I’m posting this CSLS media release since the two studies look well worth reading. They can be found at http://www.csls.ca/ CSLS Releases New Estimates of Index of Economic Well-being for Canada and OECD Countries Ottawa, December 3, 2009 – On September 14, 2009 French President Nicolas Sarkozy released the report of the Commission on the Measurement of Economic Performance and […]
Read more(The following post is a slightly edited version of the CLC Submission to the House of Commons Human Resources Committee.) Bill C-56 extending EI special benefits to the self-employed looks likely to pass very soon with all party support. It is an important step forward in term sof extending needed benefits to a growing category of workers, but some important […]
Read moreThe Economic Policy Institute in the US have released a five point American Jobs Plan which, hopefully, will be a major focus of discussion at the soon to be convened Presidential Jobs Summit. http://www.epi.org/index.php/american_jobs/american_jobs_plan Speaking to a joint CLC/CCPA meeting a couple of weeks ago, EPI President Larry Mishel – who has been invited to the Summit – said that […]
Read moreDuncan Cameron has asked me to post this contribution by Ken Courtis, a recognized authority on Japan and world economics. A Canadian academic turned investment banker, he has been resident in Japan for many years. On 09-11-26, at 19:30, Ken Courtis wrote: The reality of Japan’s fiscal situation is as close to calamitous as any major economy has ever experienced, […]
Read moreAs everybody who reads this blog knows, then Finance Minister Paul Martin brought the federal budget back into balance in the mid 1990s by, in significant part, slashing federal transfers to the provinces and eliminating automatic escalators in the new transfers he created. That cannot and will not be allowed to ever happen again, says Canada’s (now not so) New […]
Read moreThere’s a great op ed in today’s Globe and Mail by Ed Broadbent, marking the twentieth anniversary of the unanimous passage by the House of Commons of his eve of retirement resolution to abolish child poverty by 2000. (Ed did, of ourse, later return to the House.) http://www.theglobeandmail.com/news/opinions/how-to-end-child-poverty-tax-the-rich/article1374806/ As Ed argues: “We thought an 11-year agenda to virtually overcome child […]
Read moreWhat can be done to halt the damage to jobs and our economy being caused by the excessive appreciation of the Canadian dollar against the US dollar? The Bank of Canada have noted the problem, but appear to think there is no solution. Erin has argued here that the Bank can always sell Canadian dollars, and that it is far […]
Read moreMy recent post on doubling the CPP - http://www.progressive-economics.ca/2009/10/26/double-the-canada-pension-plan-benefit/ – prompted some commentary in defence of voluntary as opposed to compulsory savings vehicles. I guess it is reasonable to debate if we should force people – especially those above very low income levels – to save in their own best long term interests. That is, of course, exactly what happens […]
Read moreI blogged recently about the likely pending attack on public service workers. http://www.progressive-economics.ca/2009/11/10/public-sector-workers-the-recessions-next-victims/ This battle will, of course, be fought by right wing (and perhaps not so right wing) governments in the name of “fiscal responsibility”, and justified with reference to the imperative need for “exit strategies” from Great Recession deficits and debt accumulation. The International Monetary Fund staff recently […]
Read moreA press release released at the end of an IMF staff visit to Canada says “it will be essential to maintain a highly accommodative macroeconomic policy stance as intended until the economic recovery is firmly established, in light of risks on the horizon. These risks include weaker-than-expected global growth and a further strengthening of the Canadian dollar.” http://www.imf.org/external/np/sec/pr/2009/pr09401.htm Bang on!
Read moreI fear that Tom Walkom of the Toronto Star is bang on when he argues that the next victims of the recession will be public sector workers. http://www.thestar.com/news/canada/article/722505–walkom-recession-s-next-victim-will-be-public-sector As he writes: “The federal government has already signalled plans to get tough with its workers. In Ontario, Premier Dalton McGuinty gave notice this week that the province’s public sector – including […]
Read moreThe good folks at PERI at U Mass Amherst led by Gerry Epstein and Jane D’Arista have just launched a new web site so theirr useful work on why and how to reign in finance can be easily accessed. http://www.peri.umass.edu/safer/ “The Economists’ Committee for Stable, Accountable, Fair and Efficient Financial Reform (SAFER) is a focal point, clearinghouse and coordinating mechanism […]
Read moreThe David Suzuki Foundation and the Pembina Institute should be thanked for their efforts to put forward an integrated economic and emissions reduction strategy for Canada. The study was done to their specifications by M.K. Jaccard and Associates. http://www.davidsuzuki.org/latestnews/dsfnews10290901.asp The really important bottom line of this study is that aggressive action to deal seriously with the challenge of climate change […]
Read moreI regret to see that the Canadian Policy Research Networks (CPRN) are closing down. This further narrows the scope and space for civil and rational public policy discourse in Canada, and is a not accidental by product of cuts in federal government support for independent policy research combined with lack of business support for think tanks other than those of […]
Read moreKonrad Yakabuski wrote a good final piece on Saturday to cap the interesting and informative Globe series on the pensions crisis. In it he touches on several possible policy solutions, including a universal pension plan. http://www.theglobeandmail.com/report-on-business/retirement/canadas-gathering-pension-storm/article1323513/ Unfortunately, he does not cite the Canadian Labour Congress proposal to double the CPP as part of a three pronged effort to fix pensions, […]
Read more(Notes for my presentation to a recent workshop on the concept of a basic income.) Over the years, we have put in place an effective income security system for older Canadians – CPP plus OAS/GIS have come close to providing an adequate basic income for the elderly. And we have the instrument we need to address child poverty – namely […]
Read moreThe Bank of Canada seems to have at least left the door open to taking unorthodox measures to take some of the steam out of soaring loonie. Today’s interest rate announcement – http://www.bankofcanada.ca/en/fixed-dates/2009/rate_201009.html – to be followed by a full Monetary Policy Report on Thursday – expresses concern that the strong Canadian dollar will hold back recovery… “The current strength […]
Read moreI recommend reading at least the executive summary of the Stiglitz Commission. The Commission was appointed by President Sarkozy of France to look at statistical measures of economic performance and social progress. It brought together most of the leading international experts in the area – including Amartya Sen who served as Adviser to the Chair – and is a highly […]
Read moreI put this post out for comments and discussion since this is an important question for which I don’t have an answer. A 2005 Citigroup report – apparently cited in Michael Moore’s new movie, which I have not yet seen – argues that “plutonomy” – the extreme concentration of income and wealth in the hands of the very affluent – […]
Read moreFrom the on line issue of the Financial Times, Sunday. A Second Great Depression Is Still Possible Copyright Thomas I. Palley Over the past year the global economy has experienced a massive contraction, the deepest since the Great Depression of the 1930s. But this spring, economists started talking of “green shoots†of recovery and that optimistic assessment quickly spread to […]
Read moreThere’s a bit of a mystery in the stats Erin and I have been puzzling over. According to the Labour Force Survey, the number of employees in Canada fell by 79,000 in July. According to the Survey of Employment, Earnings and Hours, the number of employees rose by 74,000 in the same month. The methodology of the surveys is quite […]
Read moreSummary The main result of the Pittsburgh summit was to institutionalize and modestly extend the global economic governance role of the G-20 which arose as a necessary response to the global economic crisis. There is talk of medium-term co-ordination of national macro-economic policies, and a “re-balancing†of the global economy. However, while this is welcome, there is little of real […]
Read moreThe OECD released an interesting short report today on how Canada compares to other countries in terms of the job impacts of the crisis. http://www.oecd.org/dataoecd/62/10/43707194.pdf They project that our unemployment rate will increase by more than in any previous recession to about 10% in 2010 and will likely take a long time to fall. They note a strong link between […]
Read moreFurther to my post of last week, I note that the Department of Finance Update of Economic and Fiscal Projections shows that the federal debt to GDP ratio will start falling after the next fiscal year … ie from 2011-12…. even though we will be running quite significant fiscal deficits — eg $27.4 Billion in 2011-12. While many media pundits […]
Read moreWe seem set to go into the next election – which could be in a matter of days - with both the Conservatives and Liberals firmly committed to bringing the federal Budget back into balance in a relatively short time frame, with no tax increases. There appears to be no sign of a break in the conventional wisdom that “exit […]
Read moreAn interesting piece in the FT yesterday re how those economists who followed the financial flow circuits called the crisis, as opposed to the general equilibrium types who did not. Complementary to the analysis of Tom Palley on the macro roots of the crisis, who rightly insists that the “no one saw it coming” crowd are trying to implicate all […]
Read moreGlobal Unions ‘Pittsburgh Declaration’ Global Unions’ Statement to the Pittsburgh G20 Summit (24-25 September 2009) I. EXECUTIVE SUMMARY 1. The G20 leaders are meeting in Pittsburgh amidst reports that the global recession is bottoming out, with the massive decline in output in most major economies slowing, and that governments are preparing their strategies for exiting from the fiscal stimulus measures. This […]
Read moreThe London G-20 summit last fall may go down history as the meeting that saved the world. That’s a huge exaggeration of course, but leaders did agree to a program of co-ordinated monetary and fiscal stimulus which may have arrested an economic free-fall, and they agreed to an agenda for financial re-regulation with a view to making sure that it […]
Read moreColumnist Doug Saunders writes (from his Mediterranean cruise) in today’s Globe: “It’s a little like the decision being faced by the Bank of Canada, which can print money and ease the dollar’s value downward to please Ontario’s manufacturers, or let it rise to please Alberta’s petroleum exporters – but not both.” Huh? Petro exporters get more Canadian dollars and higher […]
Read moreHere’s my modest contribution to the debate on re-naming the NDP. Ed Broadbent and others have made the excellent point that “NDP” is a solid brand that stands for something – namely belief in social democracy, a revitalized, new democracy. However, I don’t buy the argument that “New” qualifies “Democratic” in the same way that “New” qualifies “York” in New […]
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