http://canadianlabour.ca/index.php/jobs__economy/1021 Here’s the link to a paper we (the Canadian Labour Congress) released this week, and which was the background paper for an Ontario Federation of Labour conference. The recommendations are a work in progress among union economists, and comments on them would be welcome.
Read moreThis is a column by Kim Pollock of the Steelworkers (ex IWA) in BC re the recent US Trade Court Ruling. I was out of the country at the time, but it strikes me that the basic issue (an un-necesary softwood lumber deal) has been incredibly ignored by the mainstream national media. Our lumber industry is about to be hammered […]
Read morehttp://www.socialreport.msd.govt.nz/ This is worth a look as a serious attempt at an “official” social audit. A good selection of economic and social indicators, and what is interesting is that the report highlights some progessive benchmarks and targets, and some not terribly impressive performance. A brave government indeed, compared to our own.
Read moreDean Baker has a gloomy take on the impact of the housing bubble bursting: After the Housing Bubble Bursts By Dean Baker t r u t h o u t | Perspective Tuesday 24 October 2006 Every new release of data on the housing market provides more evidence that the housing bubble is finally bursting. Compared with year-ago levels, nationwide […]
Read moreNot sure how this one was missed by the filters. Thanks to Paul Willcocks for the snag: … [T]he Harper government – acting on an initiative started by the Liberals – pushed up health-care costs by handing big pharmaceutical companies a three-year extension on drug patents, preventing low-cost competition. The new rules affect about 25 per cent of prescription drugs […]
Read moreAs noted in today’s Globe and Mail, income tax revenue growth is significantly exceding GDP growth, surprising Don Drummond of TD Bank. My guess is that current income growth is highly tilted to the very high end of the income distribution, where it is taxed at well above average rates. A quick glance at the revenue stats for the past […]
Read moreIn the current political environment, a government running a deficit is bad bad bad. We have reverted to ideas that dominated economic thought in the 1930s – that budgets should always be balanced. This sentiment is reflected in modern budgeting practices that add contingency reserves and fiscal cushions to already lowballed estimates of revenues, so that even if the economy […]
Read moreEvery now and then you see a sad story on TV about someone who won the lottery, and then their life went to shit (they gave it all away or lost it gambling, became an alcoholic, etc.). They invariably say at the end, “I wish I’d never won the lottery.” I kind of feel the same way about oil. I […]
Read moreKeynes famously quipped that “in the long run we are all dead.” That’s sort of how I feel about the “clean air” act: it does absolutely nothing in the short-run but may have some benefit some time after rising sea levels wipe out half of Greater Vancouver. In spite of all of the talk about real regulation, the proposed act […]
Read moreRecently in Paris for meetings between the OECD Economic Department and TUAC (the Trade Union Advisory Committee to the OECD), I found my trade union colleagues concerned about the “downside†risks of an increasingly gloomy economic outlook. The OECD Economics Department believes that there will be a pronounced slowdown in the US – driven by the housing downturn. However, it […]
Read moreBilateral and multilateral trade negotiations often go hand in hand, with bilaterals able to achieve results that are more liberalizing than could be achieved on a multilateral basis. If the bilateral agreement is among two major players, however, it can be used to pressure others into signing on. The US is using this as its strategy for global trade talks, […]
Read moreA fascinating defense of Hayek, in response to Sach’s column (posted here the other day). According to Tim Duy, Hayek was more reasonable than we give him credit for being (thanks to Economist’s View for this one): In Defense of Hayek, by Tim Duy: I feel a need to at least quickly defend Hayek against Jeffery Sachs attacks. Sachs leaves […]
Read moreIncome Trust Conversions: Estimated Federal and Provincial Revenue Effects By Jack M. Mintz (1) The recent announcements by TELUS and BCE have given rise to the question as to how much federal and provincial taxes have been reduced by corporations converting into income trusts. Since the time of my last estimate of about $500 million in the fall of 2004 […]
Read moreSaid Prime Minister Harper on the coming Clean Air Act: “This approach will mark a fundamental departure from the approach of the previous government. Canada’s Clean Air Act will allow us to move industry from voluntary compliance to strict regulation. It will replace the current ad-hoc patchwork system with clear, consistent and comprehensive national standards.” Cynicism and all that aside, […]
Read moreI have twice now been invited to join pyramid schemes for my child. The other day we got a letter in the mail from a friend soliciting us to join a “sticker club” (a few months ago, it was a “book club”). Two other children’s names and addresses were on the page, with the instructions that we were to send […]
Read moreA new working paper from the IMF looks at flat taxes and finds they have not lived up to their hype. Thanks to New Economist for posting this one and adding additional commentary. The paper can be found here. The summary: One of the most striking tax developments in recent years, and one that continues to attract considerable attention, is […]
Read moreWhat does a ballot initiative in four US states next month have to do with interprovincial trade in Canada? The answer is that both are attacks on the capacity of governments to regulate in the public interest, based on a theory known as “regulatory takings”. The “regulatory takings” movement is more well known south of the border, and is encapsulated […]
Read moreBen Parfitt, the CCPA’s BC Resource Policy Analysis reflects on the capitulation we know as the new Softwood Lumber Agreement and what is means for BC, the most affected province. Softwood deal will spur more raw log exports By Ben Parfitt The recent vote in the House of Commons ratifying the softwood lumber agreement with the United States may bring […]
Read moreChallenges Facing the Canadian Manufacturing Sector – Interim Report of the House of Commons Standing Committee on Industry, Science and Technology http://cmte.parl.gc.ca/cmte/CommitteePublication.aspx?COM=10476&Lang=1&SourceId=149639 This short report briefly analyzes some of the dynamics behind the manufacturing crisis, and summarizes policy recommendations presented to date (mainly by business associations.) It reveals some interesting tensions within the “business community.†The key factors behind the […]
Read moreSo why is it that microcredit is as celebrated on the right as the left? wondered someone in the comments to a recent post on Muhammad Yunus, winner of the Nobel Peace Prize. Certainly, it has appeal in elite circles because it reinforces the storyline of hard-working people pulling themselves up by their bootstraps through grit and entrepreneurship. Focus on […]
Read moreToday’s Globe has a story that the feds are contemplating the privatization of CMHC. Let me get this straight. With the run-up in real estate prices, housing affordability is perhaps as bad as it has ever been. In recent years, CMHC has pulled away from supporting the creation of new affordable housing (although it does help support existing social housing […]
Read moreAeroplan increases its payouts to its shareholders, I mean “unit holders”, while at the same time sticking it to people who have been loyal in the past. People like my wife, for example, who does not travel much but has been steadily accruing points for some future reward, and in doing so has put up with a lot of crap […]
Read moreHere are two items that go together well. First, here is the most recent tax cut talk from Finance Minister Jim Flaherty, as quoted by the Globe and Mail: “I can assure you that our government is by no means finished in our efforts to improve our tax system for the benefit of Canadian families and businesses,†the Conservative […]
Read moreSome econo-bloggers have been having fun with the fact that Muhammad Yunus, founder of the Grameen Bank and father of micro-credit, won the Nobel Peace Prize. Yunus, an economist who would not be shortlisted for the (kind of) Nobel Prize in Economics, wins a real one instead. I saw Yunus speak in Ottawa over ten years ago, and he was […]
Read moreA few posts back, Marc Lee was discussing the Harper government’s sudden discovery of the dangers of global warming. He mentioned in passing reports that the CAW was opposed to the idea of stronger emissions regulations for vehicles. In fact the CAW has been in support of the Kyoto process, Canadian efforts to meet its targets, and the principle of […]
Read moreWe are still waiting for the Harper government’s proposed “green plan” or “clean air act” despite a big launch in Vancouver the other day. Expectations are being lowered as more details come out. The tough talking rhetoric does not appear to have much substance behind it. According to a CP wire story today based on a draft leaked to environmental […]
Read moreThe push for “competitiveness” is often framed around differences in corporate taxation. Our tax rates, it is argued, must be equivalent to or less than those of our competitors so that we can attract the investment we need to increase our standard of living. There is some truth to that in that if our taxes were way out of line […]
Read moreJust weeks ago it was Telus that was the biggest ever conversion to an income trust. Now BCE jumps to the top. This mania for income trusts has me wondering how the rash of conversions from corporate entities to income trusts can make good economic sense. Income trusts are clearly a vehicle by which corporate taxes can be avoided, that […]
Read moreJim Stanford and Stephen Gordon are keeping me busy today. Another missive from Jim Stanford in the Globe prompted this post from Stephen that leads to some interesting points of comparison between the Nordic model and the Canadian status quo: Welfare states can be competitive Jim Stanford sets aside our shared scepticism about the WEF competitiveness rankings to make two […]
Read moreThe prospect of a free trade deal with South Korea has set off a mini-debate at Stephen Gordon’s Worthwhile Canadian Initiative. Jim Stanford’s column in the Globe prompted this post from Stephen: Mercantilism at the Globe and Mail Courtesy of Jim Stanford: Why the rush to ink more deals? Where free trade is concerned, Canada is getting worse with practice: […]
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