The Budget, Employment Insurance and the Unemployed

Following  are the notes on which I based presentations to the Senate National Finance Committee on June 6 and the House of Commons Finance Committee on May 29. They summarize key CLC concerns with the Budget Implementation Bill. Lack of Consultation The significant changes to the Employment Insurance (EI) program proposed in Budget 2012 should not be implemented without a […]

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Canada’s Own Third World

There’s a fascinating new report from the Centre for the Study of Living Standards that calculates Human Development Index (HDI) scores for all of Canada’s provinces and territories.  Here’s the citation: The Human Development Index in Canada: Estimates for the Canadian Provinces and Territories, 2000-2011, by Elspeth Hazell, Kar-Fai Gee, and Andrew Sharpe (Ottawa: Centre for the Study of Living […]

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Youth Unemployment

Here’s the link to a TVO The Agenda panel I was on this Friday.  Good to put some focus on the fact that the “real” unemployment rate for young people is 20%, while the youth employment rate is down a full five percentage points from 2007. My basic take is that it is not very surprising that youth unemployment and […]

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Running on Fumes

StatsCan released the first-quarter GDP numbers this morning, and the deafening silence you hear is of champagne corks not popping. Quarterly growth was 0.5% (1.9% annualized): uninspiring but not disastrous.  Erin Weir has aptly pointed out the leading role of government spending cuts in dragging down growth.  Erin noted that government current consumption fell 0.4% in the quarter.  Government investment […]

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A New Stage of the Crisis?

Until quite recently, it seemed that the global economy was set for an extended period of stagnation, lacking an obvious engine of growth in the advanced economies as households deleveraged, as governments imposed harsh fiscal austerity programs, and as corporations failed to see any good reason to invest significantly in new capacity. Relative optimists could point to China, Brazil, India […]

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GDP: Austerity Bites

Canada’s economy grew by half a percent in the first quarter of 2012, staying on pace for unimpressive annual growth of two percent. The good news is that business investment was strong, at least on a seasonally-adjusted basis. (As usually happens in the first quarter, the actual dollar value of business investment decreased.) Unfortunately, the other major components of GDP […]

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Dutch Disease, the Canada – US Exchange Rate and Trade With Asia

Today’s Globe editorial provides further evidence of distorted economic reasoning being rolled out to attack Thomas Mulcair. “Mr. Mulcair seems to long for a golden age of manufacturing and a low dollar, but his longing won’t take Canada anywhere. Not only the dollar but Asian competition has inflicted damage on Canadian exporters.” The implication seems to be that the over-valued […]

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