ROCHON: Harper in closet over the economy as Canada heads toward another recession

This guest blog post has been written by Louis-Philippe Rochon. You can follow him on Twitter @Lprochon – Harper’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 free speech, and increasing police […]

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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. Nick FalvoNick Falvo is a Calgary-based research consultant with a PhD in Public Policy. He has academic affiliation at both Carleton University and Case Western Reserve University, and is Section Editor of the Canadian Review of Social […]

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More People Chase Fewer Jobs

Further to Angella’s excellent analysis: Statistics Canada reported today that unemployment jumped by 25,700 in June because of shrinking employment and a growing labour force. Canada’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 to 61.4% – its lowest […]

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Jobs Up, But Hours Flat

On the surface, today’s employment numbers simply continue a recent trend: employers added some jobs but not enough to keep pace with Canada’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 positions in May. Over the […]

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The NSA Scandal is all about Economics

Back in 1998, I wrote a lengthy investigative feature for The Financial Post about Canada’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 electronic means. To this end, […]

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NYT study on public subsidies in the US

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 months! – of investigative journalism […]

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Fiscal Cliff Notes

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 Bush II administration, right up […]

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Right to Work, again

In case anyone was wondering about the effectiveness of right to work laws in suppressing unionization, here is a chart of Union coverage rate by State (the percentage of all employees that are covered by a collective agreement) as of 2010.  Right to work states have an asterisk, and are outlined with a black dotted line. (Chart updated, original scale was wrong). […]

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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 that ALL  real net wealth […]

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Corak in Context

Professor Miles Corak had a post on The Globe and Mail’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 starts at 16. Corak helpfully […]

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Provincial and State Corporate Taxes

The following commentary also appears on The Globe and Mail’s Global Exchange blog: What Obama’s Corporate Tax Proposal Means for Canada Last week, there was much consternation in Canada’s business press that some modest reversals of provincial corporate tax cuts and President Obama’s proposed corporate tax changes could erode our competitiveness. Canadians should maintain a healthy skepticism about possible U.S. […]

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Impact of Increased Health Privatization on PSE

An article in yesterday’s Village Voice looks at the rising costs of post-secondary education (PSE) in the United States. 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 as Canada moves towards increased privatization […]

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Wealth and Income in the Top 1%

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 – those who own large chunks […]

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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 important implications for Canada’s health […]

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Buy America Redux

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 Scott’s conclusion that the Canadian government should be strengthening public investment here rather than just complaining about proposed public investment south of the border. What strikes […]

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Hurricane Trichet Hits Jackson Hole

After watching Jack Layton’s state funeral, I noticed that Jean-Claude Trichet’s speech from Jackson Hole is online. The European Central Bank president does not seem to get it. Far from acknowledging that last month’s interest-rate hike was premature, he touts “price stability.” His main theme is that the economic divergence between Eurozone countries is comparable to that between American states. […]

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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 features the following provocative excerpt: […]

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The Double Whammy of Defunding Universities

As I’ve blogged about here, federal funding for post-secondary education (PSE) in Canada is decreasing.  Between 1985-1986 and 2007-2008, annual federal cash transfers to Ontario for PSE (in constant 2007 dollars) decreased from roughly $1.4 billion to just under $1 billion. (Yet, during that same period, PSE enrolment in Ontario increased by more than 60 percent). And as I’ve written about here, during Dalton McGuinty’s time as […]

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The Racialised Impact of Tuition Fees

Mainstream policy wonks often claim that tuition fees and rising levels of student debt in Canada are relatively inconsequential. They argue that though the costs 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 rising, the increases in costs […]

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2011 Academic Ranking of World Universities

The 2011 Academic Ranking of World Universities (ARWU) was released on Monday. Because it’s compiled by Shanghai Jiaotong University, it’s commonly known as “the Shanghai ranking.”  As I recently blogged about here,  the methodologies used in 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 in the United States, and four […]

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Japanizing the World Economy

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 “Japanization” 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 “balance-sheet recession”. The period has been […]

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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 – alone among the major raters […]

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Clemens vs. Clemens

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 today’s Wall Street Journal: Canada’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. Through a combination of spending […]

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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, even his foolish offer to […]

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