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By A Smith (anonymous) | Posted September 30, 2009 at 07:03:37
China uses much more oil/dollar of GDP than the developed economies do and yet they keep growing at 8-10% a year.
The reason for this is because they are being tough on themselves, exactly the opposite of what Harper's Canada and Obama's U.S.A are doing. Whereas China is saving and investing for the future, Americans are trying to consume themselves wealthy.
If and when the U.S goes back to investing and cuts back on it's high consumption levels, growth will return, as will jobs and real wages. Nothing in life is free, therefore if you want to consume everything you produce, you cannibalize future economic growth.
To tie this back to Hamilton, if the city started running a surplus, we too would see a faster growing local economy.
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