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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 […]
This guest blog post has been written by Louis-Philippe Rochon. You can follow him on Twitter @Lprochon – Harperâ€™s recent incarnation as an anti-terrorist crusader has caught many Canadians by surprise. Harper is spending considerable political energy beating the drums of war against terrorists, and introducing a far-reaching, and much condemned, bill aimed at restricting […]
Posted by Nick Falvo under Bank of Canada, banks, China, Conservative government, economic crisis, economic growth, employment, exchange rates, financial markets, GDP, global crisis, interest rates, international trade, labour market, macroeconomics, manufacturing, monetary policy, recession, Role of government, unemployment, US.
February 6th, 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.
Posted by Nick Falvo under Bank of Canada, banks, budgets, Conservative government, consumers, deficits, economic growth, economic models, economic thought, employment, Europe, exchange rates, federal budget, fiscal policy, household debt, housing, inflation, interest rates, monetary policy, oil and gas, prices, Role of government, social indicators, tar sands, US.
January 11th, 2015
Further to Angellaâ€™s excellent analysis: Statistics Canada reported today that unemployment jumped by 25,700 in June because of shrinking employment and a growing labour force. Canadaâ€™s labour force expanded because of population growth, even though the participation rate did not increase. The combination of less employment and a larger working-age population depressed the employment rate […]
On the surface, todayâ€™s employment numbers simply continue a recent trend: employers added some jobs but not enough to keep pace with Canadaâ€™s growing labour force. As a result, unemployment edged back up to 7%. But just below the surface were some even worse developments. Employers actually cut 29,000 full-time positions while adding 55,000 part-time […]
Harold Innis wrote the history of Canada around its succession of staple exports, first to Europe and then to the US. He then wrote the history of empires and civilizations around the succession of media of communications. One of the bridges between these two phases of his work was the study of newsprint as a […]
On last nightâ€™s The National, Terry Milewski introduced the Canada-Korea trade deal as follows: The truth is that Canada is a latecomer to free trade with South Korea. The European Union and the United States both got there first, and their free trade deals took a big bite out of Canadaâ€™s exports. So, the government […]
Back in 1998, I wrote a lengthy investigative feature for The Financial Post about Canadaâ€™s signals intelligence agency, the Communications Security Establishment (CSE), and its post-Cold War role. You can read it here: http://circ.jmellon.com/docs/pdf/trolling_for_secrets_economic_espionage.pdf The CSE and its sister signals intelligence agency in the US, the National Security Agency (NSA), engage in espionage using solely […]
This is a little old, but it was brought to my attention late and it seems to be of durable relevance. Last month, the New York Times (NYT) published an article chronicling public giveaways to corporations in the United States. What is extraordinary is that the article is the result of ten months – 10 […]
The US federal budget is back in the spotlight now that the election is over. In one sense, not much has changed in that the Republicans continue to hold the House, the Democrats the Senate and White House. But what we are now witnessing is the culmination of budget deals going back to the first […]
Four years after Lehman Brothers collapsed, itâ€™s time to take stock of things by asking a stock political question: Are you better off now than you were four years ago? Where you stand on the answer depends on where you sit. Many people, businesses and communities are still struggling to regain the ground they lost […]
Posted by Armine Yalnizyan under development, economic crisis, economic growth, employment, global crisis, income distribution, Role of government, social democracy, stimulus, super-rich, US, young workers.
September 14th, 2012
A release by the Fraser Institute – Measuring Labour Markets in Canada and the United States, 2012 Edition – registers as a spectacular own goal. The Fraser Institute believes – and argues in this study – that strong unions, high minimum wages and high levels of public sector employment undermine labour market performance measured in […]
In case anyone was wondering about the effectiveness of right to work laws in suppressingÂ unionization, here is a chart of Union coverage rate by StateÂ (the percentage of all employees that are covered by a collective agreement) as of 2010. Â Right to work states have an asterisk, and are outlined with a black dotted line. (Chart […]
The US Federal Reserve today released its triennial examination of incomes and net worth of American households in the Survey of Consumer Finances.Â 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 […]
Professor Miles Corak had a post on The Globe and Mailâ€™s Economy Lab yesterday comparing measures of unemployment in Canada and the U.S. I remember learning in Economics 100 that the official Canadian and American unemployment rates are not directly comparable, in part because Statistics Canada includes 15-year-olds whereas the U.S. Bureau of Labor Statistics […]
The following commentary also appears on The Globe and Mailâ€™s Global Exchange blog: What Obamaâ€™s Corporate Tax Proposal Means for Canada Last week, there was much consternation in Canadaâ€™s business press that some modest reversals of provincial corporate tax cuts and President Obamaâ€™s proposed corporate tax changes could erode our competitiveness. Canadians should maintain a […]
An article in yesterday’s Village Voice looks at the rising costs of post-secondary education (PSE)Â in the United States.Â It points to research suggesting that the “biggest single factor” contributing to the rising cost of PSE for both private and public institutions is the cost of employee health benefits. I would infer from the above that, insofar […]
Posted by Nick Falvo under bubble, education, fiscal federalism, health care, post-secondary education, privatization, social policy, student debt, student movement, US, user fees.
January 5th, 2012
One thing I really like about the Occupy movement is that it reclaiming mental space. I’m thinking of the overt focus on the riches gained by the top 1%, and of naming and shaming capitalism. Two are one and the same, of course. It is in the top 1% that we find the capitalists â€“ […]
Newly-released dataÂ indicate that student debt is risingÂ amongstÂ new physicians in Canada. In 2010, 23 percent of medical residentsÂ reported havingÂ more thanÂ $120,000 in education-related debt upon completion of their residency training (as compared with justÂ 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 […]
Scott Sinclair writes cogently on the CCPA blog about the current edition of the Buy American debate. We had somewhat different views of the 2010 Canada-U.S. Agreement on Government Procurement. However, I certainly endorse Scottâ€™s conclusion that the Canadian government should be strengthening public investment here rather than just complaining about proposed public investment south […]
After watching Jack Laytonâ€™s state funeral, I noticed that Jean-Claude Trichetâ€™s speech from Jackson Hole is online. The European Central Bank president does not seem to get it. Far from acknowledging that last monthâ€™s interest-rate hike was premature, he touts â€œprice stability.â€ His main theme is that the economic divergence between Eurozone countries is comparable […]
A recent article in The AtlanticÂ looks at student debt in the United States and suggests there may be a student debtÂ bubble.Â Written by the authors of the recent book, Higher Education?,Â 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 […]
Posted by Nick Falvo under bubble, debt, education, household debt, labour market, post-secondary education, social policy, student debt, student movement, unemployment, US.
August 23rd, 2011
As I’ve blogged about here, federal funding forÂ post-secondary education (PSE) in CanadaÂ is decreasing.Â Between 1985-1986 and 2007-2008, annual federal cash transfers to Ontario for PSE (in constant 2007 dollars) decreased from roughly $1.4 billion toÂ just under $1 billion.Â (Yet,Â during that same period, PSE enrolment in Ontario increased by more than 60 percent). And as I’veÂ written about […]
Posted by Nick Falvo under competition, education, fiscal federalism, health care, human rights, inequality, Ontario, post-secondary education, social policy, student movement, unions, US, user fees.
August 21st, 2011
Mainstream policy wonks often claim that tuition fees and rising levels of student debt in Canada are relatively inconsequential. They argue that though the costsÂ of higher education for students (and sometimes their families) are increasing, so is post-secondary enrollment, meaning that raising the cost of post-secondary education clearly doesn’t block access. While enrollment is indeed […]
The 2011 Academic Ranking of World Universities (ARWU) was released on Monday.Â Because it’s compiled byÂ Shanghai Jiaotong University,Â it’s commonly known as “the Shanghai ranking.”Â Â As I recently blogged about here, Â the methodologies used inÂ global university rankings typically advantage English-language universities. This year’s Shanghai ranking confirms this: 20 of the Top 25 universities in the ARWU are located […]
This guest post is from PEF members Marc Lavoie and Mario Seccareccia, both of whom are full professors of economics at the University of Ottawa. The â€œJapanizationâ€ of the World Economy Over the last twenty years, the Japanese economy underwent a long period of economic stagnation that some economists have characterized as a protracted â€œbalance-sheet […]
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 Poorâ€™s decision â€“ […]
Jason Clemens, who hangs his hat at several right-wing think-tanks (the Fraser, Pacific Research and Macdonald-Laurier Institutes), lauds Canadian fiscal conservatism in todayâ€™s Wall Street Journal: Canadaâ€™s government, for example, has grown smaller over the last 15 years. Total government spending as a share of the economy peaked at a little over 53% in 1993. […]
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, […]
Manufacturing jobs have been declinining as a percentage of total jobs in most OECD countries for several decades, with Ontario being especially hard-hit as a jurisdiction. At the end of the Second World War, manufacturing jobs accounted for 26% of all Canadian jobs; by 2007, this figure had dropped to just 12%. And as I’ve […]
Posted by Nick Falvo under auto industry, Conservative government, education, employment, industrial policy, labour market, manufacturing, NAFTA, OECD, Ontario, post-secondary education, R&D, student debt, unemployment, US, wages.
June 26th, 2011