The following is another excerpt from Dr. Ryan Meili’s new book, A Healthy Society: How a Focus on Health Can Revive Canadian Democracy, which fellow blogger Greg Fingas has been discussing. The road to Tevele is red sand and sloppy in the rainy season. The pick- up truck bounces in
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The Progressive Economics Forum: Canadian Mining and Manufacturing Stumble
Statistics Canada reported today that the economy shrank in February, driven by declines in resource extraction and manufacturing. Oil and gas extraction as well as hard-rock mining decreased due to temporary shutdowns. However, the most dramatic decline was in potash production, down 19% due to mine closures in Saskatchewan. The
Continue readingThe Progressive Economics Forum: PEF Conference, June 8-9
The Progressive Economics Forum will be occupying the Calgary School (also Jim’s and my alma mater) on June 8 and 9 at the annual Canadian Economics Association conference. Our schedule of sessions is now available.
Continue readingThe Progressive Economics Forum: McGuinty Budget Would Cut Over 100,000 Jobs
Last week, the Ontario Public Service Employees Union released an interesting report by the Centre for Spatial Economics on the economic impact of proposed provincial budget cuts. It provides a timely reminder that the public sector is a crucial component of the economy, with public spending also supporting many private-sector jobs.
Continue readingThe Progressive Economics Forum: Neil Reynolds’ Fuzzy Tax Math
If you need help with your tax return, don’t ask Neil Reynolds. His latest attack on the New Democrat proposal to collect modestly more tax from Ontario’s super-rich stated that “the province’s highest marginal rate on personal income would rise, federal and provincial rates combined, from 46.4 per cent to 49.4
Continue readingThe Progressive Economics Forum: Meilinomics I: The Little Boats
The following is an excerpt from Dr. Ryan Meili’s new book, A Healthy Society: How a Focus on Health Can Revive Canadian Democracy. There’s a family that comes frequently to the West Side Clinic; we’ll call them Lucas and Annie. Hardly a week goes by that I don’t see them
Continue readingThe Progressive Economics Forum: Deflating the Monetary Hawks
Canada’s business press has recently been filled with speculation that the Bank of Canada may soon hike interest rates based on its somewhat more optimistic economic outlook. But today’s Consumer Price Index report indicates that there is no need to raise interest rates. Statistics Canada reported that both headline and
Continue readingThe Progressive Economics Forum: BMO Professor vs. Bank Regulation
Last week, the C. D. Howe Institute was out with an op-ed contending that Canadian household debt is not worth worrying too much about: “There does not seem to be a strong case for restrictive regulation of consumer credit products, such as tight caps on interest rates.” The C. D.
Continue readingThe Progressive Economics Forum: The Economics of Deception
The following is a guest post by Robyn Allan, the former president of the Insurance Corporation of British Columbia who appeared with me on TVO’s recent panel about Dutch disease. It summarizes her recent paper: An Analysis of Canadian Oil Expansion Economics. There is a chorus singing the praises of
Continue readingThe Progressive Economics Forum: SK Budget: Where’s the Inter-governmental Love?
A hallmark of Brad Wall’s premiership has been cosy relations with municipal governments and the two westernmost provincial governments. Since taking office, the Sask. Party has been throwing money at municipalities. It pledged not to sign the Trade, Investment and Labour Mobility Agreement with Alberta and BC, but then did
Continue readingThe Progressive Economics Forum: Real Unemployment Rate = 11.3%
Statistics Canada reported significant employment growth today for the first time in six months. As Andrew has already noted, welcome strength in March does not make up for the five preceding months of stagnation. Compared to September 2011, full-time employment has increased by 21,900 while Canada’s labour force and population
Continue readingThe Progressive Economics Forum: Bear Safety Tips for Bob Rae
Liberal leader Bob Rae seems intent on provoking a Grizzly attack. I have slightly adapted some internet advice for him: – Play dead! (The latest polling results should make that relatively easy.) – Lie face down on the ground with your hands around the back of your neck. – Stay silent and
Continue readingThe Progressive Economics Forum: Taxing Ontario’s Richest
Ontario’s NDP was out today with a Robin Hood proposal to collect more provincial tax from personal incomes in excess of half a million dollars. The approximately $570 million of additional revenue would increase the Ontario Disability Support Plan, protect childcare spaces and remove provincial HST from home heating. UBC
Continue readingThe Progressive Economics Forum: Ontario to Mine for More Revenue
Last week’s provincial budget promised a mining sector review “to ensure Ontario receives fair compensation for its non-renewable resources,” a proposal advanced by this blog and the United Steelworkers before appearing as a Drummond recommendation. The relevant budget section begins with the following observation: “Ontario has the highest value of
Continue readingThe Progressive Economics Forum: Lockouts Almost Derail GDP Growth
Statistics Canada reported today that economic growth dropped to a bare 0.1% in January. The New Year began with Rio Tinto locking out former Alcan employees at Alma, Quebec, and Caterpillar locking out former Electro Motive employees at London, Ontario. Closing these major facilities contributed to cutting growth in durable-goods
Continue readingThe Progressive Economics Forum: Budget 2012: Pennywise But Pound Foolish
Marc, Andrew and Toby have posted substantial analyses of yesterday’s federal budget, but here are my two cents about its economic forecasts. Table 2.1 envisions a 7.5% unemployment rate this year, slightly above last year’s rate of 7.4%. That seems like an admission of failure from a budget ostensibly about
Continue readingThe Progressive Economics Forum: Ontario Budget Emulates Drummond
Perhaps the most striking feature of today’s Ontario budget is how close it comes to last month’s Drummond report. Drummond’s recommendation for 2017-18 was $134.7 billion of provincial revenue, $117.5 billion of program spending and $15.3 billion of interest payments. By comparison, today’s budget envisions $135.9 billion of revenue, $118.9
Continue readingThe Progressive Economics Forum: Inflation Central
Statistics Canada reported today that consumer prices edged up by 0.1% in February on a seasonally-adjusted basis, bringing the annual inflation rate to 2.6% and the core inflation rate to 2.3%. These rates are within the Bank of Canada’s target range and should allow it to keep interest rates low,
Continue readingThe Progressive Economics Forum: Below 40% of the Unemployed Get EI
Statistics Canada reported today that 12,400 more Canadians received Employment Insurance (EI) regular benefits in January. The increase in recipients reflected higher unemployment. Indeed, the proportion of jobless workers receiving benefits remained 39% (i.e. 561,060 beneficiaries out of 1,421,200 officially unemployed Canadians.) Only 28% of unemployed Ontarians received EI benefits
Continue readingThe Progressive Economics Forum: Alternative Federal Budget 2012
The following is a ten-point summary of the CCPA Alternative Federal Budget released today: The federal government is planning an unprecedented fiscal austerity budget, claiming that massive cuts to public sector jobs, services, and social programs are necessary to pave the way for jobs and growth. But in fact the
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