Letter to the editor in today’s Regina Leader–Post (page A10): A Tory Stunt The Oct. 9 photo accompanying the story “Tory candidates laud pipeline industry” showed pipe produced at Evraz stored outside the fence of another company, where this Conservative campaign stunt was held. The story did not mention that
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The Progressive Economics Forum: Will Oil & Potash Put SK Back in Black?
The Sask. Party government pulled out all the stops yesterday to report a balanced budget, quite possibly the last one before next spring’s provincial election. Revenue Assumptions The drop in oil prices is a huge fiscal blow to Saskatchewan, and one of the ways the government projects continued balanced budgets
Continue readingThe Progressive Economics Forum: Self-Employment Masks Job Loss
Statistics Canada reported today that employers cut the number of employees by 98,000 in August, which was largely masked by 87,000 more Canadians identifying themselves as self-employed. As a result, the headline level of “employment” – which includes self-employment – was little changed. Self-employment ranges from high-income professionals to people
Continue readingThe Progressive Economics Forum: EI Falls as Unemployment Rises
Statistics Canada reported today that the number of people receiving Employment Insurance (EI) benefits fell by 12,070 in May – the largest drop in nearly two years. (The last time Statistics Canada records indicate a larger decrease was 12,670 in July 2012.) This substantial decline in EI benefits comes as
Continue readingThe Progressive Economics Forum: More People Chase Fewer Jobs
Further to Angella’s excellent analysis: Statistics Canada reported today that unemployment jumped by 25,700 in June because of shrinking employment and a growing labour force. Canada’s labour force expanded because of population growth, even though the participation rate did not increase. The combination of less employment and a larger working-age
Continue readingThe Progressive Economics Forum: Jobs Up, But Hours Flat
On the surface, today’s employment numbers simply continue a recent trend: employers added some jobs but not enough to keep pace with Canada’s growing labour force. As a result, unemployment edged back up to 7%. But just below the surface were some even worse developments. Employers actually cut 29,000 full-time
Continue readingThe Progressive Economics Forum: Short Circuited: Assessing Hudak’s Energy Policy
The following is a guest post by Brendan Haley: Jim Stanford and I have written an assessment of the Ontario PC’s energy policy for Canadian Centre for Policy Alternatives entitled Short Circuited. In particular, we look into the idea that cancelling renewable energy policies will lead to job creation. Here
Continue readingThe Progressive Economics Forum: Huge Jump in Ontario EI Claims
Statistics Canada reported today that the number of Canadians filing Employment Insurance (EI) claims rose by 10,350 or 4.5 per cent in March, the largest monthly increase since the start of 2013. This national increase was driven by a jump of 9,480 or 12.9 per cent in Ontario, the largest
Continue readingThe Progressive Economics Forum: StatCan Reports Fewest Vacant Jobs on Record
Statistics Canada reported today that there were only 199,700 vacant jobs in December 2013, the fewest recorded since it first reported these figures for March 2011. Statistics Canada began tracking job vacancies in response to claims of a labour shortage by governments and corporate Canada. But the number of vacancies
Continue readingThe Progressive Economics Forum: Corporate Cash Stash Surpasses National Debt
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,
Continue readingThe Progressive Economics Forum: Did the US Take a Bite Out of Canada-Korea Trade?
On last night’s The National, Terry Milewski introduced the Canada-Korea trade deal as follows: The truth is that Canada is a latecomer to free trade with South Korea. The European Union and the United States both got there first, and their free trade deals took a big bite out of
Continue readingThe Progressive Economics Forum: Corporate Olympics: Profit Sprint vs. Investment Crawl
Statistics Canada reported today that private and public investment intentions are up by 1.4% for 2014, even weaker than Canada’s investment growth of 1.5% in 2013. Private-sector investment intentions are only 1.3% higher this year, a far cry from the growth of after-tax corporate profits. Yesterday, Statistics Canada reported that
Continue readingThe Progressive Economics Forum: Income Splitting Déjà Vu
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
Continue readingThe Progressive Economics Forum: Economists Against Austerity
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
Continue readingThe Progressive Economics Forum: Canada’s Job Market: Slower, Lower, Weaker
The following commentary on yesterday’s job numbers is quoted in today’s National Post (page FP4): The Olympic motto may be “Faster, Higher, Stronger,” but Canada’s employment growth is slower, lower and weaker going into the winter games. Of the 29,000 Canadians who supposedly gained employment in January, 28,000 reported being
Continue readingThe Progressive Economics Forum: PotashCorp Projects Low Royalties
Today’s fourth-quarter report indicates that PotashCorp paid “provincial mining and other taxes” of $194 million on potash sales of $3 billion in 2013. In other words, Saskatchewan’s resource surcharge and potash production tax amounted to just 6.5% of the value of potash sold. Adding the basic Crown royalty (which PotashCorp
Continue readingThe Progressive Economics Forum: Dutch Disease, Prices and Wages in Saskatchewan
Jim Stanford recently pointed out that many of the conservative economists who had defended the overvalued loonie have quickly shifted to applauding its depreciation. The Government of Saskatchewan may be making a similar conversion on the road to Damascus. When federal NDP leader Tom Mulcair expressed concern about Dutch disease,
Continue readingThe Progressive Economics Forum: 2014 Essay Contest
The details of the Progressive Economics Forum’s 2014 Student Essay Contest are now online. Please note the submission deadline of May 5.
Continue readingThe Progressive Economics Forum: StatCan Debunks Small-Business Mythology
Canadian economic commentators often worship small business as the supposed source of economic dynamism and growth. This cult of small business has greatly influenced public policy, with federal and provincial governments giving huge tax preferences to small corporations. But new Statistics Canada research finds: “The gap between the levels of
Continue readingThe Progressive Economics Forum: Canada Post: A Billion-Dollar Boondoggle?
One of the most frequently repeated claims in coverage of yesterday’s Canada Post announcement is that the Crown corporation is on track to lose a billion dollars annually by the decade’s end. This apprehended threat to taxpayers supposedly justifies the complete elimination of door-to-door mail delivery. The Conference Board made
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