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The Progressive Economics Forum

The Blackberry mess and what Canada needs

Another year, another dead Canadian tech giant.  Blackberry was sold yesterday for scrap to the Toronto private equity firm Fairfax.  The purchase price of $4.7 billion is essentially valued at its cash of $2.6 billion and the value of its patents.  Blackberry’s active businesses are being valued at essentially nothing.  If Fairfax can stop the […]

Austerity through infrastructure Cuts: Budget 2013

One the most amazing things about this budget is that one of its three focuses will actually be the opposite of what it’s touting.  You’ll likely hear that $14 billion will be spent on infrastructure over the next 10 years (actually you may hear much bigger numbers but they just re-announce existing programs like the […]

Household debt going from bad to worse

Canadians are now more indebted than either Americans or the Brits at the peak of their housing bubble.  Statistics Canada today revised the national accounts.  The result on the household debt front was that instead of Canadian households having a debt to disposable income ratio of 154, it has now been revised upwards to 166. […]

Freedom from government services day

Well well, another misinformed tax freedom day has come and gone on June 12th.  To mark the occasion this year I wanted to skip over the very serious methodological flaws that others have pointed out, and take a look at several other items that Canadians are “free of” at various points.  By gaining “freedom” from the taxes […]

US family net worth crushed by financial crisis

The US Federal Reserve today released its triennial examination of incomes and net worth of American households in the Survey of Consumer Finances.  It shows the crushing effects on net worth of a housing and financial bust unparalleled since the great depression. The shocking results of this study overviewed in the New York Times are […]

Complete details of 2008-09 Bank Support

Readers of this blog will have hopefully read my report “The big banks big secret” which examines the $114 billion that Canada’s banks received during the 2008-09 financial crisis.  Its major finding was that at some point three of Canada’s five big banks had received support worth more than their market capitalization, or the value of all […]

Federal jobs cuts: Clarity is always one year away

I’ve commented on federal job cuts many times before (here, here, here & here) and in the interests of beating this particular horse good and dead (no animals were harmed in the writing of these reports), the CCPA today is releasing my latest update on the matter: Clearing away the fog: Government Estimates of job […]

The Big Banks’ Big Secret

The CCPA today released my report: “The Big Banks Big Secret” which provides the first public estimates of the emergency funds taken by Canadian banks.  The report bases its estimates on publicly available data from CMHC, the Office of the Superintendent of Financial Institutions, US Federal Reserve, the Bank of Canada, as well as quarterly […]

PBO Strikes Again

I wanted to tip my hat to the hard working folks at the PBO for a particularly revealing Economic and Fiscal Outlook that was published today.  While the PBO has more than once eaten my lunch on various issue they’ve done a superb job of looking at Canada’s economic and fiscal position.

Federal Job Cuts…the Real Numbers

Andrew Jackson has started off this discussion with his post today looking at the job impacts of federal cuts.  I wanted to add my own two sense and some calculations that I’ve whipped up. Thankfully the federal budget has started to fill in some of the details of its latest round of cuts.  In particular, it […]

Federal cuts could push unemployment to 8%

Now that the government is planning for an $8 billion cut,  the potential job losses could drive job losses to between 99,000 and 108,000 full time positions across Canada.  At this much higher level, the federal government could be single-handedly responsible for pushing national unemployment from its current 7.5% to 8.0%.  About half of those […]

Corporate Tax Cuts: Big Costs but no Extra Jobs

Today the CCPA released a study that I authored which examines and debunks one of the biggest contentions of this campaign, that corporate tax cuts create jobs. The payoff of corporate tax cuts has come under increasing scrutiny from various angles, although I focus specifically on job creation. To examine this contention, I took Canada’s […]

Distributional impact of Tory Income Splitting

I recently posted on the CCPA’s “Making it Count” blog covering election 2011 issues. In that post, I calculated the distributional impacts of the “Family Tax Cut” proposed by the Conservatives that would allow couples with children under 18yrs old to split up to $50,000 of their income. The “Making it Count” post is meant […]

Crumbs for you, Cake for us: Budget 2011

If you take a look at this year’s budget and you have an issue that you’re interested in, chances are you’ll find it on the list. There are in fact almost twice as many items on this year’s budget list as the large 2009 stimulus budget. There are some items on seniors, some items on […]

So you think you can budget!

With the Alternative Federal Budget (AFB) officially released, you’d think the budget gnomes at the CCPA would have some much deserved time off.  Unfortunately with the snow still falling in Ottawa, we figured we’d put them back to work. Every year, the AFB puts together ideas from all of the partners involved.  Once everything is […]

Housing on the knife’s edge

At long last, the federal government has decided to seriously address the housing price bubble that has increasingly concerned Canadians. On the heels of multiple warnings from the Bank of Canada that Canadians have taken on too much household debt for comfort (we hold the dubious distinction of having the worst consumer debt to financial […]