Today, Statistics Canada reported that employment increased in August, although two-thirds of the additional jobs were part-time positions. The part-time rate rose to 19%, its highest level in more than a year. Job growth has also been “part-time†in the sense that only a few months this year have seen meaningful employment gains. Over the past six months, employers have […]
Read moreHere is the link to a short piece I wrote for Economy Lab. It borrows from and includes the link to an important paper co-authored by the PEF’s own Marc Lavoie and recently published by the ILO , which I highly recommend. The overall conclusion of that paper is that a shift from profits to wages would be a positive […]
Read moreI am still catching my breath from one of the wildest weeks in my life: all the events that culminated in the founding convention last weekend in Toronto of Unifor (formed from the combination of the CAW and the CEP).Â
Read moreThe latest issue of the York University e journal Just Labour is now available. In addition to three articles on youth and labour, it includes my paper “Up Against the Wall: the Political Economy of the New Attack on the Canadian Labour Movement” and thoughtful responses from Sam Gindin, Ken Lewenza, Maya Bhullar and Patricia Chong. The major issue raised […]
Read moreForty economists, including many Progressive Economics Forum members, have signed the following statement (PDF version): We write to endorse Linda McQuaig’s candidacy for the upcoming federal by-election in Toronto Centre. Linda has deep roots in Toronto Centre, having been born in the riding and lived in it for many years. She is also well-known across Canada. We know her through […]
Read moreMonte Solberg, the former Conservative cabinet minister responsible for Employment Insurance, proposed to eliminate the program in a recent Sun Media column: An alternative would be to self-insure. Employee and employer premiums would accumulate in an account in each worker’s name. Including interest, anyone who managed to stay employed through their lifetime earning even a modest income would stand to […]
Read moreFollowing positive GDP numbers in April and May, Statistics Canada reported today that a sharp drop in June dragged Canada’s economic growth to a mediocre pace of 0.4% for the second quarter. June’s declines in manufacturing and resource extraction did further damage to industries that had declined in April and May. Construction also declined in June, pulling the whole goods-producing […]
Read moreThe 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 Regina.†There has been much […]
Read moreToday, Statistics Canada reported an annual inflation rate of 1.3% for July. By comparison, it reports that the average hourly wage rose by 1.8% between July 2012 and July 2013. In other words, even anemic inflation is eating up nearly three-quarters of wage increases. On average, Canadian workers have eked out only a 0.5% improvement in purchasing power over the […]
Read moreThe Conference Board of Canada has produced another report on P3s, funded by the federal and provincial P3 agencies and the Canadian Council for Public Private Partnerships (CCPPP). Unfortunately and sadly predictably, it’s another exercise in largely blissful ignorance promoting P3s, while glossing over or ignoring their major problems. For instance, there’s no mention of the problems with the McGill […]
Read moreWashington Post blogger Ezra Klein has interviewed the presumptive Liberal candidate in Toronto Centre, Chrystia Freeland, who declares, “I’m a capitalist red in tooth and claw.†To his credit, Klein asks her a couple of times for policy specifics. She concludes the interview by saying: My job right now is to win the right to be part of the conversation […]
Read moreA recent investment advice column in the Globe and Mail (by David Milstead, August 3) highlighted some surprising facts about Mexico’s economy. The bullish author suggested Mexico will be a global economic powerhouse in future years thanks to pro-business policy shifts (like the new plan to open up the petroleum sector, 65 years after nationalization, to renewed foreign ownership), and […]
Read moreTom 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 Budget 2009 projections, suggested that […]
Read moreA recent online article suggests that Federal NDP Leader Thomas Mulcair is opposed to increasing federal tax rates. I find this quite surprising. According to the August 8 article: Mulcair seemed surprised when he was asked if taxes would go up under an NDP government. “You’re the first person who’s ever asked me that,†he said, adding quickly that they […]
Read moreToday’s Labour Force numbers provide more evidence that Canada’s labour market is still mired in a 3-year funk. Following one year of decent recovery from mid-2009 (the trough of the recession) to mid-2010, driven mostly by extraordinary monetary and fiscal stimulus, further progress has been stalled ever since.
Read moreStatistics Canada reported a loss of 39,000 jobs in July, even as Canada’s working-age population grew by 39,000. As a result, unemployment rose and many Canadians withdrew from the labour market altogether. The decline reflected a loss of 74,000 public-sector jobs, which was only partly offset by modest growth in private-sector employment and self-employment. There have been some doubts about […]
Read moreFollowing last week’s troubling news about potash, the Saskatchewan government released its first-quarter financial report today. The headline seems to be “Oil Keeps Budget in Blackâ€, with a forecast increase in oil revenue more than offsetting a forecast decline in potash and other revenues. But the forecast West Texas Intermediate price is only up by a couple of dollars since […]
Read moreIt has recently been reported that the University of Alberta wants to “reopen two-year collective agreements” with faculty and staff “to help the university balance its budget…” This appears to be in direct response to Alberta’s provincial government announcing in its March budget that there would be a “7% cut to operating grants to universities, colleges, and technical institutes.” This […]
Read moreFor the “You Read It Here First†file, I wrote on Friday: Toronto Centre needs a candidate with a track record of advancing more substantive and more progressive positions on economic issues. Specifically, the NDP should nominate someone who can take on Freeland regarding inequality and what to do about it. Today, Linda McQuaig announced her candidacy for the NDP […]
Read moreChrystia Freeland, The Globe and Mail’s candidate in Toronto Centre, recently wrote a book about inequality (which I have not yet read) and is supposed to “bring fresh thinking to the Liberal Party’s economic team.†She has already attracted a few jabs from right-wingers Terence Corcoran and William Watson. But is she progressive? The Globe gave Freeland more than 900 […]
Read moreIt started with a car accident in February, and the total loss of our 2004 Prius, which had only been ours for less than a year. We were quickly compensated for its market value and were in a position to buy another car, but we held off due to a looming sabbatical that would take us out of the country […]
Read moreLast fall, Greek magazine editor Kostas Vaxevanis published in his magazine Hot Doc a list of 2,000 wealthy Greeks who were hiding taxable savings in the Geneva branch of HSBC. The list had been furnished years earlier by the then French Finance Minister Christine Lagarde to the Greek government, who did nothing in regards to chasing after the money or the offenders […]
Read moreI’m back from a short sabbatical, grateful for some time outside of my daily work and home life, feeling all big picture. But as I settle back into work, I feel like I’m seated in a Theatre of the Absurd play. My news feeds are pulling up astonishing things. Exhibit one: the North Pole at the moment is a one-foot-deep aquamarine […]
Read morePotashCorp reported today that it paid $81 million of “provincial mining and other taxes†on $975 million of potash sales in the second quarter of 2013. In other words, Saskatchewan’s potash production tax and resource surcharge amounted to 8% of potash sales. Adding the basic Crown royalty of just over 2% (which PotashCorp includes in the “cost of goods soldâ€), […]
Read moreToday, Statistics Canada reported a seemingly impressive monthly rise of 0.9% in average weekly earnings, from $906.24 in April to $914.68 in May. Digging a bit deeper reveals that average weekly earnings for workers paid by the hour – the majority of Canadian employees – edged up by only 0.2%, from $695.21 in April to $696.57 in May. And that […]
Read moreFederal political candidates register their occupations with Elections Canada. I was recently looking through some election results and noticed that my old friend, Ralph Goodale, has had quite a varied career during his time as an MP. In every federal election he contested prior to 1993, Ralph identified himself as a lawyer. That changed to “business executive†for the 1993 […]
Read moreFurther to my earlier post on the OECD’s new data on employment performance across its 34 member countries (and Canada’s relatively poor ranking in that regard), another part of the OECD Employment Outlook 2013 that is also worth reading in detail is Chapter 2.Â
Read moreToday, Statistics Canada reported an inflation rate of 1.2% for June, validating the Bank of Canada’s recent decision to keep interest rates low for the foreseeable future. The rationale to raise interest rates would be to curb inflation, which is already under control and well below the central bank’s 2% target. But even at 1.2%, inflation eats up more than […]
Read moreStatistics Canada reported today that 12,290 fewer Canadians received Employment Insurance (EI) benefits in May compared to April. EI benefits are shrinking far faster than unemployment. In percentage terms, the number of EI recipients declined as much in just the last month as unemployment declined over the past year. Between April and May, the number of unemployed Canadians decreased by […]
Read moreThe federal government never tires of boasting that Canada’s labour market has performed better than most other countries through the financial crisis and subsequent recession, and that the number of Canadians working today is greater than it was before the recession hit. That means we have fully recovered from the downturn, and the Tories are good economic managers, right? Wrong.
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