Canadian Government Briefing For the Great Depression
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- George! Maury! Please come in, we have very important matters to discuss!
- It must be related to the record high unemployment levels. The current rate is about 30%! Due to the lack of sufficient income in families, about 1 in 5 Canadians are relying on financial support.
- Thank you both for coming. The current state of Canada is awful! Canadians from all over are relying on government relief in order to provide for themselves and their families.
- You're right George! Due to the large unemployment rate, the country's Gross National Expenditure decreased by 42%. This means that overall public and private spending has fallen drastically! This is due to the lack of income in families.
- Canadian Government Economic Briefing For The Great Depression
- Employment levels are only the tip of the iceberg of problems affecting Canada's economy. The Gross National Income was immensely affected by the collapse in international trade! Not to mention the crippling drought in the Prairies that are resulting in huge crop failures!
- Great point George! Take Saskatchewan's situation for instance. The hit to their agricultural industry was terrible! Their income went down by 90%. Additionally, 66% of Canada's rural population was forced into relief.
- It was a stressful day for Prime Minister R.B Bennet. He was expected to present solutions to the Canadian council pertaining the current state of Canada's economy and financial state. He was in desperate need of advice from his most trusted consultants; George Blue and Maury Fox.
- Very true Prime Minister Bennett. Prices have decreased a total of 25%. Additionally, the current inflation rate is about-6.38%!
- What a mess! Deflationary cycles are very difficult to break. This is because decreasing prices result in reduced profits, lower incomes, and higher unemployment and therefore these cycles often reinforce themselves.
- The country was facing a rise in unemployment levels that have never been seen before. Certain cities were facing unemployment levels higher than the nation's level of 30%. However, Canada was not fighting this economic disaster alone. Many other countries such as the United Kingdom, France, Germany, and the United States were all dealing with similar problems. This period of time is popularly known as the "Great Depression" or the "Dirty Thirties".
- Well that's why we're here! I have a couple of ideas in mind to figure out what we should do!
- I don't know how I'm going to find a solution in time for the council meeting. This situation is hopeless and the country is depending on me! Knowing the current climate of the economy, do you have any ideas?
- I thought you'd never ask! I think we have more than enough information to tackle this situation head on!
- Canada depended heavily on raw material and farm exports, for example, the four western provinces were almost entirely reliant on exports of primary products. However, due to the huge crop failures and the collapse in international trade, Canada was severely affected. Additionally, the Depression was attributed to the broad declines in world commodity prices as well as abrupt decreases in economic demand and credit. As a result of these issues, global commerce has been rapidly declining, and unemployment has been growing.
- The "Dirty Thirties" became really "dirty" during the early 1930s. The nation's economy plummeted from various factors such as a dramatic drop in spending which triggered a decline in prices of more than 25 percent over this period.
- It was time for George Blue and Maury Fox to help Prime Minister Bennett create a concrete plan to address the nationwide economic disaster in Canada.
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