The New Age of Austerity: I think we’re already in one

The reason why I think we’re already in an age of austerity is not because I’ve resolved to buy no new clothes in 2010 or am depending on tomatoes from my ‘Worthy Attempt Garden’ for a few free lunches this summer (see ‘Green Ideas 2010’ in the side margin for more of my brilliant plans for the year).

It’s because I live in SW Ontario and I’m pretty sure the economy seems to be stuck in Nowheres-Ville until further notice from the US of A.


["Save your money. Pay down debt."]

This from an article entitled ‘U.S. recovery crucial to SW Ontario’:

“What really matters to this regional economy (SW Ontario, or ‘my’ economy) is whether the U.S. recovery sticks and holds.” (June 14, London Free Press)


["Try to be more self-reliant": photo GH]

SW ontario was hit hard by the last recession, the US economy is gearing back to a more modest pace, and President Obama supports more stimulus for the economy than PM Harper.

Who will win? Pres. Obama.

Who will follow? PM Harper.

Who will make the best effort to have the best sound bites?

It will be a tie.

Which political leader is worried most about a double dip recession, i.e., what comes around because of an unsustainable economy will come around again?

Pres. Obama. His fellow countrymen have more excessively wasteful Dodge Rams per capita than Harper’s.

Last question.

As the US grows more austere because of a faltering economy, will SW Ontario? Will Canada?

Hmmm. Because the US is our most important trading partner I’d have to say ‘yes.’

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This is a very good time to reduce spending, pay down debt and save money for the tough times ahead.

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