According to The International Monetary Fund (IMF) the world is facing the biggest recession in over 60 years. The IMF's April World Economic Outlook states we will have a 1.3% contraction in the world economy in 2009.
Windsor Essex has been the "canary in the coal mine". We knew about the "Great Recession" two years ago.
As governments at all levels, corporations and citizens grapple with this ugly reality, we are all left to wonder, just where is bottom? We sit and watch, eyes wide open, as corporations once considered "too big to fail" are alive only because of taxpayer handouts. Via any number of stimulus packages, Trillions of dollars are being added to the government deficit in the United States, tens of Billions added to the deficit in Canada and Billions more if you add in the provinces. We also have to wonder how the taxpayer will pay for all this government spending when we finally emerge from the sub-floor of this economic trough. In Great Britain the debate on deficit spending and more taxes has already started.
Many tough decisions will have to be made by our elected officials. Let's keep an eye on them and watch what they do, which is more important than what they say.
Case in point: our co-top honchos from the town of Tecumseh, Mayor Gary McNamara and Deputy Mayor Tom Burton. These two are absolutely shrill at Essex County Council meetings about any number of expenditures. Hey, but when it comes to their town, taxes can go up, way up, no problem. Check out my post "Part 3- Big Issues- Minimal Coverage"; you will get the picture.
