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Archive for 'US'

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 […]

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 […]

From pulp and paper to magazines to progessive politics

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 […]

Did the US Take a Bite Out of Canada-Korea Trade?

On last night’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 Canada’s exports. So, the government […]

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 […]

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 […]

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 […]

Happy Crashiversary! Are you better off now than you were four years ago?

Four years after Lehman Brothers collapsed, it’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 […]

Labour Market Regulation and Labour Market Performance

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 – […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 – […]

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. […]

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, […]

Use University Research to Increase Manufacturing Jobs

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 […]

Does Capitalism Save Lives?

I was watching CNBC and happened to see this panel about how the number of Americans killed by natural disasters has declined over time. It was also noted that, in early 2010, fewer people died in Chile’s earthquake than in Haiti’s earthquake. The discussion quite reasonably outlined how improvements in emergency preparedness, building codes, and […]

The Treasury Transfer Effect – You Read It Here First

Munir Sheikh, former head of Statistics Canada and of tax policy at Finance Canada, has an op-ed in today’s Globe: “A Canada-U.S. tax gap means a Canada-U.S. tax transfer.” As he notes, “any U.S. citizen, resident or company earning income in Canada is subject to U.S. tax, with a credit for Canadian tax paid or […]

The US Business of Pollution

From the PEF’s mailbag, here is a guest post by Nick Scott, a recent college graduate and aspiring writer with a passion for environmental conservation. He currently resides in the southeastern United States. The United States and the Business of Pollution In light of the recent environmental tragedy in Japan, there has been a growing […]