Yesterday was the day that Statistics Canada released the quarterly GDP figures, and they were middling. The economy is sluggish, but 1.0% annualized growth in the quarter is growth, and it bears repeating that we have avoided a recession after the inflationary spike, so this is the “soft landing” that the Bank of Canada was aiming for. And because growth is sluggish, there is plenty of talk that the Bank will likely make another 50 basis point cut in December rather than 25.
The Conservatives rushed to make hay of these numbers, particularly the fact that per capita GDP fell by 0.4% over the quarter, which was the sixth quarterly decline. (Yes, there was revised data that pushed up growth and made the quarterly decline less pronounced for the past two years). And why has there been a decline in per capita GDP? Because at the end of the lockdowns, we ramped up immigration to combat labour shortages, and all of those new workers pushed up our growth enough to avoid a recession, and because the denominator has been increased faster than the numerator, it’s a pretty solid indication that the growth could very well be much stronger once we get it back on track. To that end, the Conservatives’ press release compared our non-annualised figures to the American annualised numbers to make ours look worse (they later issued a correction), and put out misleading tweets that blame Trudeau and not the 2014 collapse in oil prices for the so-called “economic vandalism” that they believe that simple line graphs show.
This passage from Conservative Party press release, on Friday's GDP data, compares Canada's growth on *nonannualized* basis with US growth on annualized basis. Canada GDP grew 0.3% nonannualized in 3Q, or 1% annualized. pic.twitter.com/uMHrZdmwaz
— Paul Vieira (@paulvieira) November 29, 2024
https://twitter.com/maxfawcett/status/1862538994221031782
And then there was the absolute mendacity in Question Period. Michael Chong said that the estimated effect of Trump tariffs was less than what Trudeau has done (which is both false and stupid), and Corey Torchor, unbelievably, claimed that the StatsCan data showed that the economy was “collapsing,” and I wish I was making that up. In no way did any of that data indicate that there was anything resembling “collapse.” Sluggish, yes. Collapsing? How? Either the Conservatives are just outright lying with statistics, or they have no clue how to read GDP data (or maybe both). And the funny thing is that all of this concern about declining per capita GDP is a pretty de facto way of saying that they are cheering for an actual recession, which we would have had if we hadn’t juiced immigration the way we did. I wish this wasn’t so stupid, and I wish we had more journalists calling this out, but we don’t because “I was told there would be no math.”
This is incredibly mendacious framing.GDP per capita largely declined because of the influx of immigration, which staved off an actual recession. Saying that Trump tariffs would do less damage than the current government is both stupid and wrong.
— Dale Smith (@journodale.bsky.social) 2024-11-29T21:15:09.167Z
Tochor claims that StatsCan reported that our economy is “collapsing.”Bullshit. Complete and utter bullshit. He doesn’t know how to read GDP data and is going to just lie. #QP
— Dale Smith (@journodale.bsky.social) 2024-11-29T16:37:05.538Z
Ukraine Dispatch
Russian drone attacks hit residential buildings in Kyiv and Odesa, injuring eight. Ukrainian forces are facing a desertion crisis because of overstretched forces, psychological scarring, and the management of the war. Ukraine’s army chief is pledging more troops on the eastern front after visiting there. Here is a look at Ukrainians dismantling a thermal power plant before the Russians can advance on it.
https://twitter.com/ukraine_world/status/1862448598702596345
"If we want to stop the hot stage of the war, we should quickly take under NATO umbrella the territory of Ukraine that we have under our control. That's what we need to do first, and then Ukraine can get back the other parts of its territory in a diplomatic way," President…
— The Kyiv Independent (@KyivIndependent) November 29, 2024