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Yes, Public Sector Jobs Count, Too
B.C.’s unemployment has been among the lowest in Canada for several years, economic growth and business investment have been among the strongest, and the province now has the highest hourly wages for employees of any province. Yet some business commentators try to debunk that record, claiming it’s all due to public sector spending and hiring.
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Explainer Video on Corporate Power and Profit-Led Inflation
Centre for Future Work Director Jim Stanford is featured in a new 6-minute video, produced by the Broadbent Institute, discussing the role of corporate price hikes in post-pandemic inflation.
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Regulating Prices Not Such a Crazy Idea
Kamala Harris’s entry into the U.S. presidential campaign has had a dramatic impact on political discourse there – not just in the opinion polls, but in policy thinking, as well. For example, in her recently-unveiled economic platform she advocates new federal laws against price-gouging, to limit the power of private businesses to unreasonably jack up prices for groceries and other essentials...
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Unions and Racialized Workers: Media Coverage and Webinar
The Centre for Future Work recently released new research on the extent of wage inequality across racialized categories of workers in Canada, and the importance of union representation in supporting racialized workers to win better jobs and better pay. Please see the full 85-page report, The Importance of Unions in Reducing Racial Inequality: New Data and Best Practices, by Winnie Ng, Salmaan Khan, and Jim Stanford.
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Capital Gains Tax Preferences Benefit Speculative Corporations and Very-High Income Individuals
Capital gains income is starkly concentrated among the richest 1.5% of Canadians, and corporate sectors with non-existent job-creation. They are the main beneficiaries of special loopholes which reduce taxes on capital gains.
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The Importance of Unions in Reducing Racial Inequality
The Centre for Future Work has released new research regarding union coverage and wages across different racialized categories of Canadian workers. The report also contains a review of efforts by Canadian unions to improve their representation of Black and racialized workers, and recommendations for strengthening the union movement’s practices.
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Self-Interest of Wealthy Investors Explains Over-the-Top Reaction to Capital Gains Reform
The federal government’s 2024-25 budget included an important reform to the taxation of capital gains. Capital gains occur when an asset is sold for more than it cost to acquire. Capital gains are heavily concentrated among high-income Canadians – more so than any other form of income. And making matters worse, they receive lucrative tax preferences: until this year, recipients only had to declare half their gains on their income tax (for a so-called ‘inclusion rate’ of 50%). The other half was entirely tax-free. In contrast, other forms of income (like wages and salaries) must all be reported on a tax return: that is, their ‘inclusion rate’ is 100%!
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New Data on Link Between Profits and Inflation
Consumer price inflation has decelerated in Canada in the last year, as rapidly as it accelerated in the 2021-2022 period (sparking high interest rates which in turn caused a painful economic slowdown). At last reading (for April 2024), year-over-year CPI inflation had slowed to 2.7% (down from 8% less than two years earlier). That’s within the Bank of Canada’s target range (2% plus or minus a cushion of 1%). And low enough that the Bank cut its policy rate for the first time in this cycle in June. Many credit the Bank of Canada’s tough monetary medicine for this quick slowdown in inflation. But that assumes that the initial driving…
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Alberta’s Disappearing Advantage for Workers
Alberta once boasted the highest wages in Canada. It was known as a place where working people could find a job, earn decent wages, and build a good life for themselves and their families. Unfortunately, this “Alberta Advantage” has mostly disappeared. Average wages have declined by 10% relative to inflation over the last decade, far more than in any other province. This negative result was not an accident: provincial policies in Alberta have worked to deliberately suppress wages, through measures like a six-year freeze in the minimum wage (now tied for lowest in Canada), restrictions on union organizing and collective bargaining, and very austere wage gains for public sector workers.
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Submission to B.C. Labour Relations Code Review
The B.C. government is undertaking a regular five-year review of its labour relations code, that governs labour standards, union activity, and collective bargaining. As part of this review, Centre for Future Work Director Jim Stanford was invited to appear before the review panel as an expert witness.