City
Toronto in Recession: 1982 vs. 2008
Back in 1982, E.T. was tops at the box office, "Mickey" was so fine that it reached #1 on the pop charts, and Rance Mulliniks was playing his first game as a Toronto Blue Jay. Bill Davis was the Premier of Ontario, and Art Eggleton the mayor of Toronto. Minimum wage was $3.50, and we were in the midst of a serious recession.
A recent report by the Conference Board of Canada has revealed that consumer confidence right now is at its lowest since 1982. What did a valley in consumer confidence mean in 1982? What does this mean for Toronto today?
If the current economic nose dive continues, our lives will most certainly have to change some. We already have to work a lot longer hours to enjoy the many things the city has to offer. Don't believe it? Check out some examples.
In searching for things to do in Toronto in 1982, I came across this old travel article written by none other than Margaret Atwood for the New York Times in 1982.
I've done a brief cost-comparison of then versus now, with the time required to work at minimum wage ($3.75 in 1982, and $8.75 in 2008) to pay for each purchase shown in brackets.
Round trip to the Toronto Islands by ferry:
1982: $1 (0.29h)
2008: $6.50 (0.74h)
increase: 2.5x
Admission to the ROM:
1982: $2 (0.57h)
2008: $22 (2.51h)
increase: 4.4x
Visit to the AGO:
1982: $1.60 (0.48h)
2008: $18 (2.06h)
increase: 4.3x
Romantic stay at the King Eddy on a Saturday night:
1982: $60 (17.14h)
2008: $280 (32h)
increase: 1.8x
Dinner for two at Scaramouche:
1982: $60 (17.14h)
2008: $210 (24h)
increase: 1.4x
With the cost of living having gone up by such an extent, and an economy tanking before our eyes, I suspect that many Torontonians will be having a lot less fun and leisure and a lot more scraping for necessities.
Discussion
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To Jack:
Hmm, I'd be more inclined to believe the Conference Board of Canada on economic trends, forecasts and research than some anon. person on the internet. You might want to get your facts straight too.
How do you define "recession"?
I don't define recession like the economists.. when you go out on friday night, there is no line up at any restaurants, that's recession... that's what happened in the early 90's
And for the record, I was born in the 70's. I am old enough to remember my days in public school in the early 80's, when I was the ONLY Chinese student in my class. Things were drastically different when I was in high school in the 90's, when half the population of my school were new Chinese immigrants.
I don't know much about economics, but I was conscious enough to see what was happening around me at the time.
(And you've yet to clarify your original ridiculous claim, and explain your mysterious lack of punctuation.)
Considering even just 2% inflation over 26 years would mean a big difference.