It can afford to pause.

Industrial policy too often amounts to taxing the winners to subsidize the losers.

I don't think they have the financial wherewithal to do both.

What Canada needs is a shift in focus away from consumption and towards savings and investment,

Canada has recorded a remarkably bad productivity performance. Productivity has been tepid in terms of absolute growth rates and relative to the growth and levels recorded in other major economies. If this continues it will threaten the standard of living of Canadians.

We sometimes forget that the U.S. economy is a quarter of all world demand for oil, so if it slows down it should take some of the froth off the demand side.