were abandoned, it is necessary for us to do that. It's necessary not only to continue producing goods in a profitable way, but also as a last ditch effort to prevent the demise and extinction of the majority of species on this planet. I find every short term political and economic "issue" laughable as none of them are at all relevant. Watching people lose their shit over the value of money and goods is just sad because it distracts them from the fact that 90% of humans will need to relocate in the next 5 generations.. It's bitterly hilarious to think that the wealthiest 1% of the World are making the planet inhospitable for my great great great grandchildren. A very small percentage of any country's population seems to be aware of this fact. If we abandoned fossil fuels it would be the single most expensive transition in human history, yet if we don't do it human history will end abruptly in the near future. Even if we abandoned fossil fuels 5 to 10 years ago we would still be at risk for mass extinction, at this point I feel that it is just a waiting game. I wonder if it would be better for me to avoid procreating just to save my offspring the struggle of fighting over the last few scraps of food/drinkable water/shelter/bullets/whatever. Oh well, at least I can live relatively risk free to the end of my days working on my Tacoma

To get back to the OP's topic.. I can not accurately predict how far any economy will dip in the near future, but none of the major 1st world nations will crash beyond repair. The rich make money by manipulating world economies, so no matter how bad they let a major economy get they will let it recover so that they may continue to manipulate it. It may get difficult to feed your family, but they don't have a vested interest in all out mayhem, violence, and fighting over food. They still need people to go to work and push companies forward so that they may profit from investing in said companies. It'll be a century or more before the first world gets dangerous..

 

Interesting thread, I'll have to read it all as I get time. Seems like you guys are having the same problems we do.

 

Doesn't matter anymore

 

I was talking short term, not long term, but your general assessment of the world is correct. However, the world does have the ability to somewhat self regulate so I expect that if we can ween ourselves off fossil fuels mass extinction may happen but our species will survive. I guess we should all hope for practical fusion power to be attempted soon from the results as of late from California.

 

Does it matter as in changing the composition of the government? No. I think though Notley would want to stay popular enough to not make this government a one and done.

 

It's only been what 8 weeks ?

 

I don't know, what I do know is that my $ is going much further in Whistler right now... after my bank fees I think I'm getting around $1.27 or $1.29? Been a long time since I save a ton of money vacationing in Canada. I remember in the late 90's coming up and getting around 35-40 cents a dollar. Makes for a fun vacation.. On the other hand I understand the difficulties of a bad economy, I hope it turns around up north soon for you guys.

 

Oil below $41 , Loonie drops below 76 cents US

http://www.cbc.ca/news/business/oil-dips-below-41-a-barrel-pushing-loonie-under-76-cents-1.3196227

 

And gasoline is a $120.9 in Alberta. Lift is grand. Not.

 

Agree usually it will level out at one point but on a lower level.

We had 4 manufacturing sites in CAN (52 global right now)...out of the 4 we closed 3 over the last 5 years and moved production (chemicals) to the US due to lack of demand and the more complicated labor and environmental laws in CAN...years before we got out of the paper business all together after that slowed down there as well.

There's a big push towards the sun-belt right now, not only in CAN, but the northern US states lose business too

 

Stll cheaper than here

 

Yup. It is more expensive than Toronto, where I hear a lot of oil comes from, and the average price here should be about 15-20 cents lower than Vancouver Island.

I'm not as pissed off as I sound about it. To be honest in Fertilizer there is a saying that when fertilizer wholesale prices are low outlets raise their prices to make money for the mother company. When the opposite is true, the outlets cut margins to stay competitive with each other. Either way the big companies that own both make their money. That's probably what is happening here. To bad people are still losing their jobs though over the low prices even though the oil companies that own the end use outlets are still probably making the money on the other end.

 

Haven't got gas in about 10 days , just checked Gas Buddy , local price for 87 is $1.269

$3.65 USD / US gallon for our American friends following along

 

$2.14 here I've seen it below $2 in SC

 

Yes , we all know gas prices are lower in the US

 

Where did it hit, gas prices, at the high a couple of years ago? I know I was doing some quick math in my head as we were approaching Blaine last week and I didn't come up with a number that made me feel like I needed to pull off as I usually do before the border and gas up. I think I figured about $.25 cents or so per gallon saving, noticeable, but not enough to delay our trip across. I feel like that number used to be dollars per gallon savings, not cents.