We have been in denial for the last few years. Whispers of an industry slow down have spread, always followed by reassurance of a bright and prosperous future. Well the fantasy is over and facts need to be faced. The recession is here and it had hit us at our core.
Even Alberta, Canada's most wealthy province is in a panic, struggling to find ways to keep its head afloat. All the while, still trying to say that things are going to pick up, but people living here are not so sure.
With major companies such as Madill going bankrupt followed by a growing population of layoffs amongst some of our biggest and well known companies like Brandt tractor, Finning, and Suncor Energy it is making it hard for Canadians to look towards the future without a bit of worry and fear in the back of their minds.
Many companies can now been seen merging and selling out halves of their business in a attempt to out weigh their costs and minimize their loss'. Auction houses are filling up with machines, service trucks and tools from bankrupt companies and business owners trying hard to get a little extra money.
We have been here before and we will rise up again, but what do we do in the meantime? Prices are rising as fast as the unemployment rate and many Canadians are already finding it hard to make ends meet. Residents from all over are packing their bags and moving across the country in hopes of better luck.
The sad reality is that the recession has hit coast to coast. The once busy Fort McMurray (known to many as Fort McMoney) has seen its population thin as many of its residence, who had once moved from Cape Breton and other Eastern cities and towns in search of a bigger bank account, now move back back to their homeland. The Unemployment rate on Cape Breton Island has gone up to 14% in last few months due to the sudden rise in population and lack of jobs to accommodate it.
Things will indeed pick up again, but until then we need to face reality and prepare for the bumpy road ahead. The longer we ignore the situation and pretend that everything is perfectly fine the harder it will be for us to climb out in the end. We need to pull back and examine the situation and find ways to get through it. Our grandparents have done it and so can we.