The Financial Post reports in its Wednesday, May 8, edition that it is incredible that the Bank of Canada is so nonchalant on the state of the Canadian economy. The Post's regular guest columnist David Rosenberg writes that the degree of excess capacity is expanding by the month, inflation has swung to disinflation and the economy (in real output per-capita terms) is contracting at a 2-per-cent annual rate. Yet the folks in Ottawa fiddle as the macro landscape burns. Business insolvencies have soared 87 per cent over the past year to the highest level since 2008 when the global financial crisis was raging. The number of people entering the labour market without landing a job has practically doubled those who found one over the past year. That has resulted in more than a 20 per cent year-over-year surge in the ranks of the unemployed and it seems amazing to think that BOC officials are unaware of that statistic. The headline inflation rate in Canada, absent the housing component, is running at a grand total of 1.5 per cent, melting before our very eyes from 3.9 per cent a year ago and 6.6 per cent two years ago. Ottawa needs to embark on measures to bolster productivity growth, the mother's milk for future prosperity.