It is important to emphasize that not one of these economists advised Canada's federal government to accelerate its objective of reducing and cutting public expenditures.
The first economist to share his views was post-Keynesian economist Marc Lavoie, professor of Economics at the University of Ottawa. According to Lavoie, there is no doubt that the world is heading for another recession or, at the very least, several years of zero growth. Here are a few excerpts from Prof. Lavoie's submission:
"We are witnessing the Japanization of western economies...The Eurozone has structural deficiencies that make it impossible to avoid a crisis...There will be an earthquake in Europe, and North-America will be hit like a tsunami...Canada will not be able to magically escape from this economic crisis...The Canadian government must not introduce spending cuts. The government must implement a new recovery plan for infrastructure and renounce its objective of trying to achieve budgetary balance."If you tend to agree with the above prognosis, Prof. Lavoie's submission is a must see (His submission begins at 1:55 and ends at 8:00 minutes). See here: