The unemployment rate is up again this month, to 7.3%, with 1.4 million workers looking for jobs in February. A loss of full-time work was partly replaced by part time positions. A disproportionate percentage of last year’s growth came from precarious self-employment. Remember those heady days when we could say that at least Canada’s unemployment rate […] . . . → Read More: The Progressive Economics Forum: February Labour Force Woes
This is the time of year when articles list their favourite things about last year, and their “things to watch” for the next year. Naturally, my “things to watch” list will always include the labour market. Where have we seen the strongest job growth or worst job losses, and what are the trends that might […] . . . → Read More: The Progressive Economics Forum: Jobs and Growth after the Great Recession
This week Stephen Harper’s Conservatives are trumpeting the announcement of a small surplus ($1.9 billion) for fiscal 2014-15. The political symbolism of this “good news” is a welcome change for them from a string of negative economic reports (most importantly, news that Canada slipped into recession in the first half of 2015) that has damaged . . . → Read More: The Progressive Economics Forum: Federal Surplus: Digging Deeper
Is that all is good with our native peoples. I mean it would have to be if the government department tasked with providing services to them was able to lapse a billion dollars in budget over the past five years. Of course there is also another possibility, that the Conservatives just don’t care.
. . . → Read More: Blevkog: The real truth about reconciliation…
One would think that the question “How many jobs will be created by the federal budget?” when asked of the bloody finance minister who had just delivered the thing would get a better worded response than “dunno“. If jobs were the teeniest tiniest concern for this government, one would think that at least a pat . . . → Read More: Blevkog: One would think…
Here’s a link to the longer analysis I prepared of the federal budget, now on-line at CUPE’s website, to accompany the press release and notes we put out immediately following the budget.
The entire document may be too long to post here, so here’s the 1st two paragraphs.
The Big Picture: more tax cuts for . . . → Read More: The Progressive Economics Forum: Budget 2015: Robin Hood in Reverse
With 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:
1. Timing. At a time of great economic uncertainty in . . . → Read More: The Progressive Economics Forum: My “Top Five” Most Outrageous Things About This Budget
Normally the Globe’s Parliament Hill coverage is pretty good. But this Bill Curry item makes the unattributed claim that seniors organizations support the trial-ballooned proposal to double the annual contribution limit to tax free savings accounts (TFSAs). Really? Which ones? The Society of Retired CEOs? Or maybe the Grey Circle at the Empire Club? It . . . → Read More: cmkl: Seniors organizations support doubling the TFSA limit? Can we have a source please?
THE FEDERAL BUDGET AND CANADA’S ANNUS HORRIBILIS
See Original post here for the CBC.
Canada’s Finance Minister Joe Oliver announced a new – and long overdue – federal budget for April 21. With the Canadian economy doing so badly, this budget will be crucial.
Will the minister do the right thing and give Canadians a . . . → Read More: The Progressive Economics Forum: ROCHON on the upcoming federal budget (April 2015)
Posted earlier as an opinion piece for CBC. See original post here (this post slightly modified from original)
By Louis-Philippe Rochon
Follow him on Twitter @Lprochon
Much was at stake earlier this week when finance ministers from G20 countries met in Istanbul to discuss Greece and the state of the world economy in . . . → Read More: The Progressive Economics Forum: G20 meeting of world finance ministers too little too late
In a recent CBC blog post, Louis-Philippe Rochon assesses the current state of the Canadian economy.
The link to the blog post is here.
Follow him on Twitter @Lprochon.
Acres of newsprint have been devoted in recent weeks to the possibility that lower oil prices might push the federal budget back into a deficit position. As I argue in my column in today’s Globe and Mail, this drama is mostly political theatre — and progressives should be cautious about accidentally accepting the Conservative frame . . . → Read More: The Progressive Economics Forum: Don’t Play Tories’ Game on “Risk” of Deficit
Much has been made about Stephen Poloz’s decision to abandon ‘forward guidance’ in Bank of Canada rate setting announcements for the time being. Critics bemoan the loss of direction from the Bank. But Poloz’s comments yesterday were chock full of guidance on how the Bank sees Canada’s economic situation.
Having been disappointed by the failure . . . → Read More: The Progressive Economics Forum: Bank of Canada, Exports, and LMI
Today’s National Balance Sheet Accounts indicate that the amount of cash held by private non-financial corporations in Canada soared from $591 billion in the third quarter of 2013 to $626 billion in the fourth quarter of 2013. Corporate Canada’s accumulated stock of cash now exceeds the federal government’s accumulated deficit, which was $612 billion at . . . → Read More: The Progressive Economics Forum: Corporate Cash Stash Surpasses National Debt
by: Canadian Centre for Policy Alternatives | Press Release
CCPA Alternative Budget 2014
OTTAWA — The Canadian Centre for Policy Alternatives (CCPA) warns a so-called “do-nothing” federal budget is anything but, and is likely to worsen Canada’s slowing economy.
The CCPA’s 2014 Alternative Federal Budget (AFB) shows what the federal government could do if . . . → Read More: The Canadian Progressive: Alternative Federal Budget would lift 855,000 Canadians out of poverty: Think Tank
This blog’s unofficial slogan has been “Tomorrow’s conventional wisdom, today.” After this week’s Conservative backpedaling on income splitting, we may need to change it to “Today’s conventional wisdom, seven years ago.” Or we could just stick with “You read it here first.”
My first-ever blog post, Income Splitting Redux, argued that this tax policy “would . . . → Read More: The Progressive Economics Forum: Income Splitting Déjà Vu
Yesterday’s federal budget was a non-event. Indeed, the no-surprises budget was itself no surprise: the Conservatives have long done their fiscal policy dirty work in omnibus bills and other dark corners scattered throughout the legislature, Crown corporations and federal agencies. This leaves the media circus of budget day a very stereotypically Canadian mix of polite . . . → Read More: Political Eh-conomy: Another (budget) day, another dollar (cut): Canada’s slow-motion austerity
Recessions are always harder on young workers, but we are nearly five years out from the end of the last recession and there is still no recovery in sight for young workers.
Between October 2008 and January 2014, there was an increase of 100,000 unemployed young workers (15-29), so that there are now 540,000 unemployed . . . → Read More: The Progressive Economics Forum: Young Workers Needed So Much More from Budget 2014
Here’s the first section of the budget summary and analysis I’ve prepared for CUPE.
The full version is on-line on CUPE’s website at http://cupe.ca/economics/missing-action-federal-budget-2014 together with CUPE’s press release at: http://cupe.ca/economics/federal-budget-2014-help-hurt-canadian
Missing In Action: Federal Budget 2014 CUPE Federal Budget 2014 Summary and Response
Conservatives ignore pressing economic needs with a Do-little budget
Using . . . → Read More: The Progressive Economics Forum: Missing In Action: Federal Budget 2014
Statement by 70 Canadian Economists Against Austerity
We, the undersigned, strongly urge the federal government to stop implementing fiscal austerity measures just to achieve its political goal of budgetary balance by 2015.
Since the mid-1990s, we have witnessed an era during which, under the influence of the same economists who had also advised the deregulation . . . → Read More: The Progressive Economics Forum: Economists Against Austerity