Nice chart fuji.
However, GDP Ontarion has increased, but what about GDP/per capital? Which is a another measure of wealth. I didn't know if those figures presented reflected that, so after minute on this internet thingy, got some raw numbers.
1981 8,625,107
1986 9,101,695
1991 10,084,885
1996 10,753,573
2001 11,410,046
2006 12,160,282
Using 1981 as the base year, in 25 years the population of this province went up 40%.
Ontario GDP per head 1981 around $29,000 to 2001 $40,000. Seems about right.
I would like to say two things to you specifically, because I am not sure about the current debate you are in, it is too much to follow honestly speaking ...
1. The concept of price stickiness. For example, if I am paying a price for something, I don't want to pay any more. That is just human nature. The reverse is true, such as if the price of my labour is so much, then price stickiness demands that I won't want to be paid less. This applies to the private sector, the unions, the big multinational corporations.
Seem to me, all these numbers do not mean anything. Those three actors want to see their price remain constant at the detriment of the others. That is politics. Since I am a rational economic actor, I will think of my own interest.
2. Ben Bernake said last month that US job picture was anemic, due to the fact the US growth rate was below historical norms. Only if the GDP growth rate returns to historical norms would the job picture improve. Then he hints at QE3.
Well, if he says that, then this place Ontario, with manufacturing tied to the USA, this province has no hope either for the next couple of years at least.
We are faced with an economic pie that won't grow, more government commitments to social spending as the baby boomer retire, and basically no new government revenue.
With no economic solution available, hell, I am going to vote for the people who will hold the line on taxes. Listen to the left and you realize we got no choice. Once the left get going with the tax increases, they will know no limits to when to stop, until they are booted from office.
I do not consider myself an ideoglouge. I picked up this stuff by living in Ontario. It's a nice place to live.