The government and some economists are optimistic that we are starting to pull out of the recession. I am telling you if the economy does make any turnaround (and I doubt it will be much) it is only in preparation for a greater and longer “downturn”. The boomers are aging and they had few kids, there are little personal savings and government debt is out of control, immigration is not enough and not the right type, European public sector pension plans are outlandishly generous, most government pension plans are a giant Ponzi scheme, etc. The giant Welfare State was a wrongheaded idea from the start that actually accentuated and accelerated many of our social ills (from illegitimacy to crime to decreased fecundity). It has just taken over half a century (a relatively short time) to play itself out.
This article is about England but Canada (and other Western countries) are little different. We did it to ourselves.