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Comparing Deficits in Canada and the U.S.
Despite predictable Conservative and business complaints about ‘overspending’, Canada’s federal deficit is very small in macroeconomic terms – and one of the smallest among major industrial countries. In 2022, according to the most recent OECD cross-country data, the general government balance in Canada ranked 9th best among the OECD’s 37 member countries...
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Building a Sustainable, High-Value-Added Forestry Sector in B.C.
B.C.’s economy has always depended on its rich forests—from First Nations communities, through the early settler economy, to modern forestry practices and technologies. But in recent years the industry has been buffeted by a perfect storm of environmental, economic, and geopolitical challenges. Total production has declined by up to half in recent years, with devastating effects on employment, output, exports, and taxes. Dozens of remote and regional forest communities are unsure of their future, unless a viable and sustainable future for forestry can be achieved.
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Canadian Corporate Profits Remain Elevated Despite Economic Slowdown
Statistics Canada has released year-end data on corporate financial performance for 2023. The new data confirm that corporate profits remain elevated relative to pre-COVID norms, despite the stalling of economic growth in 2023, largely due to weak consumer demand conditions caused by two years of high interest rates.
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New Data on Continued Record Profits in Canadian Food Retail
Economy-wide inflation in Canada slowed down notably in 2023. The unique factors that drove the initial surge in inflation after the COVID pandemic (including shortages of key commodities, disrupted supply chains, and a global oil price shock) have mostly abated. High interest rates imposed by central banks in Canada and elsewhere have undermined economic growth and job-creation...
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Testimony to House of Commons Finance Committee Pre-Budget Hearings
Centre for Future Work Economist and Director Jim Stanford was invited to present testimony to the House of Commons Standing Committee on Finance, as part of its annual pre-budget hearings. Here are his opening remarks, presented on October 19, 2023.
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Union Coverage and Inequality in Canada
International evidence attests to the positive role of trade unions and collective bargaining in lifting wages and economic security for workers, and reducing inequality – both within workplaces, and across society. In this article, originally published in Jacobin magazine, labour law professor David Doorey (from York University) and Centre for Future Work Director Jim Stanford present Canadian data on the link between the strength of the union movement and trends in income inequality. The material was prepared for the forthcoming third edition of Doorey’s best-selling labour law textbook, The Law of Work.
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Interrogating the Labour Shortage Hypothesis
Canada’s Senate is investigating temporary migrant labour programs in Canada, which have expanded rapidly in the last two years, and their impact on labour markets and other issues. The Centre for Future Work’s Jim Stanford was invited to provide testimony on the issue of whether a purported “labour shortage” necessitates increased temporary migration inflows to Canada. Here is an annotated transcript of his testimony.
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Shocking Economic Facts Behind the BC Ports Dispute
The work stoppage at BC ports has sparked predictable rhetoric from employer groups and pro-business commentators and politicians. They claim longshore workers are greedy and resistant to change, and must be forced back to work through legislation, in order to protect the national economy. This argument has it exactly backwards. It is the shipping companies and terminal operators whose greed has disrupted Canada’s economy, including by contributing to the worst inflation in decades. And it is their resistance to change – in particular, opposing more stable and efficient ways to support training, skills, and stability in longshore work – that is the only barrier to a quick settlement. In this…
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The Failures of ‘Trickle-Down’ Economics in Alberta
Since its election in 2019, the current provincial government in Alberta has emphasized a classic ‘trickle-down’ economic strategy. It argues that by boosting profits of private business, capital investment will grow, and job-creation, rising incomes, and economic growth will then ‘trickle down’ to the rest of the population.
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No Correlation Between Inflation and Carbon Pricing
Canadian conservatives have repeatedly tried to pin the blame for post-pandemic inflation on the present federal government, and even personally on Prime Minister Justin Trudeau (with their ‘JustInflation’ label). The latest incarnation of that strategy claims the surge in inflation over the last two years is due to the federal carbon tax – which applies in those provinces (such as Ontario and Alberta) which have refused to participate directly in the Canada-wide carbon pricing system. In this report, originally published in Canadian Dimension magazine, Centre for Future Work Director Jim Stanford shows there is no empirical correlation or theoretical link between carbon taxes and economy-wide inflation. Top Ten Reasons We…