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‘\ Waterioo \LA Honcda _ 146â€"4120 PAGE A24 of the UUS Climbing out of this recession will be a haul but. Canada has the basic tools to do 1 I s Cc on e oo Ne mm annenentne of domestic policy Sure, it‘s easy to recognize some of these problems are also Canadian problems but, it‘s more important to recognize the differences First of all, consider our financial sector. Canadian banks are well c@pitalized. If you read the papers last week our banks reported a successful year. Not so in the U.S. where banks report low profitability and capital and where a credit crunch is evident Social problems? Sure, we have them but, Canada has a far stronger social welfare system than the U.S. who still lack a national health system The Canadian deficlt in IApnaser sn ha BAM ELAL.cur en s . The Canadian deficit is forecast to be $30.5 billion this year. That target was established before the ravages of the recession were understood. Maintaining the target was possible because of the decline in our interest rates. With each decrease in the interest rate of one per cent, the government saves $1.8 billion in interest How did the interest rate decrease? Well, the Bank of Canada working with the government set specific targets for inflation Now even despite GST. Canada‘s inflation rates are lower than the U.S. And it appears that the U.S. could be facing some major inflationary pressure because the Bush administration has taken no steps to control inflation Deficits in the U.S. are expected to increase. Canadians, on the other hand, are looking at a deficit projection of $24 billion next year and the Finance Department is standing behind that figure What does t by 1994 1995 Granted the bulk of our exports are to the States and the North American recession is definitely affecting the Canaâ€" dian economy. In fact, last week Statistics Canada announced the third quarter trade deficit figures. It was the worst deficit ever Why? The high Canadian dollar, the weak U S economy, cross border shopping and high interest rates on the Canadian debt But we must realize that there are fundamental differences in the Canadian and U.S. economies The US_ is suffering from plummeting stock markets, the savings and loans scandals, a weak and fragmented banking system, declining consumer confidence, surging government deficits, major social problems and a weak president in terms ons 1 545 KING STREET N., WATERLOO It seems ironic that at a time when we are seeking national unity and our own Canadian identity, the media is taking its lead in economic reporting from the States. (across from Conestoga Mail) Doom and gloom â€" that‘s all I read about these days. It‘s almost like Chicken Little is out there saying, "The sky is falling â€" the sky is falling." And then what happens? Well, it‘s the old selfâ€"fulfilling prophecy routine Keep talking up this recession and how can we possibly work up the confidence to get out of it? Most news reports you read continue to paint a dark picture And since our American neighbors are also suffering through this recession, have you noticed how television, newspapers and magazines are saturated with negative economic news? It is because Canadians always follow the lead of the States. We just easily accept that if times are tough in the States they must be worse here Canada has the basic tools for recovery y the Canadian economic future is WATERLOO CHRONICLE WEDNESDAY. DECEMBER 4 1991 the future hold? A balanced budget is anticipated brighter than that slow and difficult And prior to the Vanier Cup the store ordered Vanier Cup sweat shirts with duelling Laurier and Mountie helmets on the front. Removeable face tatoos â€" cartoon Hawks â€" have also dominated sales The biggest seller this year have been pompoms. Being one of the least expensive items in the store, it meets the student budget. The item was so popular that they rans out of them twice had to get a rush order from as far as Minnesota to meet the needs of the Laurier fans. Purple long johns, with ‘Behind the Golden Hawks‘ written on the trap door and purple Laurier of Hawk caps are also big sellers at the moment "A while a go people wanted navy Laurier caps, now they want purple. Purple is definitely back." Owned by WLU, the Purple and Gold store was part of the univerâ€" sity book store, but because of the cramped quarters, it moved to its new location on the corner of University Avenue and King Street. "Normally, this is a good time of year because students usually buy something from the store to take home to the family for Christmas." According to Fay, they‘ve been selling not only to the Hawk players, but to Hawk supporters and wouldâ€"be supporters. And there are those who waited until after the outcome of the game to pick up Hawk items for souveâ€" nirs The store, which is the official Hawk shop, opened last July and while sales have been steady in the past, the spinoffs of Laurier‘s involvement in the Vanier Cup have been overwhelming for the store. Color them happy at Purple and Gold Shop "Our heads have been spinâ€" ning," Fay said in response to the high number of sales. "We have to enjoy it while the opportunity is here." With the Golden Hawks winâ€" ning the Vanier Cup on Saturday, the success of the football team has had a definite impact on the sales of the Purple and Gold Shop. According to store operator Anne Fay, an opportunity like this doesn‘t come around too often. With every point the Wilfrid Laurier Golden Hawks put on the scoreboard this season, a dollar sign rang up on the cash register of the Purple and Gold Shop in Waterloo. Pete Cudhea Chronicle Staff Vanier Cup has Hawk memorabilia moving well Along with the novelty items, such as purple and gold jelly beans and big yellow suckers, the store also has in stock children‘s After waiting a month, the Council of Chairmen of Ontario Universities has been told it will not be granted a meeting with Premier Bob Rae. The Council asked for the urgent meeting in late October following a $13 million cutâ€"back of promised funds to colleges and universities. In a letter to Dr. Peter George, president of the Council of Ontario Universities, the Premier says he is "unable to meet with the council, because of my very busy schedule." George said he was astounded that the premier, who has stressed the importance of universities, could not make the time available to meet with board chairs. Rae‘s door closed to university group Purple and Gold Shop proprietor Anne Fay is obviously thrilled with WLV‘s success. Fred Sagel‘s About The Law column of Nov, 27 incorrectly stated that no newspaper in Waterloo Region gave editorial support to any candidate during the municipal election. The Cambridge Times, in fact, did so. Correction clothing including track suits and tee shirts, And to decorate your Christmas tree, they have ornaâ€" ments as well. deposit. Including freight and . P.D 1. WOW ... that‘s Great, just $288° month, # $288 :; a Our incredible 48â€"month lease with nothing dwn.v no security EASY Pate Cudhea photo