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  • Study explores media coverage of pipeline controversies December 14, 2018
    Supporters of fossil fuel infrastructure projects position themselves as friends of working people, framing climate action as antithetical to the more immediately pressing need to protect oil and gas workers’ livelihoods. And as the latest report from the CCPA-BC and Corporate Mapping Project confirms, this framing has become dominant across the media landscape. Focusing on pipeline […]
    Canadian Centre for Policy Alternatives
  • Study highlights ‘uncomfortable truth’ about racism in the job market December 12, 2018
    "Racialized workers in Ontario are significantly more likely to be concentrated in low-wage jobs and face persistent unemployment and earnings gaps compared to white employees — pointing to the “uncomfortable truth” about racism in the job market, according to a new study." Read the Toronto Star's coverage of our updated colour-coded labour market report, released […]
    Canadian Centre for Policy Alternatives
  • Uploading the subway will not help Toronto commuters December 12, 2018
    The Ontario government is planning to upload Toronto’s subway, claiming it will allow for the rapid expansion of better public transit across the GTHA, but that’s highly doubtful. Why? Because Minister of Transportation Jeff Yurek’s emphasis on public-private partnerships and a market-driven approach suggests privatization is the cornerstone of the province’s plan. Will dismembering the […]
    Canadian Centre for Policy Alternatives
  • 2018 State of the Inner City Report: Green Light Go...Improving Transportation Equity December 7, 2018
    Getting to doctors appointments, going to school, to work, attending social engagments, picking up groceries and even going to the beach should all affordable and accessible.  Check out Ellen Smirl's reserach on transportation equity in Winnipeg in this year's State of the Inner City Report!
    Canadian Centre for Policy Alternatives
  • Inclusionary housing in a slow-growth city like Winnipeg December 3, 2018
    In Winnipeg, there is a need for more affordable housing, as 21 percent of households (64,065 households) are living in unaffordable housing--according to CMHC's definition of spending more than 30 percent of income on shelter.  This report examines to case studies in two American cities and how their experience could help shape an Inclusionary Housing […]
    Canadian Centre for Policy Alternatives
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Archive for 'debt'

Why the Excitement About Debt?

Further to our recent discussions on this blog about the role of private finance and credit in our present crisis, we present a guest contribution from Ralph Musgrave, an economist in the U.K. National debts have risen recently, which has caused excessive and unnecessary consternation. The consternation is particularly unnecessary for countries which issue their own […]

Who’s Bailing Whom? Challenging the Private Credit System

The time since 2008 has been a crucial historical moment for progressive economists to pull back the green curtain that surrounds the operation of the for-profit banking system, and expose that system for what it is: a government-protected, government-subsidized license to print money. The problem is, as soon as you start saying things like that, people […]

Student Debt Rising Amongst New Physicians

Newly-released data indicate that student debt is rising amongst new physicians in Canada. In 2010, 23 percent of medical residents reported having more than $120,000 in education-related debt upon completion of their residency training (as compared with just 17 percent in 2007). (Note: across Canada, average tuition fees for medical students amount to just over $10,000 a year.) This appears to have […]

PSE in Newfoundland and Labrador

Last March, Keith Dunne and I wrote an opinion piece on Danny Williams’ post-secondary education (PSE) legacy in Newfoundland and Labrador. Among other things, we pointed out that average undergraduate tuition fees (for domestic students) in Newfoundland and Labrador are $2,624/yr., compared with $5,138 for Canada as a whole and $6,307 in Ontario. With a provincial election slated to take […]

“Grade-Boosting” Stimulant Use on Campus

A recent editorial in the Canadian Medical Association Journal looks at the use of “grade-boosting” stimulants (such as Ritalin) by Canadian post-secondary students. According to the editorial: “Universities and colleges are ground zero for ‘grade-boosting’ stimulant abuse.” The thrust of the editorial’s argument is that universities and colleges need to work proactively to reduce the misuse […]

Ontario Student Debt

Last week, the CCPA released a paper by David Macdonald and Erika Shaker entitled Under Pressure: The Impact of Rising Tuition Fees on Ontario Families. The paper does a good job of explaining which households have been most impacted by rising tuition fees in Ontario. Points made in the paper include the following: -In light of […]

Is There a Student Debt Bubble?

A recent article in The Atlantic looks at student debt in the United States and suggests there may be a student debt bubble. Written by the authors of the recent book, Higher Education?, the article points out that “college loans are nearing the $1 trillion mark, more than what all households owe on their credit cards.” The article also […]

Mythologies: Money and Hyperinflation

In an earlier post, Marc Lee mentioned in passing the German hyperinflation episode of the 1920s. It’s remarkable that this event still holds such sway over the popular imagination despite other more recent instances of hyperinflation. Certainly, the imagery is powerful: German citizens pushing wheelbarrows full of worthless paper money around for everyday purchases, banknotes […]

MMT: What it Means for Canada

Arun Dubois’ blog post yesterday on Modern Monetary Theory has prompted me to write my own take on the subject.  For those interested, an interesting thumbnail sketch of MMT, essentially functional finance augmented by a full understanding of monetary operations, is explained here. While MMT deals with the details of monetary and fiscal matters, the […]

No Retreat, No Surrender: Time For Progressives to Explode Deficit/Monetary Myths

Friends, I’m concerned. I fear that too often, we on the left retreat when we should attack, surrender when we should vanquish.  What do I speak of?  Well, I am concerned that too many of us are willing to play in the frame, the box, the straighjacket of modern discourse about fiscal and monetary policy.  […]

Thoughts on “Why not print money?”

Richard Gilbert’s “Why not print money?” in the Globe’s Economy Lab toys with more radical monetary intervention as a response to the crisis. Desperate times, they say, call for desperate measures. The title (which was perhaps not Gilbert’s at all) is more provocative than the article itself, which is mostly about tolerating higher inflation that […]

S&P Pantsed by US Treasury

I have been reluctant to condemn the credit-rating agencies for sovereign downgrades because it seemed like shooting the messenger. As the bond markets have noticed, a few European countries have serious fiscal problems. Blaming the raters for also noticing did not seem like an effective response. However, I think that Standard and Poor’s decision – […]

More on Public Sector Austerity in Canada

A short addendum to my previous post: I checked the most recent IMF projections in the June, 2011 Update to the Fiscal Monitor. Table 1 provides estimates of changes in the general government government cyclically adjusted balance in percent of potential GDP. Basically changes are the result of discretionary changes in fiscal policy rather than […]

Public Sector Austerity: Why is Canada Leading the Way?

The major economic problem faced by Canadians is a very slow recovery and weak job market, not government deficits or rising debt. But public spending cuts at the federal and provincial level will make the real problem even worse. And, government spending cuts in Canada seem set to be even greater than in other advanced […]

Navigating challenging economic waters

Down south, the Obama administration is in a dangerous game of chicken with Republican congressional leaders, who are cynically holding the US economy hostage in order to impose a radical agenda of spending cuts. Obama has seemingly bought into the rhetoric of cutting debt, rather than focusing on the real US problem of unemployment. Yet, […]

Reduce Student Debt to Reduce Household Debt

At this year’s Annual Conference of the Canadian Economics Association, Armine Yalnizyan gave a presentation entitled “Surviving the Recovery:  The Distribution of Canadian Household Debt.” The panel was co-sponsored by the Canadian Association for Business Economics and the Progressive Economics Forum. As Armine made clear in her presentation, household debt in Canada has steadily risen over the […]

NDP’s “Balanced Budget” Platform

Jack Layton unveiled the NDP’s policy platform today.  Among other things, it promises to eliminate the deficit (i.e. balance the federal budget) within four years.  I’m not sure it should. Several years back, I had the opportunity to take a directed reading course from John Smithin.  In addition to being a long-time member of the […]

Debt Apocalypse Now!!

I was taken a bit aback by Kevin Carmichael’s piece on Obama’s budget plans in today’s ROB. In what is more a news than an opinion piece on  concerns regarding fiscal sustainability in the US , he baldly states without attribution that “Research and history suggests that a debt-to-GDP ratio of 60 per cent or […]

Keeping it Real: Cash, Clunkers and Why Our GrandChildren Have Nothing to Fear

Conversation fragment overheard the other day: “This deficit thing. It worries me. My grandchildren you know?”  To which his interlocutor replies:  “Yes, it worries me too. We just can’t keep this up.” And so it goes.  The grandchildren are trotted out.  We shudder in collective guilt, thinking about the financial hardship that our selfishness imposes […]

What to do about Household Debt?

It’s a funny old economy we live in. The release of today’s national balance sheet accounts has aroused great concern about the rise of the ratio of household debt to personal disposable income to a new record of 148%. Mark Carney and our banks want – quite rightly – to discourage further borrowing to prevent […]

What’s Canada’s Carbon Debt?

Martin Khor, of the South Centre, has done an interesting analysis for the (doomed) Cancun negotiations on climate change. The talks have broken down on north-south lines, with southern countries wanting to keep the Kyoto framework that puts the onus on northern (advanced, industrialized) countries to reduce emissions and give carbon space to southern countries […]

How About Capital Levies as an Alternative to Austerity?

Further to Marc’s post on alternatives to extreme fiscal austerity available to hard hit countries like Ireland and Greece,  it is manifestly unfair to attack the living standards of Irish workers to resolve a crisis that was not of their making, especially given that most of the fruits of the the debt financed housing  boom […]

Revenge of the Debt Zombies — or — “What are Banks for Anyway?”

What are banks for?  Typically, banks are described as intermediaries that take deposits and lend them out, earning what is called net interest margin on the gap between what is paid on the savings and what is earned on loans.  From where I stand, this description is wrong on three counts. First, it suggests that […]

What’s new pussycat (Celtic tiger edition)?

Back in May when Greece was in the process of getting its “bailout” I kept wondering why it had to be that Greece would accept such harsh conditions when it held an ace up its sleeve. The proposed package of austerity, which would make the economy worse, was only an issue as long as Greece […]

Confusion Over Monetary Policy

It’s always been my understanding that left-of-centre economists, on the whole, like it when real interest rates are low (but not negative).  Among other things, this encourages more companies to borrow (and hire more workers), reduces unemployment, reduces debt-servicing costs for government, and increases the power of labour. In July of this year, I blogged over my […]

Balancing Budgets – What Harper Should Be Worried About Now

In the past few weeks some of Canada’s most respected economic authorities, including Bank of Canada Governor Mark Carney, have voiced concerns over the fragility of the recovery, globally and at home.  Now Paul Krugman joins that chorus of Cassandras, pointing his finger straight at the wishful thinkers who say Canada’s heavy lifting is done […]

How About Monetary Policy?

Today’s Toronto Star features an op-ed by John Cartwright, President of the Toronto and York Region Labour Council. (I once had the chance to hear John speak at a press conference in Toronto and found him to be an oustanding public speaker.  But I digress…) In the piece, he argues that “we” (I think he means both […]

The new Grecian formula: still toxic

The latest issue of the quarterly Economic Climate for Bargaining publication that I produce has just been posted on CUPE’s website. In this issue I have pieces about: the new spectre that is haunting Europe, this time of a public debt crisis impact analysis of Ontario’s HST tax reform by income group, already discussed below some analysis […]

Hungarian Crisis?

The Austrian School is a venerable tradition in economics, albeit one antithetical to this blog’s perspective. But it became apparent this morning that we should instead have been studying Hungarian economics. As far as I can tell, a vice-chairman of Hungary’s right-wing governing party (not a government official) made some loose remarks about public finances […]

Tax the very rich and solve the PBO problem

A guest post from PEF Steering Committee Marc Lavoie of the University of Ottawa: Tax the very rich and solve the PBO problem Among the dozen or so sessions I attended at the meeting of the Canadian Economics Association last week-end in Quebec City, one was devoted to the forthcoming fiscal crisis and another to […]