A street mural dedicated to frontline workers in Toronto by artist Gosia Komorski. Photo by Francesco Mariani/Flickr. Canada’s economy experienced a tectonic shock during the COVID-19 pandemic and resulting recession. Public health orders shut down entire industries, and employment and GDP declined faster than any previous time in history, even
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The Progressive Economics Forum: Canada’s Secret Weapon in Fighting Climate Change: Great Trade Unions
U.S. President Joe Biden has been pushing the envelope in bringing America back into the Paris Accord process, setting more ambitious targets for reducing U.S. emissions, and committing to very big investments in renewable energy infrastructure and other climate-friendly measures. This is very encouraging, and will reinforce (and up the
Continue readingThe Progressive Economics Forum: Cutting Taxes in a Depression is Like Pushing on a String
BC Liberal leader Andrew Wilkinson today announced a plan to completely eliminate the provincial sales tax (currently 7%) for 1 year, and then cut it by 4 points (or 57%) after that. Conservatives are prone to make expensive tax cut promises during elections, a tendency which contradicts their other touch-stone
Continue readingThe Progressive Economics Forum: Remembering John Loxley
The progressive economics community, in Canada and around the world, lost a wonderful colleague, comrade and friend with the passing of John Loxley on July 28, 2020. Here I would like to share some personal reflections on John’s impact on my life as a progressive economist, and the very rich
Continue readingCanadian Dimension: StatCan says 13% of Canadians aren’t working—but the true number is more like 30%
A construction worker on site in Toronto. Photo by Jeanne Menjoulet/Flickr. Statistics Canada has just released its monthly labour force report for April. It’s the first monthly release that captures the full extent of the COVID-19 shutdowns; the previous report (which covered one week in mid-March) reflected only the initial
Continue readingThe Progressive Economics Forum: Guest Blog: Prof. Harry Glasbeek on Coronavirus and capitalism
The legendary Prof. Harry Glasbeek of Osgoode Hall Law School at York University has penned the following commentary on how the COVID-19 pandemic is revealing and reinforcing the deep flaws in our economic and social order. It ends on a hopeful note: the people will demand better, when the immediate
Continue readingThe Progressive Economics Forum: Federal Support Package: The Pros, the Cons, and the Next Shoe to Drop
Here are some quick thoughts on the extensive package of emergency measures announced today by Prime Minister Trudeau, Finance Minister Morneau, and Bank of Canada Governor Poloz: The Pros: The government has worked quickly and creatively to find ways to deliver support to Canadians, and fast – using the infrastructure
Continue readingThe Progressive Economics Forum: Economic Respone to Pandemic: Go Big, Go Fast
The health emergency created by the COVID-19 pandemic is of course the primary concern of Canadians, and the first priority for government to address. But it is increasingly clear that the economic fallout from the pandemic is also going to constitute an emergency. And it requires government to respond as
Continue readingCanadian Dimension: Meet the New Boss, Same as the Old Boss
Canadian Dimension always strives to expose the underlying realities and power structures of society: digging beneath superficial appearances and passing fads, to highlight the lasting, exploitative relationships and practices that really make our system tick. Global capitalism continues to evolve in the face of new challenges, threats, and crises: the
Continue readingThe Progressive Economics Forum: A Warning from Australia on Scheer’s Climate Non-Plan
Andrew Scheer argues carbon pricing is the wrong way to limit GHG emissions. He has pledged to eliminate the federal carbon pricing system, promising that scrapping it will bring down the cost of living and unleash more business investment. (Read more…) Most economists disagree. And all of the other major
Continue readingThe Progressive Economics Forum: The Economic Pay-Off from Public Education
On a trip back to Toronto this week I attended the launch of a new report commissioned by the Ontario Secondary School Teachers’ Federation, and written by Aimee McArthur-Gupta from the Conference Board of Canada. The report presents some estimates of the economic, fiscal and social benefits of public education
Continue readingThe Progressive Economics Forum: NDP Math Error will Help the Party, Not Hurt It
The number-cruncher in me cringed in sympathy for the anonymous research nerds who made the now-famous math error in the Ontario NDP’s fiscal platform. They wrongly added a $700 million contingency reserve to net revenue, instead of to expenses. The result is an underestimation of the planned deficit (if we include that
Continue readingThe Progressive Economics Forum: Update on Jimbo’s Minimum Wage Wager
It’s been over a week now since I challenged the authors of 5 business-friendly economic reports to a friendly wager over the future trajectory of employment in provinces that are raising their minimum wage to $15 per hour. The challenge was issued in my Globe and Mail column of October
Continue readingThe Progressive Economics Forum: NAFTA: Suddenly, Everything’s on the Table
For years, we’ve been told the dictates of globalization, and the intrusive and prescriptive terms of free trade agreements in particular, are immutable, natural, and unquestionable. (Read more…)When workers were displaced by the migration of multinational capital toward more profitable jurisdictions, we were told there’s nothing we can do about
Continue readingThe Progressive Economics Forum: Denying Globalization’s Downside Won’t Stop Right-Wing Populism
I was somewhat surprised to see Stephen Poloz recently urging economists to do more work identifying and disseminating research on the supposed benefits of free trade. That’s slightly beyond his job description (perhaps more fitting with his last position as head of Export Development Canada). But like economic leaders elsewhere
Continue readingThe Progressive Economics Forum: The Stylized Facts of Canada-China Trade
Prime Minister Trudeau leads a big entourage to China this week, in hopes of expanding Canada’s foothold in that huge economy. A couple of interesting media stories today set the stage for the visit: an overview of China’s evolving diplomatic and economic strategies by Andy Blatchford of Canadian Press, and a review of China’s growing […]
Continue readingThe Progressive Economics Forum: Challenging Inflation Targeting
Every 5 years the federal Finance Minister updates the “marching orders” that guide the Bank of Canada and its conduct of monetary policy. This process is the one opportunity for democratic oversight of the Bank, which otherwise is deemed to be operating “independently” of government — all the better to ensure that it has the […]
Continue readingThe Progressive Economics Forum: Is Slow “Growth” Inevitable?
Most of the world economy (including Canada’s) has performed sluggishly since the Global Financial Crisis of 2008-09. And many economic and fiscal projections now accept this pattern of slow growth as more-or-less inevitable, as a “new normal.” This argument is typically invoked to justify a ratcheting down of expectations regarding job prospects, incomes, and public […]
Continue readingThe Progressive Economics Forum: “Signing Trade Deals” is NOT Synonymous with “Promoting Trade”
The fine folks at the Institute for Research on Public Policy have undertaken an important and eclectic review of Canadian trade policy. They have marshaled 30 contributions from researchers addressing all aspects of Canada’s recent trade performance, and how we can improve it. The contributions will eventually be published in a single volume, Redesigning Canadian […]
Continue readingThe Progressive Economics Forum: Comparing Fiscal Federalism in Canada and Australia
One interesting topic for a Canadian living in Australia is the manner in which fiscal and social responsibilities are divided between the levels of government. Both countries are big, regionally diverse, and resource-rich (with all the pluses and minuses that entails). As in Canada, Australian states are largely responsible for the big-ticket social programs: including […]
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