Just as Canada maintains our AAA credit rating, Moody's is threatening to downgrade the US's credit rating.
I wouldn't celebrate.. Even though it seems we're doing OK right now, there are some things we should be aware of. The feds and most provinces still have a deficit and debt. We have record household debt in which one economist says could possibly be the undoing of our economy.
We have an aging population and unfunded liabilities(health care,pensions) and we don't have the money to pay for them.
We are not an island.Depending on what happens,things could change over night. What seems to be a fairly stable economy here in Canada could change in a heart beat. The debt crisis in the US,they could default in four days.They are our largest trading partner and they are in trouble. As the US economy is slowing lawmakers can't seem to come to an agreement on the debt ceiling.
No wonder PM Harper says the situation is "very bad."
Update:Why did Canada’s economy shrink? What economists say
Canada’s economy shrinks in May
The Numbers That Show How Bad the Economy Really Is