Murphy’s Logic: Tough economy is not ‘technical’ for many

Steve Murphy shares his thoughts on the definition of a technical recession.

Politicians and economists have spent much of the last two weeks talking about Canada’s “technical recession.” After recording two quarters of negative growth – a term which is, incidentally, a technical oxymoron – the country’s economy now meets the definition of having entered a recession.

Opposition politicians have gleefully seized this as proof Mark Carney, the celebrated central banker, is failing to deliver on his economic promises as prime minister. Supporters of the PM and his government, and even some economists, say, despite the definition, it’s not a real recession because it’s been brief and shallow, and without widespread unemployment.

No doubt this is all debatable – a matter of semantics and economics – but the truth is most people don’t care.

To families who are having trouble buying groceries and paying the bills, it doesn’t matter if we’re now in a recession, technical or otherwise.

The people who are working long hours for wages that come up short can take little solace in the knowledge the unemployment rate is going down.

Politicians and economists who get caught up in technical definitions and self-serving rhetoric sound out of touch and tone deaf to those who are struggling, in need of relief and demanding action, as a great many Canadians are.

No doubt, the economy could be a lot worse – and it may yet be – but for millions, things could be a lot better. That’s not a technicality. That’s reality.