This is quite interesting. If you read the short section from the recent IMF Staff Report on Canada under point 16, it is quite clear that the IMF Staff think that, with growth significantly under potential, the federal Budget should be brought back to balance more slowly than is now the plan. It strikes me . . . → Read More: The Progressive Economics Forum: The IMF and Canadian Fiscal Policy
The Parliamentary Budget Office has come out with a report, suggesting that the Conservatives will likely balance the budget ahead of schedule. But, and it’s a big but, if there were no EI surplus, there would be no balanced budget in 2016. And the annual surplus in the EI Operating Account is no small potatoes . . . → Read More: The Progressive Economics Forum: Flaherty’s Funny Math with the EI Surplus
On November 25th, I made the following submission to the House of Commons Standing Committee on Finance regarding Bill C-4, Economic Action Plan 2013 Act No. 2, on behalf of the Canadian Centre for Policy Alternatives.
1. Introduction and Context
Thank you for the invitation to appear . . . → Read More: The Progressive Economics Forum: How Harper can avoid turning a Budget Implementation Bill into a Duffy budget bill
Buried in the federal government’s recent Update of Economic and Fiscal Projections are figures showing the Harper government is set to squeeze federal government’s role to the smallest it has been in seventy years. (Bill Curry at the Globe also just wrote about this, but without figures further back than 1958).
Total federal government spending . . . → Read More: The Progressive Economics Forum: Canada’s (not so incredible) shrinking federal government
Today, finance minister Jim Flaherty announced a three-year freeze on Employment Insurance (EI) premiums, ostensibly because a stronger job market has alleviated the need for additional premium revenue.
Under the current policy, employee premiums were rising each year by 5 cents per $100 earned. Flaherty had announced this policy on September 30, 2010, when 1.5 . . . → Read More: The Progressive Economics Forum: EI Premium Freeze Leaves Unemployed Canadians in the Cold
The Queen City’s water debate has boiled over since I last blogged about it. City Council decided to build a new wastewater-treatment facility as a public-private partnership (P3), but a group of concerned citizens gathered 24,000 signatures to force a referendum on whether to “publicly finance, operate and maintain the new wastewater treatment plant for . . . → Read More: The Progressive Economics Forum: P3 or No Federal Funding: A Third Option for Regina Wastewater?
Tom Mulcair’s recently reiterated unwillingness to raise personal tax rates puts the spotlight on corporate taxes. But how much revenue is at stake?
Three and a half years ago, I posted a fiscal breakdown of Harper’s corporate tax cuts and how much revenue could be retained by stopping or reversing them. These figures, based on . . . → Read More: The Progressive Economics Forum: What’s a Point of Corporate Tax Worth?
Regina City Council has voted to proceed with a 30-year public-private partnership (P3) in which a private company would design, build, finance, operate and maintain the city’s new waste water treatment facility.
The municipal administration’s rationale has been that, although a P3 will be more expensive than traditional public financing, it is required to access . . . → Read More: The Progressive Economics Forum: Regina Hosed by P3 Waste Water
By: Obert Madondo | The Canadian Progressive: The Federal Court of Canada has dismissed a request by former Parliamentary Budget Officer, Kevin Page, to clarify the office’s mandate. In his application, Page had also sought ”judgment affirming he has the jurisdiction to seek the information” relating to the $5.2 billion in fiscal savings outlined in . . . → Read More: The Canadian Progressive: Federal Court dismisses former PBO Kevin Page’s application
One the most amazing things about this budget is that one of its three focuses will actually be the opposite of what it’s touting. You’ll likely hear that $14 billion will be spent on infrastructure over the next 10 years (actually you may hear much bigger numbers but they just re-announce existing programs like the . . . → Read More: The Progressive Economics Forum: Austerity through infrastructure Cuts: Budget 2013
It’s hard to get excited about Thursday’s federal budget. All signs point to an “austerity” budget, even though that approach has failed so spectacularly wherever it has been tried. Austerity is one of those zombie ideas that cannot be killed, roaming rampantly across the pages and screens of the mainstream media. The 2012 federal budget . . . → Read More: The Progressive Economics Forum: Budget 2013: Time for a real action plan, not another ad campaign
These are the remarks by David MacDonald and I prepared for the press conference marking the release of the AFB 2013 in Ottawa, March 12, 2013.
Time flies and our Alternative Federal Budget is now in its 19th year. Year after year it has shown that we can have a Canada where we all do . . . → Read More: The Progressive Economics Forum: The Alternative Federal Budget 2013 – Doing Better, Together
By Obert Madondo | The Canadian Progressive, Feb. 14, 2013: Showing their burgeoning disdain for accountability, transparency, financial oversight and the independence of federal watchdogs, the Harper Conservatives earlier this week nuked a progressive NDP motion on the role of the Parliamentary Budget Office (PBO). The motion, tabled by the Official Opposition’s Finance critic, Peggy . . . → Read More: The Canadian Progressive: Aagh, Harper Conservatives Nuked Democratic NDP Motion On Role Of PBO
by Athabasca Chipewyan First Nation Today the conservative government tabled a new version of Bill C-45, a 443-page bill, to implement its federal budget. The Athabasca Chipewyan First Nation (ACFN) was taken aback by the proposed amendments stating they are indicative of the further erosion of Treaty rights in Canada. ACFN leadership is particularly worried . . . → Read More: Canadian ProgressiveCanadian Progressive: First Nation: Bill C-45 allows tar sands industry to destroy vital waterways and treaty rights
A must-watch video on the ongoing fight against Enbridge’s cursed pipeline. The following New Democrat MPs visit Terrace, Kitimat and Kitamaat, British Columbia, and discuss the energy giant’s proposed Northern Gateway Pipeline: Deputy Leader and Environment critic, Megan Leslie (Halifax); House Leader, Nathan Cullen (Skeena-Bulkley Valley); Public Safety & LGBTT critic, Randall Garrison (Esquimalt–Juan de . . . → Read More: Canadian Progressive: Radicals for our coast: New Democrat MPs and community reps (VIDEO)
Canada’s economy grew by half a percent in the first quarter of 2012, staying on pace for unimpressive annual growth of two percent.
The good news is that business investment was strong, at least on a seasonally-adjusted basis. (As usually happens in the first quarter, the actual dollar value of business investment actually decreased.)
Unfortunately, . . . → Read More: The Progressive Economics Forum: GDP: Austerity Bites
Saskatchewan conservatives are getting cranky. At last night’s Finance Committee meeting on the omnibus bill, MP Randy Hoback exposed me as being a New Democrat who writes “garbage” (as this blog’s readers already know).
Full video of the meeting is available here, with my presentation starting two hours in.
. . . → Read More: The Progressive Economics Forum: Energy McCarthyism 2: Hoback Attack
The significant changes to the Employment Insurance (EI) program which are to be quickly implemented through Budget 2012 with very little consultation have not received enough critical attention.
First, a word on what is not in the Budget. It is disappointing, to say the least, that the government is failing to respond to the fact . . . → Read More: The Progressive Economics Forum: Tightening the Screws on the Unemployed
With the release of the 2012 federal budget one month behind us you’ve likely captured the gist of the budget – cuts to the CBC and none to the Canada Council for the Arts. Here’s a full breakdown of how the cuts (and non cuts) affect arts and culture in Canada over the . . . → Read More: Art Threat: One Month Later – How the 2012 Federal Budget Impacts the Arts
(The following is from my colleague Angella McEwen.)
The only mention of either men or women in the 400-odd page 2012 Budget Implementation Bill is with regards to the appropriate use of donated sperm and ova.
In analysis and discussions of the proposed omnibus bill, differential impacts for women, Aboriginals, racialized persons, newcomers, and *the . . . → Read More: The Progressive Economics Forum: The Federal Budget and Women
I wanted to tip my hat to the hard working folks at the PBO for a particularly revealing Economic and Fiscal Outlook that was published today. While the PBO has more than once eaten my lunch on various issue they’ve done a superb job of looking at Canada’s economic and fiscal position.
I’d point readers . . . → Read More: The Progressive Economics Forum: PBO Strikes Again
I am sure readers of this blog are not unsympathetic to the case for a government supported program which, at a time of very high youth unemployment, annually enables some 1500 young people to volunteer to work in not for profit sponsored community development projects across the country. Participants- aged 17 to 21 – are . . . → Read More: The Progressive Economics Forum: Katimavik
Thankfully the federal budget has started to fill in some of the details of its latest round of cuts. In particular, it now estimates 19,200 positions lost due to its latest round of cuts (Federal Budget 2012, pg 221). Although it is nice to have an initial estimate, this hardly show the full picture as . . . → Read More: The Progressive Economics Forum: Federal Job Cuts…the Real Numbers
The Budget estimate that a new round of cuts will eliminate up to 19,200 jobs has been widely cited as fact, but it cannot be taken at face value as argued in an analysis released by the Public Service Alliance of Canada. An extract follows:
The government claims the $5.2 billion in spending cuts . . . → Read More: The Progressive Economics Forum: The Federal Budget Impact on Jobs
The Budget justifies raising the age of eligibility for OAS and GIS on the grounds that the long-term fiscal sustainability of the program is being undermined by rising life expectancy.
No estimates of savings are provided. They will be very modest.
Given that average life expectancy at age 65 is 20 years, raising the eligibility . . . → Read More: The Progressive Economics Forum: OAS, the Budget and the Baby Boomers