http://www.ndir.com/SI/education/debt.shtmlRobert Shiller, the Yale professor who correctly predicted the 1987 stock market collapse and the recent U.S. housing market meltdown, said Canada’s robust financial health compared to other nations is largely due to a random run-up in oil prices in the midst of the global financial crisis. “It’s a major export for Canada and it went to US$140 a barrel in 2008, right when Canada needed it,” Prof. Shiller said in an interview Tuesday. Canada’s economic output fell roughly 4.2% from its peak in 2007 to its trough in 2009 - even with the oil price surge, while the U.S. saw a near-identical decline. “It seems that if the country didn’t have that boost from oil, it would have done worse than the United States,” Prof. Shiller said.
I agree with Shiller's viewpoint, so the next time y'all bitch about fuel costs or opine on how much better off we are than the US...think again.