Despite its shortcomings, Canada is not an economic basket case​

[WiltonRanch]

Chuck your summary not a novel of someone else’s words please.

[AlbertaFarmer5]

Chuck your summary not a novel of someone else’s words please.

If he were capable, he would have already done so.

No point in asking.

[blackpowder]

He doesn't read any of those pastes himself anyway.

[chuckChuck]

So how come you guys don't want to talk about the low productivity in the oil industry? All we get is crickets?

"Let’s start with productivity. Oliver Loertscher and Pau Pujolas, professors at McMaster University, have done a deep dive into productivity growth and concluded that its observed stagnation in Canada in the past 20 years is almost entirely because of the oil industry. When they netted out the oil components of the economy and looked at productivity in the rest of the economy, they found it rose at about the same rate as in the past and compared with the U.S."

[AlbertaFarmer5]

So how come you guys don't want to talk about the low productivity in the oil industry? All we get is crickets?

This is the equivalence of Chuck sitting in his parents basement rent free at his age, playing video games and trolling the internet.

He calculates that his productivity is up 10% this year, since he has achieved wizard status in Dungeons and Dragons, his cheetos, bud light and cannabis consumption is up 10%, along with his waistline, plus both his emoji and LOL usage is up 10% this year.

He further calculates that his parents productivity is dragging their household down. Since they only received a 2% raise at the salt mines where they work, bringing in all of the disposable income for Chuck to spend on his addictions.

The energy industry is directly responsible for 33% of Canada's gross exports.
But Canada ran a trade deficit last year and is on track to have a balance of trade deficit of $20 billion this year. While oil and gas energy had a NET trade surplus of $180 billion last year. Agricultural, mining, forestry all also had trade surpluses. Virtually
EVERY OTHER INDUSTRY had a net negative balance of trade. The only industries bringing actual foreign currency into Canada are the above mentioned resource extraction industries. And all the other industries are so inefficient they still managed to overwhelm that massive trade surplus created by the resource sectors and turn it into a deficit.

We don't even have an economy without the energy industry. We would be a cold sparse poor banana Republic without resources.

Tell us again about productivity.

[chuckChuck]

QUÉBEC AND ONTARIO. 58% of Canada's GDP / 53% of Canada's total exports


Still don't want to talk about lagging productivity in the oil sector that is dragging down Canada's productivity?

And then you say "The only industries bringing actual foreign currency into Canada are the above mentioned resource extraction industries."

Huh?

[AlbertaFarmer5]

QUÉBEC AND ONTARIO. 58% of Canada's GDP / 53% of Canada's total exports



And then you say "The only industries bringing actual foreign currency into Canada are the above mentioned resource extraction industries."

Here are the most recent stats for balance of trade for Ontario and Quebec:
In April 2024 Ontario exported C$21.4B and imported C$39.2B, resulting in a negative trade balance of C$17.8B

In April 2024 Quebec exported C$9.46B and imported C$8.97B, resulting in a positive trade balance of C$486M.

Source: https://oec.world/en/profile/subnational_can/quebec

Together, Ontario and Quebec a net negative of $17.314 Billion

Alberta: In April 2024 Alberta exported C$15.6B and imported C$3.61B, resulting in a positive trade balance of C$12B.

Chuck, if every month on your farm, you buy $100 worth of Ertl toys, and only sell $50 worth of carpet lint, do you have more or less currency at the end of the month?

[Hamloc]

QUÉBEC AND ONTARIO. 58% of Canada's GDP / 53% of Canada's total exports


Still don't want to talk about lagging productivity in the oil sector that is dragging down Canada's productivity?

And then you say "The only industries bringing actual foreign currency into Canada are the above mentioned resource extraction industries."

Huh?

If you had actually absorbed what AB5 had said you would realize he pointed out we have trade surpluses in resource based sectors. But in Automobile manufacturing we have a trade deficit. The table below from statistics Canada shows this. Chuck2 you should have known.

[chuckChuck]

What about hydro electricity out of Quebec. Big surplus!

And regardless of trade surpluses or deficits, the oil sands for example require a huge capital investment and can drag down productivity when you measure inputs relative to output.

That's why Alberta subsidized them with a very low royalty rate until the capital costs are paid off.

"Free market" Conservatives piking winners and losers again with taxpayers money!

[recapped]

"Free market" Conservatives piking winners and losers again with taxpayers money!

& Liberals doing same with $30 billion for car battery manufacturerers.

[AlbertaFarmer5]

Does anyone else get the impression that trying to have a fruitful discussion of economics with an avowed socialist is completely futile?

"regardless of trade surpluses"

It is OK to import more than we export, as long as it is any industry except oil and gas...

Tell us how long your imaginary farm will be in business without a trade surplus?

[AlbertaFarmer5]

What about hydro electricity out of Quebec. Big surplus!

See the stats above, Quebec eked out a 0.486 Billion trade surplus, thanks to mining and energy exports. That small surplus was dwarfed by Ontario's $17.8 Billion trade deficit.