My Point of View: Zero growth a shocker? Shake your head Pt 3

I’m shocked that economists were recently shocked by zero growth in the Canadian economy.

Don’t they read the papers? Don’t they read recent polls and studies?

Boomers are worried about their pensions. They won’t spend what they don’t have as much as in the past. Many have discovered that living on credit has its downside.

A recent US survey revealed that many people are going to spend less money, save more and reduce debt (all good things in my book) on a permanent basis.

And if that happens, and Canadians follow suit (we usually do), zero growth in our economy will become a regular occurrence. We’ll soon be able to take deep breaths of fresh air again. (Insert smile here :)

Not only are North Americans learning they can’t live forever beyond their means, they’re learning there are other worries larger than pension shortfalls and more frightening costs (than unmanageable debt) to unlimited production and consumption.


Large numbers of North Americans are now making the link between their excessive consumption (lifestyle, fossil fuel use) and carbon production, pollution and climate change.

According to The Suicidal Planet, surveys reveal that two-thirds of the US population ‘are mostly or completely convinced by scientific consensus on global warming and the causal effect of carbon dioxide emissions.’

‘Only 6 per cent now think that it is not a problem requiring action.’

‘Polls also show that the great majority now subscribe to the view that greenhouse gas emissions should be limited and say they would support legislation requiring large companies to cut their emissions.’

‘Three-quarters consider that doing nothing about climate change is irresponsible, with - encouragingly in view of its implications - the same proportion supporting the proposition that a voluntary approach to the reduction of greenhouse gases will not work.’

In other words, many think something must be done, and they’re doing it with their wallets.

They’re spending less, saving more, reducing debt.

Zero growth may be the new black.

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Are there other reasons why zero growth isn’t shocking at all?

11.1 per cent unemployment in our region comes to mind.

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