Canada May Avoid Official ‘Recession’ but Comparative Living Standards Continue to Fall

Canada May Avoid Official ‘Recession’ but Comparative Living Standards Continue to Fall
The Bank of Canada building in Ottawa in a file photo. The Canadian Press/Sean Kilpatrick
Jason Clemens
Jock Finlayson
Updated:
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Commentary 
The late U.S. president Ronald Reagan famously said in the 1980 election that “Recession is when your neighbour loses his job. Depression is when you lose yours. And recovery is when Jimmy Carter loses his.” He went on to win the presidency in large measure because Americans wanted a return to economic prosperity. This raises an interesting question about what the word “recession” means.
Jason Clemens is the executive vice president of the Fraser Institute and the president of the Fraser Institute Foundation.
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