By Michael Snyder – End Of The American Dream
The nightmare that is currently unfolding up in Canada will soon be coming to the United States. When the price of oil first started crashing, most Americans and most Canadians applauded. Most people thought that lower gas prices would be really good for the economy. Well, it turns out that the exact opposite is true. Just like in the United States, the energy industry has been the primary engine for the growth of good paying jobs in Canada since the last recession. Up in Alberta, there was such a need for oil patch workers that even someone that had just recently graduated from high school could find an oil patch job that paid six figures during the boom times. Now the “boom” is turning into a “bust”, and huge numbers of those good paying jobs are being lost. As a result, suicide, crime, unemployment and poverty are all skyrocketing, and the mainstream media is telling us that “the worst is yet to come“.
It saddens me to watch what is happening to Alberta, because I have family up there. Whenever I have visited Alberta, I have been very impressed by how clean and orderly the communities are and by how very polite most people seem to be. As Americans, there is much that we could learn from our neighbors to the north.
But now that the oil bubble has burst, things are changing up in Alberta very rapidly. The following comes from a recent Bloomberg article…
Crime is rising, home prices are falling and food banks are overwhelmed in Calgary as job losses spread. And the worst isn’t yet over in the heart of Canada’s oil patch.
Some of the city’s largest employers are poised to cut more jobs in 2016 as they reduce spending for a second straight year, adding to an estimated 40,000 oil and natural gas positions lost across the nation since the crude price rout began 18 months ago.
“We all know someone who has lost a job,” Naheed Nenshi, the city’s mayor, said in a speech this month, lamenting the “funeral”-like atmosphere in the business community.
About the author:
Michael T. Snyder is a graduate of the University of Florida law school and he worked as an attorney in the heart of Washington D.C. for a number of years.
Read his new book The Beginning of the End