Canadian job numbers were reported last week, and the numbers show that the growth is not exactly what we would wish for. But of course, there is always a positive spin to be put on this by the Bay Street spin doctors:
While we could quibble about the quality of the jobs gains, the reality is that the country just knocked down three solid monthly gains in a row for overall employment, and that’s much better than anyone could have expected,” noted Douglas Porter, chief economist at BMO Capital Markets.
Doug Porter, whom I used to respect, has just blown the doors off of that one. How this long-standing BMO economist could make such a stupid comment is beyond belief. A part-time job is not equal to a full-time job. Fewer hours, employment benefits and little if no severance if you get fired.
This is the problem in Canada. Doug Porter has no clue what it means to have a part-time job. It’s just blah, blah, blah. He has no idea what it means to get a shift of 5 hours, three days a week at minimum wage. He has no idea what it takes to earn sufficient income when you are getting paid $15 an hour for twenty hours a week. He has no clue.
Until this changes, the rich will get richer and the poor will have children. It’s people like this who are so disconnected from reality that they have no clue how lower middle-class people live.
That’s why all the talk about house prices by the pundits isn’t worth reading. Get a few “real people” to write and see how that comes out.
This spins back….
In my mind, this spins back to my view on real estate. How can this be sustainable without having been propped up by the Government of Canada through the CMHC? Now with the pending changes in the risk sharing formula and underwriting rules, it may be too little, too late. With this kind of shift in the economy and jobs, it’s not exactly a recipe for a robust economy.