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Following positive GDP numbers in April and May, Statistics Canada reported today that a sharp drop in June dragged Canadaâ€™s economic growth to a mediocre pace of 0.4% for the second quarter. Juneâ€™s declines in manufacturing and resource extraction did further damage to industries that had declined in April and May. Construction also declined in […]
The Queen Cityâ€™s water debate has boiled over since I last blogged about it. City Council decided to build a new wastewater-treatment facility as a public-private partnership (P3), but a group of concerned citizens gathered 24,000 signatures to force a referendum on whether to â€œpublicly finance, operate and maintain the new wastewater treatment plant for […]
Today, Statistics Canada reported an annual inflation rate of 1.3% for July. By comparison, it reports that the average hourly wage rose by 1.8% between July 2012 and July 2013. In other words, even anemic inflation is eating up nearly three-quarters of wage increases. On average, Canadian workers have eked out only a 0.5% improvement […]
The Conference Board of Canada has produced another report on P3s, funded by the federal and provincial P3 agencies and the Canadian Council for Public Private Partnerships (CCPPP). Unfortunately and sadly predictably, it’s another exercise in largely blissful ignorance promoting P3s, while glossing over or ignoring their major problems. For instance, there’s no mention of […]
Washington Post blogger Ezra Klein has interviewed the presumptive Liberal candidate in Toronto Centre, Chrystia Freeland, who declares, â€œIâ€™m a capitalist red in tooth and claw.â€ To his credit, Klein asks her a couple of times for policy specifics. She concludes the interview by saying: My job right now is to win the right to […]
A recent investment advice column in the Globe and Mail (by David Milstead, August 3) highlighted some surprising facts about Mexicoâ€™s economy. The bullish author suggested Mexico will be a global economic powerhouse in future years thanks to pro-business policy shifts (like the new plan to open up the petroleum sector, 65 years after nationalization, […]
Tom Mulcairâ€™s recently reiterated unwillingness to raise personal tax rates puts the spotlight on corporate taxes. But how much revenue is at stake? Three and a half years ago, I posted a fiscal breakdown of Harperâ€™s corporate tax cuts and how much revenue could be retained by stopping or reversing them. These figures, based on […]
A recent online article suggests that Federal NDP Leader Thomas Mulcair is opposed to increasing federal tax rates. I find this quite surprising. According to the August 8 article: Mulcair seemed surprised when he was asked if taxes would go up under an NDP government. â€œYouâ€™re the first person whoâ€™s ever asked me that,â€ he […]
Posted by Nick Falvo under Conservative government, corporate income tax, economic literacy, fiscal policy, income tax, NDP, party politics, progressive economic strategies, social democracy, taxation.
August 9th, 2013
Today’s Labour Force numbersÂ provide more evidence that Canada’s labour market is still mired in a 3-year funk.Â Following one year of decent recovery from mid-2009 (the trough of the recession) to mid-2010, driven mostly by extraordinary monetary and fiscal stimulus, further progress has been stalled ever since.
Statistics Canada reported a loss of 39,000 jobs in July, even as Canadaâ€™s working-age population grew by 39,000. As a result, unemployment rose and many Canadians withdrew from the labour market altogether. The decline reflected a loss of 74,000 public-sector jobs, which was only partly offset by modest growth in private-sector employment and self-employment. There […]
Following last weekâ€™s troubling news about potash, the Saskatchewan government released its first-quarter financial report today. The headline seems to be â€œOil Keeps Budget in Blackâ€, with a forecast increase in oil revenue more than offsetting a forecast decline in potash and other revenues. But the forecast West Texas Intermediate price is only up by […]
It has recently been reported that the University of Alberta wants to “reopen two-year collective agreements” with faculty and staff “to help the university balance its budget…” This appears to be in direct response to Alberta’s provincial government announcing in its March budget that there would be a “7% cut to operating grants to universities, […]
Posted by Nick Falvo under Alberta, budgets, corporate profits, education, employment, fiscal policy, income, income distribution, income tax, inequality, post-secondary education, productivity, taxation, unions, wages.
August 7th, 2013
For the â€œYou Read It Here Firstâ€ file, I wrote on Friday: Toronto Centre needs a candidate with a track record of advancing more substantive and more progressive positions on economic issues. Specifically, the NDP should nominate someone who can take on Freeland regarding inequality and what to do about it. Today, Linda McQuaig announced […]
Chrystia Freeland, The Globe and Mailâ€™s candidate in Toronto Centre, recently wrote a book about inequality (which I have not yet read) and is supposed to â€œbring fresh thinking to the Liberal Partyâ€™s economic team.â€ She has already attracted a few jabs from right-wingers Terence Corcoran and William Watson. But is she progressive? The Globe […]
It started with a car accident in February, and the total loss of our 2004 Prius, which had only been ours for less than a year. We were quickly compensated for its market value and were in a position to buy another car, but we held off due to a looming sabbatical that would take […]