So what was the big news of the day? “Canadians face a difficult year — perhaps several difficult years,” declared Governor General Michaëlle Jean in today’s throne speech from Parliament Hill.

Are you kidding me?!!?! I would have never thought. Although, now that I think about it, there have been some warning signs.

#5. The downturn in housing markets is still unfolding here in Canada, with reduced credit supply likely adding to pressures.

#4. The auto sector and forestry industry can barely stay above water.

#3. The credit crisis and the global sell-off of commodities have hit Canada hard. The country lost more than 100,000 jobs in the last two months of 2008, and the central bank has predicted that economic output will drop 4.8 percent in the first quarter of 2009.

#2. In 2008, the TSX suffered a 35% loss on the year as a whole and narrowly missed the distinction of being the worst year on record for Canadian stocks (that remains 1931, when the market fell more than 37%).

#1. Canada has avoided deficits for more than a decade and last week the government announced that it will run a $52 billion deficit over the next two years, largely because of the stimulus package.

So there you have it, thanks for the heads-up Michaëlle.

But wait, not all is lost, there’s still light at the end of the tunnel.

“In the face of such uncertainty, our government has developed a clear and focused plan. Our government will spend what is necessary to stimulate the economy and invest what is necessary to protect our future prosperity.”

Perfect, I guess that’s that.

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Tags: Budget, coalition, harper, speech from the throne, stimulus plan, throne speech

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