Was it worth the wait? Hardly.  Today’s federal budget is about as appetizing as two month-old pizza warmed up in the microwave. I guess they deserve high marks for consistency, though not for economic policy or a long list of other things. The Harper government’s June Budget is almost entirely a reprinted version of the budget they tabled two and […]
Read more At the CEA meetings I participated on a panel organized by IRPP to discuss a recent paper – by Finnie and Gray – on older laid-off workers and the policy option of “wage insurance.”  The paper shows that older laid off workers leaving stable jobs and finding new employment typically experience significant declines in earnings – in the range of […]
Read moreA guest post from Richard Pereira, a recent winner of the PEF Essay Contest… – Canadian Economics Association – The Town Without Poverty There were hundreds of speakers at this year’s CEA conference in Ottawa. About a dozen of these were designated “Special Lectures/Conférences spéciales†and among them were Jack Mintz on “The GST After Twenty Yearsâ€, Don Drummond on […]
Read moreAt this year’s Annual Conference of the Canadian Economics Association, Armine Yalnizyan gave a presentation entitled “Surviving the Recovery: The Distribution of Canadian Household Debt.” The panel was co-sponsored by the Canadian Association for Business Economics and the Progressive Economics Forum. As Armine made clear in her presentation, household debt in Canada has steadily risen over the past two decades. In 1990, […]
Read moreOne of my main undertakings on this blog has been to debunk Jack Mintz’s relentless advocacy of tax cuts for large corporations. However, I also give him credit when he proposes good policy, such as raising potash royalties and the small-business corporate tax rate. This past week, he was out with a paper on the latter subject. The small-business deduction […]
Read moreAndrew Scheer has been elected House of Commons Speaker. I met him in 2004, when we were federal candidates in adjacent Regina ridings. I was the no-shot NDP candidate against then-Finance Minister Ralph Goodale and he was the long-shot Conservative candidate against veteran NDP MP Lorne Nystrom. At the end of that summer, we were both headed east. I drove […]
Read moreI was watching CNBC and happened to see this panel about how the number of Americans killed by natural disasters has declined over time. It was also noted that, in early 2010, fewer people died in Chile’s earthquake than in Haiti’s earthquake. The discussion quite reasonably outlined how improvements in emergency preparedness, building codes, and infrastructure help to protect people […]
Read moreFinance Minister Jim Flaherty was unusually blunt on CTV’s Question Period yesterday, saying he was worried about the possibility of another recession. (Finance Ministers are usually very cautious about using the “r”-word, for fear that might worry consumers an dbring about a self-fulfilling prophecy.) Maybe he had already seen today’s quarterly GDP numbers from Statistics Canada, which give lots of […]
Read moreToday’s Globe and Mail carried a story on the front of the business section about Jason Underwood, CEO of Whiterock REIT (a real-estate development income trust). He earned $4.8 million compensation last year (an increase of 475% from the previous year), which is especially surprising since the entire fund has a market value of just $373 million. (REITs, like other […]
Read moreAmazingly, BC’s government has joined its official opposition in proposing to restore the provincial corporate income tax rate from 10% to 12%. The same government that cut from 12% to 10% would now reverse itself as part of a last-ditch effort to save the HST. Revenue from a higher corporate tax rate would help finance a lower HST rate. According […]
Read moreI’m in Yellowknife all week attending events relating to the launch of a policy report on homelessness. The report is one of several articles coming out of a multi-year research project looking at affordable housing and homelessness in the Northwest Territories. The project is being supervised by Dr. Frances Abele (Carleton University) and our community partner is Arlene Haché (recent recipient […]
Read moreIt has been widely reported in the Globe and elsewhere that Canada ranks #2 in the just-released OECD Better Life Index, outstripped only by Australia. I am all for measures of objective and subjective social well-being that go beyond GDP as a measure of progress, and this OECD report offers up some useful information. But providing grounds for national chest […]
Read more“Exiting from the Crisis: Towards a Model of More Equitable and Sustainable Growth” is a new book (over 270 pages) now available on line. This volume of essays from global trade union leaders and economists is the product of the Global Unions Taskforce on a New Growth Model, a joint project of the Trade Union Advisory Committee (TUAC) to the […]
Read moreThe parenthetical reference to Canada in my last post prompted several good comments. This post attempts to summarize and address them. Dr. Stockhammer has co-authored a paper with estimates for Canada, but he would be the first to note that they are mechanical and not necessarily relevant to policy. He finds that Canada’s domestic economy is wage-led, with a higher […]
Read moreA shorter version of this analysis appears at the Globe and Mail’s Economy Lab. See article and comments here. Last fall Premier Danny Williams wondered what could drive anyone to let hundreds of millions of dollars slip through their fingers. Last week he got his answer. The Roil report on the 18-month strike at Voisey’s Bay nickel mine in northern […]
Read moreEarlier this month, I served as the discussant for a presentation by Engelbert Stockhammer, an economics professor from Kingston University in London. He was speaking at a conference organized by the workers’ representation to the International Labour Organization (ACTRAV). Stockhammer reviewed two antithetical strategies for economic growth. The pro-labour strategy aims to increase wages by promoting collective bargaining, raising minimum […]
Read moreToday marks the launch of a new global organization committed to plurality and ethics in the economics profession, the World Economics Association.
Read moreI was invited last week to serve as the substitute host for the indomitable Kevin O’Leary on CBC News channel’s “Lang-O’Leary Exchange.” Amanda Lang introduced the show by saying, “Hello, I’m Amanda Lang.” Then I said, “And I am definitely NOT Kevin O’Leary.” And the rest was history! Here’s the link to the full show for your amusement and edification. […]
Read morePEF member Salimah Valiani is now the research economist at the Ontario Nurses Association. Just in time for Mothers’ Day ONA released a most excellent paper by Salimah, titled: Valuing the Invaluable: Rethinking and respecting caring work in Canada  Here is the abstract: Using concepts of feminist economics, this paper demonstrates the range of ways in which carework is […]
Read moreThis article was first published at the Globe and Mail’s Economy Lab. As Parliament resumes after Canada’s historic 41st election, all eyes are on Prime Minister Stephen Harper and how he delivers on his campaign promises of growth and stability. With no encumbrances to its decision-making powers, the Harper majority government will be responsible — and will be seen as […]
Read more“The choice for Canadians is crystal clear,†said Harper. “Continuing our low-tax plan to complete the recovery and create jobs, financial security, stability and certainty for Canadian families and businesses. Or the high-tax, reckless-spending Ignatieff-NDP-Bloc Québécois agenda that will stall our recovery, kill jobs and produce political instability and economic uncertainty by re-opening constitutional debates. On May 2, I urge […]
Read moreSome progressives worry that the new Conservative majority will dismantle the Canadian state. Hard-nosed economic conservatives like Andrew Coyne and Terry Corcoran worry that the Conservatives will not actually cut government spending. I have suggested that the Harper Conservatives will cut, but not as much as the Chretien Liberals. This debate would benefit from some numbers. Chretien slashed federal program […]
Read moreOn Saturday, May 7, The Toronto Star, published a front-page “Exclusive” article entitled “What Really Sunk Ignatieff and the Liberals”, written by veteran reporter Linda Diebel. You can read it here: http://www.thestar.com/news/canada/politics/article/987422–exclusive-what-really-sunk-michael-ignatieff-and-the-liberals?bn=1 Among the reasons it cites for the Liberal’s demise was the fact that during the April 12th leaders’ debate, NDP leader Jack Layton drew blood by calling out […]
Read morePoring over the entrails leads me to a couple of observations. First, as is usually the case, the change in the distribution of seats which commands headlines is an imperfect reflection of the change in the distribution of votes. The NDP breakthrough in Quebec was remarkable and historically important and unprecedented, but so was the NDP surge in English Canada. […]
Read moreSeveral Toronto Star and Globe and Mail columnists have suggested that the Conservative majority resulted from too little strategic voting for the Liberals. In every federal election that I can remember, the Liberals have appealed for progressive votes to stop the Conservatives (or their Reform-Alliance predecessors). A major flaw in this logic is that relatively few ridings are close Liberal-Conservative […]
Read moreMy fellow bloggers are being too negative about yesterday’s election results. A Harper majority is very bad. However, I have trouble imagining it cutting public programs more than Chretien’s majority did. The Conservatives and Liberals have long been rather similar on economic issues. The NDP replacing the Liberals as one of the two predominant parties is hugely positive. Canadian social […]
Read moreThe mood in the progressive milieu here in Québec seems rather grim this morning. In Québec history we call the twenty year period when anti-union, right wing populist Duplessis ruled, the “Era of the Great Darkness”, and many by email or on social media have spontaneously referred to the upcoming period in an analogous way. Many have adopted the “black […]
Read moreWe have a lost a lot with the demise of the Bloc Quebecois as a significant presence in Parliament. Social policy in Quebec has been more progressive than elsewhere in Canada for a long time. This is particularly important for policy related to women’s rights, including labour and social policy that allow women’s full participation in society. This strong progressive […]
Read moreThis 6 minute debate between Michael Hlinka, CBC business correspondent, and myself examines the economic impact of a Harper majority. It took place early today on Metro Morning, the local morning CBC program in Toronto. It touches on the nature of growth, the distribution of the benefits of growth, the erosion of the foundation of growth, and the role of […]
Read moreWhile NDP supporters might be celebrating last night’s election results, the reality is that it was an umitigated disaster for Canada. The Tory majority will mean more tax breaks for corporations, the gutting of social services and cultural institutions, the widening of the already cavernous income gap, the public defunding of political parties, and the continual sell off of Canada’s […]
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