The Progressive Economics Forum (PEF) normally hosts sessions at the Canadian Economics Association’s annual conference. But the House of Commons finance committee threw most of the union economists testifying in its pre-budget hearings onto the same panel on November 21. I began my testimony as follows: In addition to my
Continue readingTag: gdp
The Progressive Economics Forum: Black Friday GDP: Consumption Slows, But Inventories Jump
Ironically, Statistics Canada’s third-quarter GDP report on Black Friday showed the growth rate of consumption being cut in half. Final consumption expenditure grew by 0.4% in the third quarter compared to 0.8% in the second quarter. Household spending growth fell to 0.6% from 0.9%. Government consumption growth plummeted to 0.1%
Continue readingThe Progressive Economics Forum: Fossil-Fueled GDP Growth
Yesterday, Statistics Canada reported that the Canadian economy had a month of fossil-fueled growth in August. Overall GDP was up by 0.3%, only half as much as in July but still a respectable monthly growth rate. By far the strongest growth of any industry was a 1.9% increase in “Mining,
Continue readingThe Progressive Economics Forum: Grounding the Toronto Island Airport’s $1.9-Billion Claim
As part of its push to expand to accommodate jet flights, the Billy Bishop Toronto City Airport has been advertising that it contributes $1.9 billion to Toronto’s economy. This claim is based on a study that the airport commissioned from InterVISTAS, an airline industry consultancy. The study estimates the airport’s
Continue readingThe Progressive Economics Forum: What happened to the recovery?
(The following is slightly adapted from a short piece on page 3 in the new issue of Economy at Work, the quarterly publication I produce for CUPE, which also covers a lot of other relevant issues.) It’s been a little over four years since Canada’s economy bottomed out in mid 2009. While
Continue readingThe Progressive Economics Forum: A Fine Balance: GDP Growth by Sector and the Impact of Austerity
The second-quarter GDP numbers confirm that Canada’s continuing “recovery,” such as it is, is still balancing very precariously on a knife-edge between expansion and contraction. The various sources of growth vary widely in their current momentum. The overall net balance is barely positive. And coming austerity in the public sector could
Continue readingThe Progressive Economics Forum: GDP: Consumers to the Rescue
Following positive GDP numbers in April and May, Statistics Canada reported today that a sharp drop in June dragged Canada’s economic growth to a mediocre pace of 0.4% for the second quarter. June’s declines in manufacturing and resource extraction did further damage to industries that had declined in April and
Continue readingThe Progressive Economics Forum: GDP: Resource Exports Cover for Domestic Weakness
Statistics Canada reported today that GDP grew by 0.6% in the first quarter. The volume of energy and mining exports expanded by more than 5%, offsetting lower exports of many manufactured goods as well as a weak domestic economy. Consumer spending growth slowed to 0.2% in the first quarter of
Continue readingThe Scott Ross: How A Bad Economy Is Not Harper’s Fault
Canada’s economy is set to grow less than the government thought, but it’s not our Prime Minister’s fault. True under Stephen Harper the World Bank has downgraded Canada from being the 4th most Business Friendly country in 2006 to 17th in 2013, but, as most Conservatives know, businesses have nothing
Continue readingAlberta Diary: Looking back in perplexity: where did all of Alberta’s money go again?
First World money and Third World roads. If we’re so rich in Alberta, why do we seem so poor? A motorist negotiates one of Edmonton’s famed potholes. Actual Edmonton drivers may not have snappy uniforms like this fellow. Below: Author, professor and former Alberta Liberal politician Kevin Taft, the cover
Continue readingThe Canadian Progressive: Health care is good medicine for Canada’s economy
by Conference Board of Canada | Jan. 31, 2013: OTTAWA – Health care is a large and essentially recession-proof part of Canada’s economy, creating more than 10 per cent of the country’s total gross domestic product (GDP) annually and supporting more than two million jobs, according to a Conference Board of Canada
Continue readingAlex's Blog: The mean test: how we measure success
Chief Theresa Spence (by Regina Southwind, Rabble, December 17) As we enter 2013, how is Canada doing? How do we stack up against other rich countries? Emerging from the year of the 50th anniversary of medicare, the 30th anniversary of the Charter, are we making progress? Do we even have
Continue readingAlex's Blog: The mean test: how we measure success
Chief Theresa Spence (by Regina Southwind, Rabble, December 17) As we enter 2013, how is Canada doing? How do we stack up against other rich countries? Emerging from the year of the 50th anniversary of medicare, the 30th anniversary of the Charter, are we making progress? Do we even have
Continue readingThe Scott Ross: 2013 Predictions
Justin Trudeau will become the next Liberal Leader and the party will actually air an advertisement or two as part of a determined strategy to define him and the party before the Conservatives do. Something the Liberals failed to do with Dion and Ignatieff. Gerard Kennedy will become the next
Continue readingThe Scott Ross: Conservative Canada Is Closer To Crisis
Referenced IMF data can be found here
Canada’s increasing Debt-to-GDP ratio is a problem no one is talking about. While the country’s gross government debt (which includes all levels of government) is large, it is rising faster than our …
The Scott Ross: The Conservative Economic Record
Sept 2012: Unemployment is up at 7.4%; it has been increasing since June while American unemployment has only gone down. July 2012: Worst trade deficit ever in Canadian history at $2.3 billion. 2012: GDP growth rate is declining (PDF pg 22). Canada is no longer the fastest growing economy in
Continue readingThe Progressive Economics Forum: GDP: Petro-Rebound Conceals Underlying Problems
The main story in today’s GDP numbers is that the oil, gas and mining industries rebounded sharply in April after being hobbled by temporary maintenance and production difficulties in February and March. While the upswing in fossil-fuel and mineral extraction was large enough to boost the overall economy, other key
Continue reading350 or bust: Happy Planet, Happy People: A Radical Idea Whose Time Has Come
How much happiness do we get for our planet plundering? Is it possible to rethink the status quo at this point in human history, especially considering the alternative? * The Happy Planet Index (HPI) is the leading global measure of sustainable well-being. The HPI measures what matters: the extent to
Continue readingThe Progressive Economics Forum: Running on Fumes
StatsCan released the first-quarter GDP numbers this morning, and the deafening silence you hear is of champagne corks not popping. Quarterly growth was 0.5% (1.9% annualized): uninspiring but not disastrous. Erin Weir has aptly pointed out the leading role of government spending cuts in dragging down growth. Erin noted that
Continue readingThe Progressive Economics Forum: GDP: Austerity Bites
Canada’s economy grew by half a percent in the first quarter of 2012, staying on pace for unimpressive annual growth of two percent. The good news is that business investment was strong, at least on a seasonally-adjusted basis. (As usually happens in the first quarter, the actual dollar value of
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