Yet Toronto papers seem nonplussed
Last night I speculated that perhaps the reason companies aren’t donating to the McGuinty Fiberals is because Premier Pinocchio and his string-pullers are letting Ontario's economy go down the toilet. Today I see that late-day emission of bad economic news pre-dated my comments by mere hours:
Ontario slips into negative growth in third quarter; GDP minus 0.1 per cent
Ontario PC Leader John Tory was on the ball and got a release out at 7:20 p.m. So Canadian Press moved this story in plenty of time for the papers to put it in Friday’s edition. The Toronto Star had it on their website last night, but I saw nothing in today’s print edition, nor in the Sun, Globe nor Post.
This is Ontario’s first quarter of negative GDP growth since the SARS-induced recession of 2003. Before that, the last negative-growth quarters were in 1992. It’s certainly the first negative growth on McGuinty’s watch.
A history of Ontario recessions (defined as two or more consecutive quarters of negative growth) is at Table 5 in the 2004 Ontario Economic Outlook and Fiscal Review.