On 28 February 2023, the Danielle Smith government tabled Alberta’s 2023-2024 budget. Projecting a $2.4 billion surplus for the coming fiscal year, the budget announced some spending increases; but many are effectively cuts when one accounts for both inflation and population growth. Here are 10 things to know: In sum. When one accounts for both inflation and population growth, this […]
Read moreI’ve written an opinion piece that appears in today’s Regina Leader-Post. The piece argues that the Saskatchewan government shouldn’t brag about the province’s low-tax climate (which it recently did). Rather, I argue that taxes serve important functions. The link to the opinion piece is here.
Read moreOver at the Behind The Numbers website, I’ve written a blog post titled “Ten considerations for the next Alberta budget.” The blog post is a summary of a recent workshop organized by the Alberta Alternative Budget Working Group. The link to the blog post is here.
Read moreAn essential but perhaps overlooked way of looking at the economy is a sector financial balance approach. Pioneered by the late UK economist Wynne Godley, this approach starts with National Accounts data (called Financial Flow Accounts) for four broad sectors of the economy: households, corporations, government and non-residents. Here’s how it works: in any given quarter or year each sector […]
Read moreI’ve just written a blog post about the fiscal situation of Canada’s ‘oil rich’ provinces (i.e., Alberta, Saskatchewan and Newfoundland and Labrador). It consists of a summary of key points raised at a PEF-sponsored panel at this year’s Annual Conference of the Canadian Economics Association. Points raised in the blog post include the following: -The price of oil is impossible […]
Read moreI’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 social spending in Canada (as a % of GDP) is well below the OECD average. […]
Read moreWe 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 bigger government deficits through 2020. […]
Read more“I don’t read newspapers, I don’t watch the news. I figure, if something important happens, someone will tell me.” Justin Trudeau’s surprising confession in a 2001 Globe and Mail essay (“Something I’m Passionate About”, Feb.3) raises three questions: 1) does he read newspapers and watch the news now?; 2) if yes, does he read the Report on Business, Wall Street […]
Read moreIn an earlier post, I sought to explain (not necessarily defend) the Mulcair team’s decision to run balanced budgets as an election campaign tactic to counter being branded by the Conservatives (and potentially the Liberals)as a profligate manager of the public purse.  Whether or not this tactic is successful will ultimately reflect in the October 19th electoral results. Since this […]
Read moreThis 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 a much larger government sector […]
Read moreFirst, disclosure.  I wear several hats.  In addition to being a progressive economist, I am  a member of the NDP.  I have been since 1988.  I will be voting for the NDP candidate in my riding and I just donated $100 to the party,with more to follow. The recent promise of four years of balanced budgets by the Mulcair-led NDP […]
Read moreLouis-Philippe Rochon is associate professor of economics at Laurentian University and co-editor of the Review of Keynesian Economics. Originally published by CBC. See here. In its April budget, the federal government announced it had succeeded in balancing the budget. Such an achievement, however, will prove to be at best a Pyrrhic victory. History shows austerity and balanced budgets never work […]
Read moreWith a document whose very timing, let alone content, was so transparently politicized and manipulative, it’s hard to even know where to start. Among the many galling, short-sighted, and ultimately destructive components of this federal budget, here are 5 that stand out in my view:
Read moreCONSERVATIVES MAKING A MOCKERY OF WORKING CANADIANS Louis-Philippe Rochon Associate Professor of Economics, Laurentian University Co-Editor, Review of Keynesian Economics Today, with great fanfare, Minister of Finance, Joe Oliver, tabled his much-delayed budget in the House of Commons. Despite the government’s best effort to confuse Canadians with tales of terrorism, the economy and job creation remains by far the […]
Read moreBalanced 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 the details of the specific […]
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