Earlier I posted about the important role the HST has played in the slowdown of the Canadian economy. Statistics Canada reported this morning that the Gross Domestic Product fell last month, the first time since August 2009.
I noted that the TD bank was blaming the HST for the drop. Now, Mark Carney, Governor of the Bank of Canada, The Royal Bank and Federal Finance Minister Jim Flaherty have chimed in and they all agree – the HST carries a big part of the blame. It seems like we have a bandwagon.
There are two things about that.
The HST impact is concentrated in two provinces, BC and Ontario. That suggests the slowdown is much greater in our province and in Ontario. In other words ‘the greatest thing we can do for BC’s economy’ is turning into the greatest thing we can do for lost profits and jobs.
Here’s the second. You’d think this would be a big story in BC, front page, top of the broadcast news. It seems to meet the criteria of a story. It’s current, it affects every British Columbian and it’s not just speculation, there’s proof. Plus there’s the little thing that BC and Ontario are dragging the entire national economy into negative territory. Add it all up and it seems big to me.
But I’m a blogger. What do I know about a real story? The top HST story in BC media today is a he said/he said story about UBCM speech rumours. I couldn’t find a thing in the BC media – Paper, electronic or on-line – about the negative impact of BC and Ontario’s HST on the Canadian economy. The closest paper to carry an on-line story as of this writing is the Winnipeg Free Press.
Pathetic. In the last week the Sun has carried a 20 year old editorial about the Zalm. But the Sun along with the rest of BC’s press can’t break a sweat to cover real news about the proven negative impact of the HST on BC’s fragile economy.
That’s reality in BC.
Update: Today the Globe ran a story about the slowdown – without mentioning the HST – using a Chilliwack firm as an example of the impact. IMW is a leader in green tech and the story suggests they might be pulling up stakes in BC and moving production offshore.
And then there’s Postmedia, the ‘new’ owners of the Canwest newspapers. Postmedia carried a business story about the July slump, but edited TD Bank’s analysis of the reasons for the slump, removing mention of the HST.