On May 9, the Ghislain Dufour Business Forum welcomed our colleague and special advisor John Parisella. He shared with us his observations on the situation in the United States, while our neighbor to the south is going through a paradoxical period that sees a recession looming while the economy is in a situation of full employment and struggling to meet consumer demand. Not to mention the inflation rate which brings back painful memories.
An optimist by nature, Mr. Parisella nonetheless observes some worrying signals on the American scene. Many voters still have doubts about the legitimacy of the 2020 election. With six months to go before the midterm elections, 66 % of American voters say they are dissatisfied with President Biden's performance. And the American public is divided as never before over the prospect of the U.S. Supreme Court overturning abortion rights. This polarization, fueled by political and policy considerations, is of great concern to Parisella, who believes that social media has changed the landscape. Debates are no longer based on values, but rather on opportunism, which can discourage citizen engagement.
Will Donald Trump be the Republican presidential nominee in 2024? Parisella believes it is possible at this point, even though Trump is openly attacking some of his past aides. However, this about-face could dampen support for Trump among Republican supporters. On the other hand, Trumpism will remain with or without Mr. Trump as the Republican leader.
Towards a new world order?
John Parisella believes the world has changed irrevocably since Russia's aggression against Ukraine. China and North Korea are on the lookout... things are going to get more complicated. Canada will have no choice but to invest heavily in the security and defence of its Arctic territory... shared with Russia.
One thing remains certain: we are at a crossroads and changes of direction are likely to be frequent. Turbulence in sight... better be prepared.