I was in the budget lock-up in Ottawa back in 2009, when the feds announced a home renovation tax credit as part of the stimulus package, and one of my first thoughts was “kitchen reno”. Months later we had a nice kitchen upgrade to enjoy as our contribution to getting the Canadian economy back on track. I’m basically the marginal […]
Read moreThe release of today’s Monetary Policy Report from the Bank of Canada follows yesterday’s announcement of no change in interest rates, the latest in a long series.  It reminds me of an English County cricket match in which a batsman is politely applauded – “very well not played, sir!” – for doing absolutely nothing other than watch a potentially dangeous pitch […]
Read moreCBC National News reconvened their “Bottom Line” economics panel (including yours truly) last night to discuss the twin debt crises (Europe and America) that are currently roiling financial markets. Here’s the link to the webcast for aficionados. In the last segment, Pater Mansbridge asked all the panelists how the debt problems should affect individual Canadians’ personal strategies and behaviour. (My answer […]
Read moreThe Saskatchewan Party had repeatedly promised not to sign TILMA, but signed the New West Partnership Trade Agreement (NWPTA) last year. At the time, many commentators (including yours truly) noted that the NWPTA was little more than a renaming of TILMA. I see that the official TILMA website is now automatically redirecting to the NWPTA website: Effective July 1, 2010 […]
Read moreA month ago, Canada’s federal, provincial and territorial governments volunteered to be directly sued by investors under the Agreement on Internal Trade. This quiet announcement from Brudenell, Prince Edward Island, seems to have gone almost unnoticed. But it is a huge step toward imposing the Trade, Investment and Labour Mobility Agreement (TILMA) on all Canadian jurisdictions and inserting investor-state provisions […]
Read moreWe’ve known for a long time that we all pay for poverty. We just didn’t know how much. This is the question I investigate in my latest CCPA report The Cost of Poverty in BC. If you’re not in the mood for reading the report, you can watch a short video that summarizes the findings here. Study after study has […]
Read moreIt was news, not so much because of what was said, as who said it:Â The Conference Board of Canada released a report on rising inequality in Canada today, noting that despite the fact that Canadians are better off than a generation ago, the richest 20% in society are taking an ever-growing share of the economic pie, while the middle […]
Read moreBesides the carbon tax, one of the most important BC government climate action initiatives has been the adoption of Carbon Neutral Government. That is, count emissions from public buildings and travel, reduce them as much as possible and pay for carbon offsets to negate the rest. As of the 2010 calendar year, the BC government announced mission accomplished, at the […]
Read moreDown 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 […]
Read moreAny day now the BC government should be releasing the latest greenhouse gas data for the province, and we will see if any progress is being made towards a legislated 33% reduction in emissions by 2020 (relative to 2007 levels; data will be for 2009 and we know that emissions rose in 2008). Below the radar, however, and not counted […]
Read moreThe CAW has just released a 20-minute video featuring none other than yours truly giving a short lecture about the economics of the proposed Canada-EU free trade agreement (a.k.a. CETA). This link takes you to the film, which can be downloaded for free and shown at information meetings or any other organizing events.
Read moreI was invited back to serve as guest economics columnist all last week on Metro Morning, CBC Radio’s drive-in flagship show in Toronto, to substitute for the vacationing effervescent libertarian Michael Hlinka. I did this once a couple of years ago (blogged about it here), when Andy Barrie was still the host. Now he’s retired and Matt Galloway is the […]
Read more“The fact that the Clark government’s Frankenstein HST hybrid will significantly reduce provincial sales tax revenue at a time when public services are already under intense fiscal pressure is a powerful and principled reason to throw the whole package out in the referendum, and start the debate from scratch.†I may live in Ontario, but I know enough about B.C. […]
Read moreDoes anyone else find it odd that a free-market-worshipping government can happily leap into the fray to micro-manage a labour market outcome (deciding, for example, that postal workers must get 1.75%, not 1.9%, in the first year of their new contract), yet pleads powerlessness when it comes to interfering with market outcomes that are genuinely harming our economic trajectory? Here’s […]
Read moreRob Silver, a sharp guy I first met through university debate, has written a rather disappointing piece entitled, “Would NDP be neutral were it in power during a labour dispute?†This question is interesting and significant. On the one hand, the NDP’s political philosophy is strongly supportive of working people. Compared to Liberals and Conservatives, NDP provincial governments have consistently […]
Read moreStatistics Canada figures indicate that private non-financial corporations held $471 billion of cash in the first quarter of 2011 ($322 billion of Canadian currency plus $149 billion worth of foreign currency). Including short-term paper would bring this total to half a trillion dollars, enough to pay off the national debt (i.e. accumulated deficit). Cash hoarding is a critical point in […]
Read moreThe new issue of the International Journal of Labour Research (edited by Canada’s own Pierre la Liberte ) entitled “Crisis: Causes, Prospects and Alternatives” is now available. The issue takes a critical look at policies that led to the 2007-08 crisis and considers alternatives to orthodox policies both North and South. It features articles by Robert Wade, Eckhard Hein, and […]
Read moreMy copy of the Globe and Mail the other day included the July edition of the Report on Business magazine, featuring its annual ranking of the top 1000 publicly-traded corporations in Canada. The survey makes for fascinating reading. In honour of Canada Day, I would like to present a few statistical factoids about these huge institutions that determine the direction […]
Read moreStatscan have produced interesting and important new estimates of the upper bound size of the “underground” or “non observed” economy, putting it at a seemingly modest 2.2% of GDP in 2008. (Some of this is already included in GDP which is adjusted to take into account some hidden and unreported economic activity.) The 2.2% estimate shows that we are a […]
Read moreWith much of the talk on taxes in BC about the HST, we issued a new report today that looks at the bigger context for BC’s tax system (Vancouver Sun oped here, CTV News story here). Iglika Ivanova, Seth Klein and I compare and contrast BC’s tax system after a decade where tax cuts were touted as the solution to […]
Read moreAn important paper by Bruce Western and Jake Rosenfeld which is forthcoming in the American Journal of Sociology finds that the decline in private sector union density in the USÂ (from 34% to 8% for men, and from 16% to 6% for women) explains one fifth to one third of the increase in inequality of hourly earnings over the […]
Read moreManufacturing 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 written about elsewhere, the Harper […]
Read moreWith the Summer reading season at hand, here is a short list – in no particular order – of the best books I have read over the last couple of years on the roots and implications of the Great Recession – essential reading for all progressive economists. John Cassidy. How Markets Fail: The Logic of Economic Calamities. (Penguin, 2009.) An […]
Read moreBC Stats put out a release yesterday with the headline “Low Income Cut-Offs (LICOs) are a Poor Measure of Poverty” and author Dan Schrier gets in a dirty hit right in first paragraph: Despite protestations from Statistics Canada that LICOs are not meant to be used as a measure of poverty, there are many groups that insist on using them […]
Read moreStatscan have released an interesting paper, “The Income Management Strategies of Older Couples in Canada.” It looks at who controls the family finances in couples with one partner aged 45 and over. (They used the age cut off because a special question was added to the General Social Survey which is restricted to that age group.) This is important because […]
Read moreAs is well-known, young people are still bearing the brunt of the recession. The employment rate for youth aged 15-24 last month was 55.6%, well down from 60.3% back before the recession in September, 2008 due to an increase in unemployment and an increase in those not looking for work. And the proportion of youth in part-time jobs has risen. […]
Read moreEven though labour relations is largely a provincial responsibility in Canada, we were worried about what would happen in this field under a Harper majority. And it didn’t take long to find out. In the disputes at both Air Canada and Canada Post, the government waded into the fray in a pre-emptive and utterly one-sided manner. With both the timing […]
Read more(The following was sent by ITUC Washington representative Peter Bakvis and deserves wider distribution. While this action by the World Bank might reduce food prices at the margin, it would be far preferable for them to push for regulation of speculation in food instead of joining in a destructive game.) In partnership with Wall Street investment bank JP Morgan, […]
Read moreI have an opinion piece in today’s Toronto Star regarding Toronto’s Mayor, Rob Ford, and the Toronto Community Housing Corporation (TCHC). Mr. Ford would like to see a considerable number of units from TCHC’s existing stock sold off. For background on the issue, please my blog post of April 13, which can be found here. In today’s piece, I argue that it is more […]
Read moreUniversity of Sherbrooke economist and fiscal specialist Luc Godbout with Suzie St-Cerny and Michaël Robert-Angers has just published a timely research paper evaluating the net fiscal impact on households of Québec’s income tax system.Timely because, as discussed here be Armine Yalnizyan recent data from stats can shows that though globally income inequality has risen during the last recession, they have […]
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