At this rate it will take at least four years to get back to where we were in 2006. Investment has fallen to 15 percent of GDP when we need to be exceeding 20 percent. Our balance of payments has been under stress for some time and this stress will now mount. Inflation has jumped to over 9 percent, the worse in twenty years.
Unemployment is rising. Poverty is worsening. Hence, taking that scenario into account, one would be forgiven in labeling this situation as a crisis. But I would not go as far as call it an economic crisis for the simple reason that we do not need international assistance to bail us out. That is my crude definition of a crisis.