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Archive for 'Austerity'

Tim Hudak, job-killer

It’s a bit of a headscratcher. First, Ontario Conservative leader Tim Hudak builds his whole campaign around a promise to create one million new jobs in Ontario over eight years, then one of his first campaign commitments threats  is to reduce the number of Ontario government employees by 100,000, together with a wage freeze for every […]

Neoliberalism in Canada: 3 moments, 3 indicators

The current edition of Canadian Dimension magazine has a fascinating series of articles on episodes of economic transition around the world (more of them bad than good in recent times, of course).  It’s a very thoughtful & informative collection, and I highly recommend it (and every progressive economist should subscribe to CD, by the way). […]

10 Things to Know About the At Home/Chez Soi Study

On Tuesday, April 8, results of the Mental Health Commission of Canada‘s At Home/Chez Soi homelessness study will be released at an Ottawa press conference. The study followed more than 2,000 participants in five Canadian cities.  All were homeless when the study began. Half of them received the Housing First intervention, and half of them did […]

Canada’s (not so incredible) shrinking federal government

Buried in the federal government’s recent Update of Economic and Fiscal Projections are figures showing the Harper government is set to squeeze federal government’s role to the smallest it has been in seventy years.   (Bill Curry at the Globe also just wrote about this, but without figures further back than 1958). Total federal government spending as a share […]

A Fine Balance: GDP Growth by Sector and the Impact of Austerity

The second-quarter GDP numbers confirm that Canada’s continuing “recovery,” such as it is, is still balancing very precariously on a knife-edge between expansion and contraction.  The various sources of growth vary widely in their current momentum.  The overall net balance is barely positive.  And coming austerity in the public sector could very much push the balance […]

How Offshore Tax Havens Destroy Governments

Last fall, Greek magazine editor Kostas Vaxevanis published in his magazine Hot Doc a list of 2,000 wealthy Greeks who were hiding taxable savings in the Geneva branch of HSBC. The list had been furnished years earlier by the then French Finance Minister Christine Lagarde to the Greek government, who did nothing in regards to chasing after […]

Great Divergence or Financialized recovery ?

The IMF’s latest delivery of the World Economic outlook contains an interesting analysis of the current “non” recovery in terms of a divergence between fiscal and monetary policy, the first between restrictive and procyclical in nature and the second being accommodating and reinforcing a financial expansion. As argued here by the IMF economists who worked […]

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 […]

Guest Blog from Chris Watson: “If You Can’t Buy, I Can’t Sell”

The following guest post was written by Chris Watson, legislative liaison for CUPE Ontario based in Toronto: In stark contrast to the austerity budget strategy of Don Drummond, Dalton McGuinty and Dwight Duncan, a plan premised on Drummond’s core belief that strong economic growth in Ontario is not possible and should not be the goal […]

Stay the course

The Fall Economic Update was hosted this week by the Fredericton Chamber of Commerce. It seems Minister Flaherty wanted to be sure of friendly faces when he announced that the 2012-2013 budget deficit will likely be $5-$7 billion higher than forecast in March. The reason for the higher deficit is that nominal GDP will be […]

The Austerity Trap

Below is a recent editorial from the New York Times that does an excellent job of summarizing the failures of austerity policies. The NYTimes also published a very good analysis of how austerity measures have actually increased debt loads in many countries, instead of reducing them:  “Despite Push for Austerity, European Debt has Soared” I made […]