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Archive for 'deficits'

A Response to the 2017 Saskatchewan Budget

I have an opinion piece on Saskatchewan’s recent budget in the Regina Leader-Post. Points raised in the opinion piece include the following: -Reductions in personal and corporate income taxes help the rich more than the poor (and this budget cut both personal and corporate income taxes). -Increases in sales tax hurt the poor more than […]

Ten Things To Know About The 2017 Federal Budget

I’ve just written a blog post in which I review the recent federal budget. Points raised in the blog post include the following: -The federal government is projecting deficits in the $20B-$30B range for roughly the next five years. -This was likely the most important federal budget for housing since 1993. -The budget contains important […]

The Alternative Federal Budget 2017

This year’s Alternative Federal Budget (AFB) was released on March 9. I was proud to be the primary author of its housing chapter (that chapter is available in English here and in French here). The first AFB exercise began in 1994, with the first AFB being published in 1995. That involved a joint effort between […]

Foundations for an Alberta Alternative Budget

An Alberta-based volunteer working group, of which I’m a part, recently released a document titled Foundations for an Alberta Alternative Budget (for media coverage, see this Metro article).  Working group members include staff from Alberta’s non-profit sector, labour movement and advocacy sector. While our long-term goal is to emulate the great work of the Alternative […]

Lessons from the Reagan Era on Managing Twin Deficits

Below is a guest post from Norman Mogil and Arthur Donner. Lessons from the Reagan Era on Managing Twin Deficits Many in the U.S. are harking back to the Reagan era for guidance on how to implement the pro-growth policies advocated by President Donald Trump and the Republican Congress. When Ronald Reagan took over the leadership […]

The Federal Role in Poverty Reduction

Over at the web site of the Calgary Homeless Foundation, I’m co-author of a blog post titled “The Federal Role in Poverty Reduction.” Points raised in the blog post include the following: -Canada’s Minister of Families, Children and Social Development has been tasked to lead the development of a Canada Poverty Reduction Strategy. -Total public […]

February Labour Force Woes

The unemployment rate is up again this month, to 7.3%, with 1.4 million workers looking for jobs in February. A loss of full-time work was partly replaced by part time positions. A disproportionate percentage of last year’s growth came from precarious self-employment. Remember those heady days when we could say that at least Canada’s unemployment […]

Who’s Afraid of Deficits?

We all knew that Budget 2015 was optimistic about medium term growth and rebounding oil prices, but the good people at the PBO have given us an indication of just how far off those projections were.  They estimate that nominal GDP will be about $20B lower through 2020 ($30B lower in 2016), which also means […]

Missing in (debate) action: macroeconomic lessons from the Great Depression

This is a guest blog post from Mario Seccareccia, Professor of Economics, University of Ottawa. ——- Since the October 2008 federal election, Canadian politicians have been struggling to come to terms with what to all accounts has turned out to be a “lite” version of the 1930s, whose major difference is that today we have […]

Federal Surplus: Digging Deeper

This week Stephen Harper’s Conservatives are trumpeting the announcement of a small surplus ($1.9 billion) for fiscal 2014-15.  The political symbolism of this “good news” is a welcome change for them from a string of negative economic reports (most importantly, news that Canada slipped into recession in the first half of 2015) that has damaged […]

Balanced Budget Myopia Breaks Both Ways

Opinions on deficit budgeting have become a short-hand litmus test in Canadian politics. Deficits are left-wing and balanced budgets are right-wing austerity.  Economists know that there is virtually no difference between a small surplus and a small deficit, but politicians and voters are a different story. I have spent the past three and half years railing […]

Harper economics lead to a Harper deficit

Harper-economics lead to a Harper-recession and now to a Harper-deficit Louis-Philippe Rochon Associate Professor, Laurentian University Co-Editor, Review of Keynesian Economics Confirmation federal government finances have fallen back into deficit raises more questions about Harper’s image, now more myth than reality, as a sound economic manager. A deficit of course was inevitable once you accept […]

The Deficit Battle and the Economic War

Evidence continues to mount regarding Canada’s lousy economic trajectory, and there is now a pretty broad consensus among Canadian economists that the economy was likely in recession in the first half of the year.  That’s not a sure thing, of course: we won’t know until September 1 if second quarter GDP grew or shrank.

The Conservatives, sound finance and the facts of recent history

Louis-Philippe Rochon Associate Professor, Laurentian University Co-Editor, Review of Keynesian Economics   With the tabling of a new federal budget on April 21, the Conservatives are trying to reinvent themselves as good economic managers, stalwart of sound finance. But after almost nine years in office, the data simply does not confirm this story. Mr. Harper’s […]

ROCHON on balanced budgets

Balanced budget legislation will be disastrous for Canada Louis-Philippe Rochon Associate Professor of Economics, Laurentian University Co-Editor, Review of Keynesian Economics Twitter @LPROCHON   Finance Minister Joe Oliver’s latest muses about introducing balanced budget legislation is the worst policy for Canada, and will doom us to European-style crises and rob future generations of prosperity. While […]

ROCHON on the upcoming federal budget (April 2015)

THE FEDERAL BUDGET AND CANADA’S ANNUS HORRIBILIS See Original post here for the CBC. Canada’s Finance Minister Joe Oliver announced a new – and long overdue – federal budget for April 21. With the Canadian economy doing so badly, this budget will be crucial. Will the minister do the right thing and give Canadians a […]

Deficit Déjà Voodoo again in New Brunswick

The Fredericton Daily Gleaner published an op-ed I wrote about how the province doesn’t have a structural deficit, despite the government claiming it does.  The commentary piece is behind a pay wall so I’ve copied it below. Last month, CUPE New Brunswick also published a paper I wrote on this issue, Deficit Déjà Voodoo: is New […]

Harper Conservatives vs the IMF on Deficits

Here is an extract from my column on balanced budgets in the Globe ROB today. “When it comes to balancing the books, the Harper government is seemingly more Catholic than the Pope. Even the International Monetary Fund (IMF), hardly big fans of high government spending, argue in their latest Country Report released in January that […]

G20 meeting of world finance ministers too little too late

Posted earlier as an opinion piece for CBC.  See original post here (this post slightly modified from original) By Louis-Philippe Rochon Follow him on Twitter @Lprochon   Much was at stake earlier this week when finance ministers from G20 countries met in Istanbul to discuss Greece and the state of the world economy in light of recent […]

Rochon Asks: “Is the Canadian economy unraveling?”

In a recent CBC blog post, Louis-Philippe Rochon assesses the current state of the Canadian economy. The link to the blog post is here. Follow him on Twitter @Lprochon.

Seccareccia on Greece, Austerity and the Eurozone

Over at the blog of the Institute for New Economic Thinking, Ottawa U professor Mario Seccareccia has given an interview titled “Greece Shows the Limits of Austerity in the Eurozone.  What Now?” The interview can be read here.

Don’t Play Tories’ Game on “Risk” of Deficit

Acres of newsprint have been devoted in recent weeks to the possibility that lower oil prices might push the federal budget back into a deficit position.  As I argue in my column in today’s Globe and Mail, this drama is mostly political theatre — and progressives should be cautious about accidentally accepting the Conservative frame […]

Louis-Philippe Rochon’s Top 10 Economic Predictions for 2015

Louis-Philippe Rochon has written a provocative blog post for the CBC titled “Top 10 Economic Predictions for 2015.” The post is available here.

What Have we Learned From the Financial Crisis? Part 4: Bernard Vallageas

What follows are comments from a roundtable discussion held at the University of Ottawa on February 28, organized by Mario Seccareccia, and which featured participation from Marc Lavoie, Louis-Philippe Rochon, Mario Seccareccia, Slim Thabet and Bernard Vallageas. This is Part 4 of 5 sequential blog entries. – Bernard Vallageas Vice-président de l’Association pour le Développement des Etudes Keynésiennes […]

What Have we Learned From the Financial Crisis? Part 3: Mario Seccareccia

What follows are comments from a roundtable discussion held at the University of Ottawa on February 28, organized by Mario Seccareccia, and which featured participation from Marc Lavoie, Louis-Philippe Rochon, Mario Seccareccia, Slim Thabet and Bernard Vallageas. This is Part 3 of 5 sequential blog entries. – Mario Seccareccia Professor of Economics, University of Ottawa Editor, International […]

What Have we Learned From the Financial Crisis? Part 2: Louis-Philippe Rochon

What follows are comments from a roundtable discussion held at the University of Ottawa on February 28, organized by Mario Seccareccia, and which featured participation from Marc Lavoie, Louis-Philippe Rochon, Mario Seccareccia, Slim Thabet and Bernard Vallageas. This is Part 2 of 5 sequential blog entries. – Louis-Philippe Rochon Associate Professor of Economics, Laurentian University Founding co-editor, […]

What Have we Learned From the Financial Crisis? Part 1: Marc Lavoie

What follows are comments from a roundtable discussion held at the University of Ottawa on February 28, organized by Mario Seccareccia, and which featured participation from Marc Lavoie, Louis-Philippe Rochon, Mario Seccareccia, Slim Thabet and Bernard Vallageas. Parts 2, 3, 4 and 5 will follow in subsequent blog posts. – Marc Lavoie Professor of Economics, University of Ottawa […]

Flaherty’s Legacy: Ideological, reckless and just plain lucky

This piece was originally published at the Globe and Mail’s online Report on Business feature, EconomyLab.   There are two reasons why it is difficult to comment on the legacy of a finance minister. 1) It is a tremendously challenging job, anywhere, any time. Stewarding one of the largest economies in the world through a […]

Canada Post’s vow to ‘protect taxpayers’ needs a reality check

This piece was first published in the Globe & Mail. In a move that caught everyone off-guard, Canada Post announced a five point “action plan” last week that included phasing-out home delivery of the mail over the next five years, making Canada the only G7 nation to do so. Why? To “protect taxpayers.” Of all the reasons that merit […]

Beating Back the Ghosts: Be Gone Appeals to Reinhart and Rogoff Authority. Welcome the Triumph of Reason.

They’ve haunted me.  Incessantly.  The ghosts of Reinhart and Rogoff.  Their research here, there, everywhere. Bank of Canada speeches? Yes.  Finance Department talking points? Check. House of Commons debates? Yup.  Globe editorials? Ditto.  Discussions with fellow progressives? Sadly, yes. Results? Arguments conjured in their name.  Reason decapitated.  Modern Monetary Theorists (MMT) banished to the netherworld […]