With all the predictions of doom and gloom coming from the austerity camp, one would think that Canada was already about to hit the famed (but never seen) “debt wall.” Before we get too carried away, however, with the scary debt stuff, consider these two indicators of the fundamental fiscal
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The Scott Ross: Stephen Harper Isn’t Socialist But Don’t Tell Him That
It would be ludicrous to suggest Stephen Harper is a socialist, because he’s not, he is however similar to one. Creating the biggest government in Canadian history, running the largest deficit, using government programs to dictate where people live and work, increasing spending while reducing taxes, government intervention in labour
Continue readingThe Scott Ross: Opposing Supply Management & Economic Principles
While supply management is bad for our economy, the discussion around it has at least managed to supply how the majority who oppose it are intellectually dishonest. For the Conservatives, libertarians, Liberals, and the like who are now so vocal in their opposition to supply management, a relatively minor economic
Continue readingThe Progressive Economics Forum: US family net worth crushed by financial crisis
The US Federal Reserve today released its triennial examination of incomes and net worth of American households in the Survey of Consumer Finances. It shows the crushing effects on net worth of a housing and financial bust unparalleled since the great depression. The shocking results of this study overviewed in
Continue readingThe Progressive Economics Forum: Canada’s Self-Imposed Crisis in Post-Secondary Education
On June 7, I gave a keynote address to the Alberta Union of Provincial Employees Education Sector Conference. My PowerPoint presentation (with full references) can be found at this link. Points I raised in the address include the following: -Canada’s economy has been growing quite steadily over the past three
Continue readingThe Progressive Economics Forum: Record Low Interest Rates Mean Governments Can Save By Borrowing More
Today’s record low interest rates on long term Canadian government bonds present a fantastic opportunity to save money by borrowing more. Back last December I wrote a post pointing out that the federal government could and should be much more aggressive in locking in low interest rates by shifting new
Continue readingCANADIAN PROGRESSIVE WORLD: To start a real revolution, learn from Iceland first
The people of Iceland forced their corrupt government to resign. They created a public assembly to rewrite the constitution. The banks were nationalized. The people decided not to pay the debt that private banks created. It was a revolution, a … Continue reading →
Continue readingbastard.logic: Breaking it Down: Industrial Capitalism vs. Financial Capitalism (or, Why We’re F*cked)
Michael Hudson asks: “In light of the enormous productivity gains since the end of World War II – and especially since 1980 – why isn’t everyone rich and enjoying the leisure economy that was promised?” The answer (per Hudson) is painfully obvious, but bears repeating (ad infinitum): What was applauded
Continue readingThe Progressive Economics Forum: Quebec Tuition: Between a Rock and Hard Place?
In the context of student protests over Quebec tuition fees, my friend Luan Ngo has just written a very informative blog post on Quebec’s fiscal situation. While I encourage readers to read his full post, I do want to use the present space to make mention of three important points
Continue readingThe Progressive Economics Forum: Discussing Quebec Student Protests on Talk Radio
Last Friday, I blogged here about the Quebec student protests. Subsequently, I was invited to appear on 580 CFRA News Talk Radio, with hosts Rob Snow and Lowell Green. I should note that Mr. Green is the author of several books, including: -How the Granola Crunching, Tree Hugging Thug Huggers
Continue readingConservatives create problems, not solutions
#cpc #gop #lpc #ndp #cdnpoli #politics In the news; the appeals court in California overturned a ban on same sex marriage. This ban was a citizen inspired law triggered by the then legalized gay marriage laws in California. The court found essentially that rights, once given, cannot be taken away.
Continue readingThe Scott Ross: Why Canadians Want The Worst Politics Of America
Canadians would support our own political institutions if we didn’t idealize worse ones. The last few years have offered an incredible contrast in politics between what interests Canadians and what is best for Canadians. In looking at what has attracted support recently it is undeniably clear that pervasive American values
Continue readingThe Progressive Economics Forum: The Economist Takes Note: Modern Monetary Theory Gets Much Deserved Attention
As faithful readers of this blog will know, I make only very sporadic contributions to this blog but a substantial fraction of those contributions have made reference to modern monetary theory (MMT), the view (crudely put) that, based on a detailed understanding of the institutional mechanisms behind monetary operations, calls
Continue readingThe Progressive Economics Forum: Why Not Lock In Low Interest Rates?
The federal government has failed to take up an historic opportunity to lock in ultra low interest rates on long term Government of Canada bonds. Normally – as outlined in annual debt management reports – the government follows a strategy which is intended to achieve two main goals – low
Continue readingCompetitive corporate taxation does not guarantee deficit reduction
The nerve displayed by the rich and their largely conservative backers both in the U.S. and Canada can reach staggering proportions at times, from in your face taunting through their TV stations like Fox and Sun News, to a flood of gibberish coming from their die hard columnists in the
Continue readingSome reasons why the rich get richer and the poor get poorer
After reading an article on the Huffington Post website about income inequality as represented by an OECD report, I decided I should list a couple of reasons why I think individuals in less than favorable financial circumstances can never truly become wealthy. It’s important to understand first that those in
Continue readingThe Progressive Economics Forum: Why the Excitement About Debt?
Further to our recent discussions on this blog about the role of private finance and credit in our present crisis, we present a guest contribution from Ralph Musgrave, an economist in the U.K. National debts have risen recently, which has caused excessive and unnecessary consternation. The consternation is particularly unnecessary for countries which issue their own […]
Continue readingThe Progressive Economics Forum: Who’s Bailing Whom? Challenging the Private Credit System
The time since 2008 has been a crucial historical moment for progressive economists to pull back the green curtain that surrounds the operation of the for-profit banking system, and expose that system for what it is: a government-protected, government-subsidized license to print money. The problem is, as soon as you start saying things like that, people […]
Continue readingThe Progressive Economics Forum: Student Debt Rising Amongst New Physicians
Newly-released data indicate that student debt is rising amongst new physicians in Canada. In 2010, 23 percent of medical residents surveyed estimated having more than $120,000 in education-related debt upon completion of their residency traning (as compared with just 17 percent in 2007). (Note: across Canada, average tuition fees for medical students amount to just over $10,000 a year.) This appears […]
Continue readingWritings of J. Todd Ring: Earth Overshoot Day – cause for a pause to reflect
Yesterday, September 27, the Global Footprint Network declared as Earth Overshoot Day: the day that humans have used up all renewable resources available for the year. Not good. This obviously cannot continue. Limitless growth in material consumption a…
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