Canadian Politics Today
Beyond Politics => General Discussion => Topic started by: Michael Hardner on August 08, 2019, 01:15:14 pm
-
MMT !
https://asia.nikkei.com/Opinion/Modern-Monetary-Theory-threatens-revolution-in-economic-thinking
I've been reading about it. Seems like a logical end point to 'money' in its current form.
-
https://www.youtube.com/watch?v=2Wm_Lew0kME
Clay Shirky talks Chinese innovation - pretty fascinating stuff
-
David Blanchflower explains slow wage growth at PIE
https://youtu.be/44_Q3Ff9gmo
-
Mentioned in that article is the fact Japan is also the worlds largest creditor nation. The US is the largest debtor nation. So maybe using Japan as an example for the rest of us is not the best idea.
-
Mentioned in that article is the fact Japan is also the worlds largest creditor nation. The US is the largest debtor nation. So maybe using Japan as an example for the rest of us is not the best idea.
Which article ?
-
Which article ?
The link you posted.
Not every country is in the same position as Japan, which is the world's largest creditor nation and has been clocking up current account surpluses since the early 1980s
-
Ok but
"For Japan has been running large fiscal deficits for more than 20 years and has consequently amassed a Mount Fuji-sized pile of outstanding government debt, equivalent to 250% of Japanese GDP, according to Japan's Ministry of Finance."
-
Ok but
But Japan has a big balance of payments surplus so it is not the same as the rest of us. They may be lending a lot to themselves but they are lending even more to other countries. Japan holds a lot of US debt but not the other way around.
-
I see what you are saying.
If you run an economy this way, does it matter though?
Seems like you are ignoring bond holders.
-
I see what you are saying.
If you run an economy this way, does it matter though?
Seems like you are ignoring bond holders.
I don't know. I'm just pointing out that Japan is in a different situation than other countries. A problem with printing all this money is you can wind up with more people looking for places to invest it than spend it.
-
I don't know. I'm just pointing out that Japan is in a different situation than other countries. A problem with printing all this money is you can wind up with more people looking for places to invest it than spend it.
Your point is quite relevant. Japan can afford to do this... maybe it's akin to having an AmEx platinum card ? ie. no limit ? They don't give them to people with an over-extended Discover card !
-
Your point is quite relevant. Japan can afford to do this... maybe it's akin to having an AmEx platinum card ? ie. no limit ? They don't give them to people with an over-extended Discover card !
Economics is scary, specially when people start justifying massive amounts of debt. Guess I'm old school, grew up thinking debt is bad and should be eliminated as soon as possible. Not always the best idea because it also stopped me from making some good investments over the years. Oh well, what to do?
-
Easy read:
And a great paragraph summarizing the mathematical fallacy that is 'trickle-down economics':
This is not just bad for those who suffer, although surely that is bad enough. It is bad for affluent Americans, too. When wealth is concentrated in the hands of the few, studies show, total consumption declines and investment lags. Corporations and wealthy households increasingly resemble Scrooge McDuck, sitting on piles of money they can’t use productively.
https://www.nytimes.com/2019/08/24/opinion/sunday/economics-milton-friedman.html
-
Post-Work society: Fully automated luxury communism
https://www.youtube.com/watch?v=dmQ-BZ3eWxM
Think it isn't happening ?
-
When the industrial revolution happened people thought we'd have a lot more leisure time. Oops
Standard of living changes. Also, you need the money to own the means of production for it to work for you.
Not working would also lead to social decay. People need a reason to wake up in the morning, and something to strive towards. I've met a lot of dopey retired people who do nothing all day, it's not good for the mind or body. Some of them spend their time on message boards :P
Times of plenty create soft people, as the saying goes.
-
1. When the industrial revolution happened people thought we'd have a lot more leisure time. Oops
2. Standard of living changes. Also, you need the money to own the means of production for it to work for you.
3. Not working would also lead to social decay. People need a reason to wake up in the morning, and something to strive towards. I've met a lot of dopey retired people who do nothing all day, it's not good for the mind or body. Some of them spend their time on message boards :P
Times of plenty create soft people, as the saying goes.
1. And why didn't we? What changed in industrial tech to give us weekends?
2. I don't understand this sentence.
3. Working still would happen, but you would work less on commodity and goods producing labour and less on other things.
-
When the industrial revolution happened people thought we'd have a lot more leisure time. Oops
No... that wasn’t a train of thought in the 1700s with the working class, or those who owned the factories, during the industrial revolution.
Maybe you’re confusing the industrial revolution with automation.
ETA: We definitely have a LOT more leisure time than they did in the 1700s during the industrial revolution... your point is nonsensical.
-
People need a reason to wake up in the morning, and something to strive towards.
Plenty of reasons other than wasting your time transferring wealth to the wealthy.
-
Plenty of reasons other than wasting your time transferring wealth to the wealthy.
Then work for yourself.
Also, if you think that's the sum total of what "work" is, you'll become a lot more appreciative of "jobs" when they start to be eliminated by automation in mass quantities.
-
Then work for yourself.
Also, if you think that's the sum total of what "work" is, you'll become a lot more appreciative of "jobs" when they start to be eliminated by automation in mass quantities.
I’m very much looking forward to a jobless world....
-
Then work for yourself.
Also, if you think that's the sum total of what "work" is, you'll become a lot more appreciative of "jobs" when they start to be eliminated by automation in mass quantities.
It's important to look forward on this issue not backwards. Automation is here and expanding and who the hell wants to spend all day punching out license plates anyway. Let the machines do those jobs and then share the proceeds. Warren Buffet had an interesting concept on just that idea he outlined in an interview I heard a while back. Simply put, if GM for instance had robots punching out all its cars but nobody could buy them, what would be the point?
-
There are lots of simple answers.
For example, the people thank the capitalists for their assistance in getting us here, then nationalize the assets of GM.
It would be much cheaper for us to run it on a cost coverage basis. Other things to consider would be ending patent and trademark protection.
-
I’m very much looking forward to a jobless world....
Well, that's assuming the people who own the AI are going to give you money to live on, which seems doubtful.
The only hope is governments taxing the wealthy and redistributing to the rest of us. Universal basic income etc.
-
No imagination, people.
Just nationalize the company.
-
There are lots of simple answers.
For example, the people thank the capitalists for their assistance in getting us here, then nationalize the assets of GM.
It would be much cheaper for us to run it on a cost coverage basis.
If you nationalize then you get rid of competition, which lowers the incentive for innovation and efficiency. Just tax the wealthy and the people who own the machines instead.
You're making the exact same (flawed) arguments communists & marxists were making after the industrial revolution.
Marxists also thought the industrial revolution (machines providing labour) + communism would free us to pursue other interests like arts and other leisure activities. This utopia didn't happen, turns out people just became greedy with consumerism and wanted more and more "stuff". So i predict when automation happens en masse people will just keep wanting more and more stuff (unfortunately).
If you don't learn from history you're doomed to repeat it.
-
Let the machines do those jobs and then share the proceeds.
Again, this is the same argument Marxists were making in 19th century. It didn't work out that way
I dunno, maybe with mass automation something will be different. But we can't underestimate the greed of the average consumer, or the greed of the average share-holder.
Simply put, if GM for instance had robots punching out all its cars but nobody could buy them, what would be the point?
Yes i agree with this, this is essentially Fordism, where Henry Ford paid his workers more than he could have so they would buy the vehicles Ford was producing.
-
If you nationalize then you get rid of competition, which lowers the incentive for innovation and efficiency. Just tax the wealthy and the people who own the machines instead.
You're making the exact same (flawed) arguments communists & marxists were making after the industrial revolution.
Marxists also thought the industrial revolution (machines providing labour) + communism would free us to pursue other interests like arts and other leisure activities. This utopia didn't happen, turns out people just became greedy with consumerism and wanted more and more "stuff". So i predict when automation happens en masse people will just keep wanting more and more stuff (unfortunately).
If you don't learn from history you're doomed to repeat it.
I sort of don't think Warren Buffet is a communist.
-
I sort of don't think Warren Buffet is a communist.
Well no, but ironically, when looking at his peers, he's easily one of the most ethical big-time capitalists ever.
What exactly was his idea? Need more details.
-
Well no, but ironically, when looking at his peers, he's easily one of the most ethical big-time capitalists ever.
What exactly was his idea? Need more details.
The interview was some time ago and can't currently find a link to it. In essence he said there are many factory type jobs that could be taken over by robots so people wouldn't have to do mindless work of making widgets etc. Cashflow would need to be maintained so people could still buy the widgets but they could also expand their horizons beyond factory work.
-
If you nationalize then you get rid of competition,
Why now ?
Marxists also thought the industrial revolution (machines providing labour) + communism would free us to pursue other interests like arts and other leisure activities. This utopia didn't happen
Yeah, on the level of providing leisure time and goods it did better than what was there before.
If you don't learn from history you're doomed to repeat it.
It's time to revisit it. Capitalism is subject to history too.
-
Yeah, on the level of providing leisure time and goods it did better than what was there before.
If you call what is in China communist then yes but certainly not in Eastern Europe.
-
The interview was some time ago and can't currently find a link to it. In essence he said there are many factory type jobs that could be taken over by robots so people wouldn't have to do mindless work of making widgets etc. Cashflow would need to be maintained so people could still buy the widgets but they could also expand their horizons beyond factory work.
Well I agree with that. It's a good thing when boring manual labour can be done by robots...as long as people can find better work.
-
Why now ?
Huh?
Yeah, on the level of providing leisure time and goods it did better than what was there before.
Well yes of course, but it didn't come close to the imagined utopia. Hell, you now need two incomes and have to work harder and longer to maintain the middle-class standard of living compared to 40 years ago. Yes we have nicer things than 40 years ago, but at what social costs? The state & other strangers are now raising our children in daycares because both parents have to work to scrape by. More free time my a.ss!
Much of what two incomes families has done is helped crank up the price of housing. If people really want that house they like in that area they like, they're going to bid as much as they can possibly afford (and then some). Price = Supply + demand.
It's time to revisit it. Capitalism is subject to history too.
Sure, just don't repeat the same mistakes of the past.
-
If you call what is in China communist then yes but certainly not in Eastern Europe.
There is no Communism in Eastern Europe anymore.
-
Well I agree with that. It's a good thing when boring manual labour can be done by robots...as long as people can find better work.
The one thing I like about Fully Automated Luxury Communism is that they fix how we think of jobs back to it being 'labour' ie. 'stuff we have to do'.
There is NO shortage of work. What needs to happen is allocation towards what work needs to be done, and sharing of how much work to do. For example, we could all benefit from a shorter work week now.
-
1. Huh?
2. Well yes of course, but it didn't come close to the imagined utopia.
3. Hell, you now need two incomes and have to work harder and longer to maintain the middle-class standard of living compared to 40 years ago. Yes we have nicer things than 40 years ago, but at what social costs? The state & other strangers are now raising our children in daycares because both parents have to work to scrape by. More free time my a.ss!
4. Much of what two incomes families has done is helped crank up the price of housing. If people really want that house they like in that area they like, they're going to bid as much as they can possibly afford (and then some). Price = Supply + demand.
Sure, just don't repeat the same mistakes of the past.
1. If I nationalize GM, I don't have to nationalize Chrysler. If I nationalize both of them I don't have to merge them into both companies. Or maybe I can, and they compete with other modes of transportation like mass transit for your transportation dollar. Who competes head-on with CostCo ? They are roughly unique in their field.
2. True enough. But the competition (open liberal democracy) made it look bad compared to them.
3. Now you're making the case against laissez-faire capitalism. Keep going ! :D
4. You're making the mistake of looking at a more recent phenomenon and attributing it to the system we have had post-WWII. I would say we don't know exactly what is happening with the housing situation.
-
There is no Communism in Eastern Europe anymore.
No communism in China anymore either. Just totalitarianism and capitalism.
-
1. If I nationalize GM, I don't have to nationalize Chrysler. If I nationalize both of them I don't have to merge them into both companies. Or maybe I can, and they compete with other modes of transportation like mass transit for your transportation dollar.
Ok well i guess you're a communist now, good luck with that.
Who competes head-on with CostCo ? They are roughly unique in their field.
Every single other place that sells food, clothing, books, toys, electronics, and car batteries.
3. Now you're making the case against laissez-faire capitalism. Keep going ! :D
Good because i'm not for laissez-faire capitalism. I've argued if automation makes businesses far more productive then tax the rich & their companies and redistribute the money.
4. You're making the mistake of looking at a more recent phenomenon and attributing it to the system we have had post-WWII. I would say we don't know exactly what is happening with the housing situation.
Rising housing costs = foreign investment, cheap mortgage credit post-2008 recession, continued increase in two-income families, domestic housing speculation (every other person has a damn investment property they're renting out), population growth + large-scale immigration where the vast majority are moving to large urban cities etc. In short, mishandled or a lack of government regulation.
That doesn't mean we need to nationalize the housing industry & banks. It means we need better government regulation on the industry that prioritizes regular people over maximizing profits of developers, banks, investors etc.
-
There is no Communism in Eastern Europe anymore.
Exactly. Eastern European countries were better off both before and after communism.
-
No communism in China anymore either. Just totalitarianism and capitalism.
Pretty much. The Chinese excel at capitalism.
-
Pretty much. The Chinese excel at capitalism.
A billion wage-slaves run by their greedy/crooked masters seem to be doing well.
Beats subsistence farming i guess.
-
A billion wage-slaves run by their greedy/crooked masters seem to be doing well.
Beats subsistence farming i guess.
Their cities are also full of mom and pop type business'.
-
Their cities are also full of mom and pop type business'.
Their economy isn't exploding because of domestic consumption...yet.
-
Their economy isn't exploding because of domestic consumption...yet.
Trump's stupid trade war will have both economies IMploding if he carries on.
-
1. Ok well i guess you're a communist now, good luck with that.
2. Every single other place that sells food, clothing, books, toys, electronics, and car batteries.
3. Good because i'm not for laissez-faire capitalism. I've argued if automation makes businesses far more productive then tax the rich & their companies and redistribute the money.
4. Rising housing costs = foreign investment, cheap mortgage credit post-2008 recession, continued increase in two-income families, domestic housing speculation (every other person has a damn investment property they're renting out), population growth + large-scale immigration where the vast majority are moving to large urban cities etc. In short, mishandled or a lack of government regulation.
5. That doesn't mean we need to nationalize the housing industry & banks. It means we need better government regulation on the industry that prioritizes regular people over maximizing profits of developers, banks, investors etc.
1. Ha. No, please don't call me that because I elaborated on nationalization.
2. True - just as 'nationalized' auto companies would compete with broad modes of transportation like subways.
3. Let's revisit why we allow there to be 'the rich' - do you remember ?
4. This came out of the discussion of leisure time, and presumably how rising housing costs are forcing us to work too much.
5. I'm a liberal like you, but at a certain point systems change. Will we still have money in 10,000 years ? I think we're more likely going to be like Star Trek - ie. just collaborating on projects.
-
A billion wage-slaves run by their greedy/crooked masters seem to be doing well.
Beats subsistence farming i guess.
Well... they seem to be better to their middle classes than we are.
-
https://www.theatlantic.com/ideas/archive/2019/10/labor-departments-new-report-isnt-so-gloomy/599491/
Wow. Nobody likes that.
-
Wow.
https://www.piie.com/experts/peterson-perspectives/trade-talks-111-trade-policy-under-trump
https://en.wikipedia.org/wiki/Stephen_Vaughn
Stephen Vaughn talks about US Free Trade. 1 1/2 hours, not for the faint of heart. He's smart so he almost succeeds at making the American position sound reasonable, but not quite. This much for sure, the US seems ready to blow up world trade.
The thing I can't get my head around is actually sounds RIGHT about trade policy. In the 1990s they effectively took trade policy out of the realm of electoral politics. And the reasons kind of seem sound. But also not.
1) People can't be expected to understand trade policy and will knee-jerk to protectionism every time. So why trust them with voting on it ?
2) On the other hand, it's their policy. They will never accept globalism if it's foisted on them.
The hosts do a good job of pointing out that for 2) there won't be any turnaround for the workers even if they reject globalism.
-
Robert Skidelsky's Money and Government: The Past and Future of Economics - Reviewed.
https://www.nybooks.com/articles/2019/12/05/against-economics/
The thesis seems to be that there exists a magic wand that can create money when waved. If you can read this meaty review and comment intelligently please do.
I will only say that I find the thesis curious, and wonder if we're already there. But then again, with all the mentions of QE and 2008 the article doesn't mention the European crises, ie. Greece etc.
-
Global debt is MASSIVE
https://www.cnn.com/2020/01/13/economy/global-debt-record/index.html
The world's already huge debt load smashed the record for the highest debt-to-GDP ratio before 2019 was even over.
In fact, it broke that record in the first nine months of last year. Global debt, which comprises borrowings from households, governments and companies, grew by $9 trillion to nearly $253 trillion during that period, according to the Institute of International Finance.
https://www.cnbc.com/2019/11/15/global-debt-surged-to-a-record-250-trillion-in-the-first-half-of-2019-led-by-the-us-and-china.html
Rising debt across the world has been a big concern for investors and has also been flagged as the next breaking point by a number of economists.
-
Scary, do I dump my corporate bonds, not that I have many. How about the shares of the companies who are issuing a lot of bonds? Hope I don't have many. When you buy a GIC, where does the money actually go? My advisor says if they start defaulting, the world will be having much bigger problems. So many questions, just hope I am getting good advice.
-
I"m talking to my guy on Saturday. At this point I'm making more from my RRSPs than my job this year and I don't have that much invested. I feel like with the election this year something is going to burst...
-
Economic growth built on mountains of debt is phantom growth. Sounds like a bubble has formed. Nobody actually owns anything. Our economies are much weaker than we think if we have to borrow money just to maintain status quo growth. Don't be impressed or jealous by your neighbour who drives the BMW, they don't own it anyways.
-
Some days literally dozens of cars drive by me that I could never afford before one drives by me that I could.
-
Some days literally dozens of cars drive by me that I could never afford before one drives by me that I could.
I bought an Audi and paid cash but was 67 before I felt I could afford one.
-
I keep a buffer of money in case my car goes belly up and i need a new one so i can pay cash for it. Meanwhile that money is making me money. I don't like financing cars and losing money. Leasing can have its place in the right situation.
-
I keep a buffer of money in case my car goes belly up and i need a new one so i can pay cash for it. Meanwhile that money is making me money. I don't like financing cars and losing money. Leasing can have its place in the right situation.
Leasing only really works if the vehicle is for company use so you can write off the cost as well as depreciation. Otherwise buy it outright.
-
I keep a buffer of money in case my car goes belly up and i need a new one so i can pay cash for it. Meanwhile that money is making me money. I don't like financing cars and losing money. Leasing can have its place in the right situation.
Unless I had $2M in cash I wouldn't feel that I could afford a new Audi.
But you inspired a new thread idea..
-
Unless I had $2M in cash I wouldn't feel that I could afford a new Audi.
But you inspired a new thread idea..
Well I don’t have $2M in cash. It also depends on the Audi. They start in the thirties and go well over two hundred.
-
Well I don’t have $2M in cash. It also depends on the Audi. They start in the thirties and go well over two hundred.
A buddy has an A3 and his wifey has a TT. Very cool cars.
-
A buddy has an A3 and his wifey has a TT. Very cool cars.
Have you looked at the RS3? 400 HP, same with the RSTT.
-
Have you looked at the RS3? 400 HP, same with the RSTT.
Oh yes.... I’ve drooled over those.
(https://thumbor.forbes.com/thumbor/960x0/https%3A%2F%2Fblogs-images.forbes.com%2Fjimresnick%2Ffiles%2F2017%2F07%2F2018-Audi-TT-RS.-RS-3-2-1200x800.jpg)
-
Boris Johnson with the Donald Trump approach to debt..
But with a twist
https://twitter.com/paulkrugman/status/1228592352421449728?s=19
-
Global debt is MASSIVE
The world's already huge debt load smashed the record for the highest debt-to-GDP ratio before 2019 was even over.
In fact, it broke that record in the first nine months of last year. Global debt, which comprises borrowings from households, governments and companies, grew by $9 trillion to nearly $253 trillion during that period, according to the Institute of International Finance.
Rising debt across the world has been a big concern for investors and has also been flagged as the next breaking point by a number of economists.
Debt is artificial, a creation of economists. This is their failure. Time to rebuild the world, and put the economists and lawyers at the bottom of the ocean. if the bankers want to collect, they are free to join them.
-
So that's something you can do once. After that you would not be trusted.
-
Debt is artificial, a creation of economists. This is their failure. Time to rebuild the world, and put the economists and lawyers at the bottom of the ocean. if the bankers want to collect, they are free to join them.
If debt is artificial, so is the nation’s currency. Default on your debt and your money, pensions and any other monetary benefits you get from government are worth nothing.
You are starting to sound like Trump.
Right now we spend 25% more servicing federal debt than we do on defence.
-
Debt is artificial, a creation of economists. This is their failure. Time to rebuild the world, and put the economists and lawyers at the bottom of the ocean. if the bankers want to collect, they are free to join them.
Sure, don't put any blame on the people who choose to borrow. Economists and bankers put guns to their heads.
Bought some fancy clothes yesterday and charged on my Visa cuz I don't actually have the money, that's the banks fault.
Shot my wife in the face, but they arrested the store that sold me the gun, it's their fault.
-
Sure, don't put any blame on the people who choose to borrow.
Where the frig did you pull that accusation from?
-
Debt is artificial, a creation of economists. This is their failure. Time to rebuild the world, and put the economists and lawyers at the bottom of the ocean. if the bankers want to collect, they are free to join them.
Obviously many people use credit foolishly. But have you really thought about a society without borrowing? No student loans? No mortgages? To me it seems like that would do more to create barriers between the wealthy and the poor than anything else. If you wanted to make a permanent underclass, keeping people from going to college and keeping people from building equity by owning a home seem like a good start.
-k
-
But have you really thought about a society without borrowing? No student loans? No mortgages?
No student loans is a good thing. Our society benefits from an educated workforce, education should be provided to those who maintain standards (e.g. grades).
Mortgages are mostly needed because we have inflated housing prices due to speculation.
-
No student loans is a good thing. Our society benefits from an educated workforce, education should be provided to those who maintain standards (e.g. grades).
This is true, but 'education' is pursued as a gateway to a middle class lifestyle. I think education should be very reasonable, but geared to what is needed. Education is an industry with its own goals, which isn't useful AFAICS.
-
Where the frig did you pull that accusation from?
Economists don't force people to borrow, and they didn't create debt, though they may support it.
We are all ultimately responsible for our personal finances and debt, with few extraordinary exceptions. People can only change their behaviour when they realize they are responsible for it, instead of only blaming others. The only person who can sign on the dotted line is you.
-
Obviously many people use credit foolishly. But have you really thought about a society without borrowing? No student loans? No mortgages? To me it seems like that would do more to create barriers between the wealthy and the poor than anything else. If you wanted to make a permanent underclass, keeping people from going to college and keeping people from building equity by owning a home seem like a good start.
-k
Credit is a tool like any other. People can use tools poorly or use them well, it's up to them. A bad deal is a bad deal, and a good deal is a good deal. We must all choose wisely and always read the fine print.
-
No student loans is a good thing. Our society benefits from an educated workforce, education should be provided to those who maintain standards (e.g. grades).
Mortgages are mostly needed because we have inflated housing prices due to speculation.
I'm glad we live in a country where education is attainable by anyone, and tuition and student loans are reasonable. Unlike the US, where the student debt can be crippling and is a money-making industry like any other.
I agree with you about inflated housing prices. Speculation is a big factor, among others. We need more regulation in real estate, big-time. That becomes hard when banks, big developers etc are so politically powerful.
-
I agree with you about inflated housing prices. Speculation is a big factor, among others. We need more regulation in real estate, big-time. That becomes hard when banks, big developers etc are so politically powerful.
The thing is - the inflating bubble is really good for the economy and makes middle-class homeowners feel better about having no savings. I suspect their back pocket plan is "sell the house, pay off the visa and move to Nepean" or Kingston.
It's all going to crash very soon. There can't be this much actual money in the world to drive these things. Somebody is in debt, and in trouble...
-
The thing is - the inflating bubble is really good for the economy and makes middle-class homeowners feel better about having no savings. I suspect their back pocket plan is "sell the house, pay off the visa and move to Nepean" or Kingston.
It's all going to crash very soon. There can't be this much actual money in the world to drive these things. Somebody is in debt, and in trouble...
I don't know. With interest rates so low there has to be a lot of money out there looking for a place to be productive.
-
weakAndy/CPC keep nattering on about a, 'broken Canada'... but never bring the receipts... never properly speak to the metrics! Like, for example, per StatsCan - foreign investment in Canada being up 19% in 2019 (over 2018's figures):
(https://i.imgur.com/O4EnQnc.png)
-
The thing is - the inflating bubble is really good for the economy and makes middle-class homeowners feel better about having no savings. I suspect their back pocket plan is "sell the house, pay off the visa and move to Nepean" or Kingston.
It's all going to crash very soon. There can't be this much actual money in the world to drive these things. Somebody is in debt, and in trouble...
The market always corrects itself. They've been waiting for a correction for a decade+, hasn't happened. We'll see. Every other person has an investment property in Toronto and Vancouver. Over-speculation virtually always drives bubbles/recessions, been going on for centuries.
-
weakAndy/CPC keep nattering on about a, 'broken Canada'... but never bring the receipts... never properly speak to the metrics! Like, for example, per StatsCan - foreign investment in Canada being up 19% in 2019 (over 2018's figures):
(https://i.imgur.com/O4EnQnc.png)
waldo... do you have more? Why yes - yes I do!
(https://i.imgur.com/TysgEOu.png)
-
It would be useful for me in anti-anti-Trudeau posts to have a useable link, Waldo - do you have one.
-
It would be useful for me in anti-anti-Trudeau posts to have a useable link, Waldo - do you have one.
oh, we're talking again, are we! RawData @ https://doi.org/10.25318/3610002501-eng ... now pissOffAgain! ;D
-
Huh ? ??? Sorry you aren't allowed to be mad at me.
-
per UBC Econ Prof Kevin Milligan: Don’t Worry About the Federal Deficit --- Politicians often argue that government debt will cause hardship for future generations. They’re wrong (https://thewalrus.ca/democracy-dont-worry-about-the-federal-deficit/)
(https://i.imgur.com/ITNPld2.png)
But won’t taxes have to rise? At the risk of belabouring the analogy: if our children are saddled with the mortgage we take out now, won’t they need to raise funds to pay it down? No. When debt growth is modest and interest rates are low, the economy grows faster than the cost of servicing debt. This (though politicians would have you believe otherwise) is Economics 101: what matters is not the absolute size of the debt but its size relative to the country’s economy overall. As with the financing of your home, there isn’t such a thing as a “big” or “small” mortgage per se—it entirely depends on your income. Economists use the debt-to-GDP ratio, which measures a country’s debt burden relative to its national income, to assess this for Canada’s economy. When we think of the fiscal—or moral—consequences of our debt policy on the next generation, the debt-to-GDP ratio is the right guidepost. And a responsible fiscal policy ensures that the debt-to-GDP ratio does not grow, not that we have no debt, or run no deficits, at all.
.
Over the five years from 2009 to 2014, Canada added $158 billion to the federal debt—which sounds like a lot, but our economy’s size was closing in on $2 trillion at the time, so the crucial debt-to-GDP ratio didn’t move much. We did add $71 billion of debt over the last four years—but the debt-to-GDP ratio actually fell by 1 percent over that period, since the economy grew more quickly than the debt did. Debts rise and fall, but there is no inexorable march to crisis that is unleashed by allowing some degree of discretion on deficit spending or the debt that ensues. We should just accept that the debt battle has been won and move on.
-
per UBC Econ Prof Kevin Milligan: Don’t Worry About the Federal Deficit --- Politicians often argue that government debt will cause hardship for future generations. They’re wrong (https://thewalrus.ca/democracy-dont-worry-about-the-federal-deficit/)
(https://i.imgur.com/ITNPld2.png)
Which is bullshit. As I have already stated, 26 billion in revenues go to service the federal debt each year. Even if that stays the same and we don't borrow any more, by the time they are 80, a child born today will see over two trillion in federal revenues (tax dollars) go to pay interest on money that was borrowed and spent before they were born. If you don't think that is inheriting a financial burden, you and the professor have rocks in you heads. That is simple arithmetic and what this debt to GDP bullshit is really about.
No fiscal obligation maybe but obviously the borrow and spenders without paying it back see no moral obligation either. The professor may have a problem with sticking his kids with his personal debt but he has no issue with sticking them with a ton of government debt to service for the rest of their lives.
That 26 billion deficit the government was forecasting for this year will seem like peanuts after protestors and Covid-19 get finished trashing the economy.
-
Which is bullshit.
well... there's you... and then there's the Econ Prof (and his 144 published papers as lead/co-author)
(https://i.imgur.com/rnoSJ6O.jpg)
-
well... there's you... and then there's the Econ Prof (and his 144 published papers as lead/co-author)
(https://i.imgur.com/rnoSJ6O.jpg)
There is me that can use a calculator. We spend 26 billion a year servicing federal debt. 26 X 80 = 2,080. That's $2,080 billion spent in interest on money that was borrowed and spent before they were born. All he is saying is future generations will be able to afford the payments. Fiscal reality maybe, but morally bankrupt.
-
Why do these debt/deficit proponents only point to the same economist? Is Kevin the only economist in Canada?
What really needs to be shown is if it's better for Canada's economy in the long-term to run deficits and pay the interest payments on that debt, or if it's better to tax Canadians more to balance the budget and save on the interest payments, or if it's better to cut some of this spending to achieve a balanced budget, or if it's better to actually run a surplus and pay down our debt?
And under what economic conditions for any of these scenarios?
-
As I have already stated, 26 billion in revenues go to service the federal debt each year. Even if that stays the same and we don't borrow any more, by the time they are 80, a child born today will see over two trillion in federal revenues (tax dollars) go to pay interest on money that was borrowed and spent before they were born.
$26 billion today is more than the federal debt stood when I was born. We also have to consider that the GDP of Canada was $41 billion at the time, so inflation must be taken into account. The interest on the money may increase over time, but inflation cannot be ignored. That $2 trillion in 80 years has no comparison to $2 trillion today.
You are right that money is being spent servicing debt since before people were born, such has always been the case. I did the calculation a few years ago, and if we had no debt in the year I was born, we would have no debt today. While there were a few years where our deficit was larger than the cost of servicing the debt, most years it has been smaller.
We spend 26 billion a year servicing federal debt. 26 X 80 = 2,080. That's $2,080 billion spent in interest on money that was borrowed and spent before they were born. All he is saying is future generations will be able to afford the payments. Fiscal reality maybe, but morally bankrupt.
Morally bankrupt if future generations do not inherit the benefits our society has created. We all benefit to some extent on the investments of previous generations, the real question is to what level.
-
$26 billion today is more than the federal debt stood when I was born. We also have to consider that the GDP of Canada was $41 billion at the time, so inflation must be taken into account. The interest on the money may increase over time, but inflation cannot be ignored. That $2 trillion in 80 years has no comparison to $2 trillion today.
Morally bankrupt if future generations do not inherit the benefits our society has created. We all benefit to some extent on the investments of previous generations, the real question is to what level.
You are counting on infinite growth and inflation to render your debt less costly.
What benefits? They end up paying for services others consumed and infrastructure that no longer exists.
-
You are counting on infinite growth and inflation to render your debt less costly.
Your $2 trillion estimate also relies on the exact same inflation driven growth.
What benefits? They end up paying for services others consumed and infrastructure that no longer exists.
I agree that services should never be financed, at least not for longer than say 12 months. Yes, infrastructure ages. That does not mean that they are still paying for that specific infrastructure. Am I still paying for WWII?
-
Your $2 trillion estimate also relies on the exact same inflation driven growth.
I agree that services should never be financed, at least not for longer than say 12 months. Yes, infrastructure ages. That does not mean that they are still paying for that specific infrastructure. Am I still paying for WWII?
My two trillion is based on the annual interest we pay today times 80 years. 26 X 80 = 2080. Inflation has nothing to do with it.
Of course you are, if you never pay off the principal, you pay interest on it forever and so are your descendants long after it an you are gone.
-
Why do these debt/deficit proponents only point to the same economist? Is Kevin the only economist in Canada?
What really needs to be shown is if it's better for Canada's economy in the long-term to run deficits and pay the interest payments on that debt, or if it's better to tax Canadians more to balance the budget and save on the interest payments, or if it's better to cut some of this spending to achieve a balanced budget, or if it's better to actually run a surplus and pay down our debt?
oh snap! Ya, he's the only guy... out there on a ledge all by himself - not ever, as member wilber drones on, "thinking of the kids, thinking of the kids"! ;D
perhaps you should tout your favoured Conservative aligned economists that forego their own concerns over deficits/debt in favour of reduced taxation... and the grand (and disproved) posit that reduced taxation spurs the economy and creates jobs, jobs, jobs!
-
oh snap! Ya, he's the only guy... out there on a ledge all by himself - not ever, as member wilber drones on, "thinking of the kids, thinking of the kids"! ;D
perhaps you should tout your favoured Conservative aligned economists that forego their own concerns over deficits/debt in favour of reduced taxation... and the grand (and disproved) posit that reduced taxation spurs the economy and creates jobs, jobs, jobs!
People who borrow and borrow leaving the debt for future generations are thinking of no one but themselves. If you have to borrow every year just to pay your bills, you are living beyond your means. It isn't complicated.
-
People who borrow and borrow leaving the debt for future generations are thinking of no one but themselves. If you have to borrow every year just to pay your bills, you are living beyond your means. It isn't complicated.
try reading the linked article this time - it isn't complicated!
per UBC Econ Prof Kevin Milligan: Don’t Worry About the Federal Deficit --- Politicians often argue that government debt will cause hardship for future generations. They’re wrong (https://thewalrus.ca/democracy-dont-worry-about-the-federal-deficit/)
(https://i.imgur.com/ITNPld2.png)
But won’t taxes have to rise? At the risk of belabouring the analogy: if our children are saddled with the mortgage we take out now, won’t they need to raise funds to pay it down? No. When debt growth is modest and interest rates are low, the economy grows faster than the cost of servicing debt. This (though politicians would have you believe otherwise) is Economics 101: what matters is not the absolute size of the debt but its size relative to the country’s economy overall. As with the financing of your home, there isn’t such a thing as a “big” or “small” mortgage per se—it entirely depends on your income. Economists use the debt-to-GDP ratio, which measures a country’s debt burden relative to its national income, to assess this for Canada’s economy. When we think of the fiscal—or moral—consequences of our debt policy on the next generation, the debt-to-GDP ratio is the right guidepost. And a responsible fiscal policy ensures that the debt-to-GDP ratio does not grow, not that we have no debt, or run no deficits, at all.
.
Over the five years from 2009 to 2014, Canada added $158 billion to the federal debt—which sounds like a lot, but our economy’s size was closing in on $2 trillion at the time, so the crucial debt-to-GDP ratio didn’t move much. We did add $71 billion of debt over the last four years—but the debt-to-GDP ratio actually fell by 1 percent over that period, since the economy grew more quickly than the debt did. Debts rise and fall, but there is no inexorable march to crisis that is unleashed by allowing some degree of discretion on deficit spending or the debt that ensues. We should just accept that the debt battle has been won and move on.
-
My two trillion is based on the annual interest we pay today times 80 years. 26 X 80 = 2080. Inflation has nothing to do with it.
Inflation has everything to do with it. We don't borrow money at a fixed rate with an infinite period. We were paying $50 billion in 1995, and $23 billion in 2019 even though the accumulated deficit was lower then.
-
try reading the linked article this time - it isn't complicated!
I read it. It says the government has no fiscal obligation. I agree. He doesn't say it has no moral obligation to not stick future generations with the burden of debt accumulated today. Apparently you feel there is no such obligation. **** em, I got mine. I also have no doubt the same people who are critical of Harper for running up the debt after the 2008 financial meltdown will be justifying Trudeau doing the same thing in the wake of this year's blockades and Covid-19.
-
Inflation has everything to do with it. We don't borrow money at a fixed rate with an infinite period. We were paying $50 billion in 1995, and $23 billion in 2019 even though the accumulated deficit was lower then.
Interest rates were more than quadruple today's in 1995. Do you think they will stay this low forever? Can you guarantee that? Chretien and Martin were slashing spending and paying down debt because our credit rating was going in the tank. We are a can we afford the payments today culture and have learned nothing from history.
I'll say it one more time. I'm not saying we should never borrow money, I'm saying we shouldn't do it with the intention of never paying it back. Which is what we are doing
now and what this debt to GDP con is all about.
There is a real disconnect here. On the one hand we are being told we can't be so wasteful and excess consumption is destroying our world and on the other hand, many of the same people are saying we can continue to borrow and not pay it back because infinite growth will allow us to make the payments. Non renewable resources are finite and we are already consuming renewable resources at a rate greater than the planet can replace them. It defies logic.
-
I read it. It says the government has no fiscal obligation. I agree. He doesn't say it has no moral obligation to not stick future generations with the burden of debt accumulated today. Apparently you feel there is no such obligation. **** em, I got mine.
it says nothing of the kind! Read it again...
-
"In the long run, fiscal policy is sustainable if it stabilizes the ratio of debt to GDP" --- says the guy who won some kind of Nobel thingee for Economics! (https://www.nytimes.com/2020/03/07/opinion/the-case-for-permanent-stimulus-wonkish.html)
(https://i.imgur.com/lDFIXmB.png)
-
it says nothing of the kind! Read it again...
Maybe you should read it, particularly the last line.
He is wrong about that as well. In the early nineties the federal government ran into a fiscal obligation it couldn't ignore. His field may be economics but history definitely isn't.
-
"In the long run, fiscal policy is sustainable if it stabilizes the ratio of debt to GDP" --- says the guy who won some kind of Nobel thingee for Economics! (https://www.nytimes.com/2020/03/07/opinion/the-case-for-permanent-stimulus-wonkish.html)
(https://i.imgur.com/lDFIXmB.png)
Read it yourself, he is talking about a "hypothetical economy" and the "arithmetic of debt in a low interest economy".
Debt to GDP will take a real hit this year as blockades and Covid-19 will ramp up deficits while kicking the crap out of GDP. If interest rates were 5% we would be getting crushed.
-
... "hypothetical economy" and the "arithmetic of debt in a low interest economy".
to feed your debtHawkishness, what hypotheticals are you presuming upon? Or do you just have a... feeling? ;D
Q/A with that Nobel guy:
(https://i.imgur.com/EQPMkpf.png)
-
to feed your debtHawkishness, what hypotheticals are you presuming upon? Or do you just have a... feeling? ;D
Q/A with that Nobel guy:
(https://i.imgur.com/EQPMkpf.png)
He used the words "hypothetical economy" numb nuts. Don't you read what you post?
Again, none of this works without infinite growth. Do you think infinite growth is a realistic expectation?
-
I'm not saying we should never borrow money, I'm saying we shouldn't do it with the intention of never paying it back. Which is what we are doing
now and what this debt to GDP con is all about.
The target of slowly reducing the debt:GDP ratio is not a con, it is responsible fiscal policy. The con is selling off revenue producing assets at firesale prices to produce a fake surplus.
-
The target of slowly reducing the debt:GDP ratio is not a con, it is responsible fiscal policy. The con is selling off revenue producing assets at firesale prices to produce a fake surplus.
Who is talking about selling off assets? It's funny you bring that up because when people talk about net debt to GDP, that is exactly what they are talking about, debt after government sells off all its assets.
Again, you are depending on infinite growth in order to support infinite borrowing. Do you think infinite growth is a reasonable expectation on a planet where it is uncertain the present economy is sustainable in the long term, let alone infinite growth?
-
I remember having a similar argument in the early eighties with some guys in a bar at the old YYZ Skyline hotel. They were going on about the benefits of more debt when PET was ramping up borrowing and I was against. Ten years later Chretien and Martin where having to slash and burn because the federal government was on the verge of being cut off by lenders. We were no longer seen as a secure place to invest in government debt. Some things don't change.
-
The target of slowly reducing the debt:GDP ratio is not a con, it is responsible fiscal policy. The con is selling off revenue producing assets at firesale prices to produce a fake surplus.
You mean like the Harper/Oliver approach to finally produce one "surplus" amid 9 deficits?
-
to feed your debtHawkishness, what hypotheticals are you presuming upon? Or do you just have a... feeling? ;D
Q/A with that Nobel guy:
(https://i.imgur.com/EQPMkpf.png)
He used the words "hypothetical economy" numb nuts. Don't you read what you post?
is it representative of today, or not? Asking you about your "feeling" was intended to solicit what frames your perpetual chicken-little... feeling; one that doesn't seem to factor interest rates, growth, GDP, the ratio of debt-to-GDP, etc.. - a "feeling" that postures around forced/fake morality that always aims to "guilt" over future generations of, "the kids, the kids"!
-
Do you think infinite growth is a reasonable expectation on a planet where it is uncertain the present economy is sustainable in the long term, let alone infinite growth?
There are many factors that influence growth: goods, services, inflation
Since 80% of the economy is services, and inflation (devaluation) shows no sign of changing direction, Yes I think growth is a reasonable expectation.
-
There are many factors that influence growth: goods, services, inflation
Since 80% of the economy is services, and inflation (devaluation) shows no sign of changing direction, Yes I think growth is a reasonable expectation.
So what do you think these services are for? Inflation isn’t growth, it is devaluation.
-
Again, you are depending on infinite growth in order to support infinite borrowing. Do you think infinite growth is a reasonable expectation on a planet where it is uncertain the present economy is sustainable in the long term, let alone infinite growth?
If there is no infinite growth the entire world economy collapses.
-
If there is no infinite growth the entire world economy collapses.
DOW down 2200. TSX down 1600 today. Biggest drop since 87 crash. Glad only about 30% of my portfolio is equities. Wish it was less right now.
How can there be infinite growth on a finite planet?
-
How can there be infinite growth on a finite planet?
Our economy is disjoint from our environment. I have been hammering that point for years, but everyone focuses on dollars and not doughnuts (donuts).
-
DOW down 2200. TSX down 1600 today. Biggest drop since 87 crash. Glad only about 30% of my portfolio is equities. Wish it was less right now.
How can there be infinite growth on a finite planet?
Infinite universe.
-
Our economy is disjoint from our environment. I have been hammering that point for years, but everyone focuses on dollars and not doughnuts (donuts).
Yes it is. Save us from “environmentalists” who think we can have unlimited growth.
-
That's a weird statement. Explain ?
-
That's a weird statement. Explain ?
What's weird about it. We have people telling us that we are destroying the environment with over consumption while they tell us we can keep borrowing because growth is infinite because people will consume even more.
-
Which side are YOU on then?
-
Which side are YOU on then?
The two aren't compatible, it isn't a matter of being on one side or the other.
-
How can there be infinite growth on a finite planet?
This is why I'm confused: aren't you a centre-conservative ?
Growth means growth of the "economy", which is a man-made idea of the movement of goods and services of "value".
So if I come up with a wheelbarrow that is easier to use, with smaller tires, I have created something I can trade for more goods and services. The economy has now "grown" even though I am using something with less material. New services can grow the economy and not degrade the planet. And if humanity is to survive, we eventually have to leave the planet anyway.
Have some imagination.
-
This is why I'm confused: aren't you a centre-conservative ?
Growth means growth of the "economy", which is a man-made idea of the movement of goods and services of "value".
So if I come up with a wheelbarrow that is easier to use, with smaller tires, I have created something I can trade for more goods and services. The economy has now "grown" even though I am using something with less material. New services can grow the economy and not degrade the planet. And if humanity is to survive, we eventually have to leave the planet anyway.
Have some imagination.
My imagination is just different from yours. Optimism can be a good thing but not always justified.
BTW. Wheelbarrows with smaller tires don't work worth a damn. Get one with the biggest tire you can find.
-
I don't think anyone would argue that the projected 26 billion federal deficit for this year is now out the window. Maybe we aren't that far from an unsustainable financial situation after all.
https://www.cbc.ca/news/politics/covid-19-coronavirus-recession-oil-1.5491122
-
My imagination is just different from yours. Optimism can be a good thing but not always justified.
BTW. Wheelbarrows with smaller tires don't work worth a damn. Get one with the biggest tire you can find.
Follow my analogy. The point is that growth is not synonymous with 'consumer more material from the earth'.
Amazon is growing while they reduce packaging size....
-
I don't think anyone would argue that the projected 26 billion federal deficit for this year is now out the window. Maybe we aren't that far from an unsustainable financial situation after all.
https://www.cbc.ca/news/politics/covid-19-coronavirus-recession-oil-1.5491122
True enough but I also think we are better shape than others.
-
True enough but I also think we are better shape than others.
Said the last one to drown.
-
Follow my analogy. The point is that growth is not synonymous with 'consumer more material from the earth'.
Amazon is growing while they reduce packaging size....
But Amazon is still using more total packaging no matter the size, that's the point. Unless all growth is using 100% recycled and 100% non-fossil fuel energy then growth is not sustainable longterm unless we do so or acquire more resources away from earth.
-
Follow my analogy. The point is that growth is not synonymous with 'consumer more material from the earth'.
Amazon is growing while they reduce packaging size....
Delivering every parcel individually with fossil fuel powered vehicles. Now we have "growth" with things like Skip the Dishes and other delivered services that used to be done by people in their homes without driving anywhere.
-
Delivering every parcel individually with fossil fuel powered vehicles. Now we have "growth" with things like Skip the Dishes and other delivered services that used to be done by people in their homes without driving anywhere.
Bicycle couriers are starting to do some of this, and of course electric vehicles, but yes it is mostly fossil fueled vehicles at the moment.
-
But Amazon is still using more total packaging no matter the size, that's the point. Unless all growth is using 100% recycled and 100% non-fossil fuel energy then growth is not sustainable longterm unless we do so or acquire more resources away from earth.
it doesn't have to be recycled, just sustainable
-
it doesn't have to be recycled, just sustainable
What do you call sustainable? Plastic bags and other single use plastics are sustainable. We have enough oil to make them for a thousand years.
-
What do you call sustainable? Plastic bags and other single use plastics are sustainable. We have enough oil to make them for a thousand years.
Except investors are fleeing the oil market like rts from a sinking ship. Checked the price lately?
-
Except investors are fleeing the oil market like rts from a sinking ship. Checked the price lately?
So? Checked the Canadian dollar lately?
-
Except investors are fleeing the oil market like rts from a sinking ship. Checked the price lately?
Low price of oil makes it even cheaper to make plastic.
-
Low price of oil makes it even cheaper to make plastic.
Right then, you carry on investing in the oil business. I'm heading out to gas up my car as the price of the product continues to nose dive.
-
I feel like the coronavirus pandemic will have economic impact that we are going to dealing with for years to come, like the 2007 meltdown.
-k
-
I feel like the coronavirus pandemic will have economic impact that we are going to dealing with for years to come, like the 2007 meltdown.
-k
Could be worse. Higher debt levels and lower interest rates means consumers and governments have less room to move than in 2008.
BTW, how did the jury thing work out?
-
Follow my analogy. The point is that growth is not synonymous with 'consumer more material from the earth'.
Amazon is growing while they reduce packaging size....
People think stuff like that matters. In the big picture, it doesn't. Using less cardboard per package is pretty meaningless when the number of packages they ship has increased exponentially.
Ultimately what we need is for our population to stop growing. I'm doing my part. :p
-k
-
BTW, how did the jury thing work out?
They excused me. It was really easy, their website has a section where you can ask to be excused. I explained my situation, gave them my boss's phone number in case they wanted to check, and they excused me within 2 hours.
-k
-
Right then, you carry on investing in the oil business. I'm heading out to gas up my car as the price of the product continues to nose dive.
You burn oil? You're part of the problem.
-
I've consistently been making the argument for the last few years that instead of running 20 billion deficits during good economic times of record low unemployment, our government should have been at least running balanced budgets if not small surpluses and save that deficit money in order to put Canada in a better position to respond to the next economic downturn.
Graham has been proven right. It sure would be nice to have those 80 billion back the Trudeau gov already spent to add to the stimulus and recovery measures the government has needed to put in place because of COVID-19. We'd have more room to expand debt-to-gdp and keep it at a reasonable level.
Always listen to Graham.
-
for some time, the waldo has been HarperingOn about lost GST federal revenue: again, per the PBO, every percentage point of GST is worth about $7-Billion a year; accordingly, Harper Conservatives's 2-point GST cut in 2013 has cost a loss of, CONSERVATIVELY, $84 Billion to federal coffers!
in terms of Canada being in a better position to respond to this coming COVID-19 economic downturn, the waldo has been proven right. It sure would be nice to have that foregone $84 Billion back to add to the stimulus and recovery measures the government has needed to put in place because of COVID-19. We'd have more room to expand debt-to-gdp and keep it at a reasonable level.
always listen to the waldo
-
for some time, the waldo has been HarperingOn about lost GST federal revenue: again, per the PBO, every percentage point of GST is worth about $7-Billion a year; accordingly, Harper Conservatives's 2-point GST cut in 2013 has cost a loss of, CONSERVATIVELY, $84 Billion to federal coffers!
in terms of Canada being in a better position to respond to this coming COVID-19 economic downturn, the waldo has been proven right. It sure would be nice to have that foregone $84 Billion back to add to the stimulus and recovery measures the government has needed to put in place because of COVID-19. We'd have more room to expand debt-to-gdp and keep it at a reasonable level.
always listen to the waldo
The GST could have been raised again, the majority Trudeau gov had 4 years to do it. They had total control over taxation and spending.
I wouldn't be thrilled but I'd support a tax raise before i'd support not paying for our "good times" spending
-
The GST could have been raised again, the majority Trudeau gov had 4 years to do it. They had total control over taxation and spending.
I wouldn't be thrilled but I'd support a tax raise before i'd support not paying for our "good times" spending
You assume the government wouldn't spend every penny of it on increased program spending that couldn't be sustained in a down turn. I sure don't.
You need a mind set in government that believes part of investing in the future is not increasing debt and spending obligations when the economy is doing well, so it can react more strongly when it isn't.
-
Something for debt to GDP'ers to think about. A worst case 25% drop in GDP (1.7T to 1.28T) combined with a 16% increase in debt (712B to 824B) will increase the debt to GDP ratio to 64% in a single year. Plus added borrowing as the economy tries to recover.
https://www.cbc.ca/news/politics/covid-19-pandemic-pbo-report-1.5512062
-
Something for debt to GDP'ers to think about. A worst case 25% drop in GDP (1.7T to 1.28T) combined with a 16% increase in debt (712B to 824B) will increase the debt to GDP ratio to 64% in a single year. Plus added borrowing as the economy tries to recover.
https://www.cbc.ca/news/politics/covid-19-pandemic-pbo-report-1.5512062
No one claimed that COVID is good for the economy or that there won’t be real hardships because of it.
-
No one claimed that COVID is good for the economy or that there won’t be real hardships because of it.
It's a lesson in how fast debt to GDP forecasts can go to hell in hand basket.
-
It's a lesson in how fast debt to GDP forecasts can go to hell in hand basket.
Agreed - but it doesn't discredit the practice of using debt:GDP as a metric...
-
Agreed - but it doesn't discredit the practice of using debt:GDP as a metric...
It discredits the idea that you can count on ever increasing GDP to justify continued borrowing in good times.
-
Something for debt to GDP'ers to think about. A worst case 25% drop in GDP (1.7T to 1.28T) combined with a 16% increase in debt (712B to 824B) will increase the debt to GDP ratio to 64% in a single year. Plus added borrowing as the economy tries to recover.
https://www.cbc.ca/news/politics/covid-19-pandemic-pbo-report-1.5512062
During the roughest time of the recession our deficit was 55 billion in 2009, 33 billion in 2010, and 26 billion in 2011.
We've been running a deficit of 20 billion a year in recent years with record low unemployment.
Who knows what our deficit will be by the end of this year due to the virus & needed cash injection/stimulus. EI claims are skyrocketing (increasing gov expenditures) and revenues from income taxes, sales tax etc. (gov revenues) will tank. This is far, far worse than the 2008 recession for Canada, and we don't have our oil industry and high oil prices to get us through this like before.
-
It's a lesson in how fast debt to GDP forecasts can go to hell in hand basket.
They'll never admit it, but we were right. They don't have to acknowledge it, the numbers speaks for themselves.
-
It discredits the idea that you can count on ever increasing GDP to justify continued borrowing in good times.
ah yes! COVID-19... goodTimes, goodTimes!
-
ah yes! COVID-19... goodTimes, goodTimes!
No dumbass, the last four years.
-
It discredits the idea that you can count on ever increasing GDP to justify continued borrowing in good times.
How? Did the deficit impact the ability to create this rescue package?
-
How? Did the deficit impact the ability to create this rescue package?
The waldo proposes that yes, Canada could have been in better position to respond to this emergency:
for some time, the waldo has been HarperingOn about lost GST federal revenue: again, per the PBO, every percentage point of GST is worth about $7-Billion a year; accordingly, Harper Conservatives's 2-point GST cut in 2013 has cost a loss of, CONSERVATIVELY, $84 Billion to federal coffers!
in terms of Canada being in a better position to respond to this coming COVID-19 economic downturn, the waldo has been proven right. It sure would be nice to have that foregone $84 Billion back to add to the stimulus and recovery measures the government has needed to put in place because of COVID-19. We'd have more room to expand debt-to-gdp and keep it at a reasonable level.
always listen to the waldo
I won't defend the cut to the GST, which I always disagreed with. But there's an obvious disconnect here: you can't argue that annual budget deficits are irrelevant because the GDP to debt ratio remains strong while simultaneously arguing that we would be in a better position if we hadn't lost the revenue from the GST cuts.
-k
-
It's a lesson in how fast debt to GDP forecasts can go to hell in hand basket.
Sure, hindsight has the handful of people who tried to warn us about this, but being prepared for a pandemic that'll bring the economy to a grinding halt isn't really something you can forecast and budget for.
-
I won't defend the cut to the GST, which I always disagreed with. But there's an obvious disconnect here: you can't argue that annual budget deficits are irrelevant because the GDP to debt ratio remains strong while simultaneously arguing that we would be in a better position if we hadn't lost the revenue from the GST cuts.
the disconnect is yours! Think debt versus economic output and what the degree of that output means in terms of debt... gee, what's it called again? ;D And ya, completely unrelated, that lost GST revenue could have many targets - even applied to debt... or COVID-19 mitigation/recovery. Try again; try harder!
-
the disconnect is yours! Think debt versus economic output and what the degree of that output means in terms of debt... gee, what's it called again? ;D And ya, completely unrelated, that lost GST revenue could have many targets - even applied to debt... or COVID-19 mitigation/recovery. Try again; try harder!
Why didn't the majority Liberal government raise the GST back up? That's on them to fund their own programs.
-
the disconnect is yours! Think debt versus economic output and what the degree of that output means in terms of debt... gee, what's it called again? ;D And ya, completely unrelated, that lost GST revenue could have many targets - even applied to debt... or COVID-19 mitigation/recovery. Try again; try harder!
According to the PBO, economic output could decrease up to 25% this year. What now genius?
-
Why didn't the majority Liberal government raise the GST back up? That's on them to fund their own programs.
a Conservative government giveth the 7% GST and a Conservative government taketh away 1%... then taketh away another 1% of that GST. Introducing and lowering GST levels seems to be a Conservative government thingee. And the waldo thought raising GST was a so-called political non-starter - but good on ya for wanting a Liberal government to do so - good on ya! ;D
-
According to the PBO, economic output could decrease up to 25% this year. What now genius?
I trust the government has you on speed-dial... just make sure you give credit to your go-to Fraser Institute bros, hey!
-
I trust the government has you on speed-dial... just make sure you give credit to your go-to Fraser Institute bros, hey!
\
\
That is a PBO document. That is the government itself. Not me and not the Fraser Institute. Reading deficit have we?
Parliament's budget watchdog predicts the Canadian economy could contract by a staggering 25 per cent in the second quarter of this year, while the annual budget deficit could top $112.7 billion by the fiscal year's end.
-
a Conservative government giveth the 7% GST and a Conservative government taketh away 1%... then taketh away another 1% of that GST. Introducing and lowering GST levels seems to be a Conservative government thingee. And the waldo thought raising GST was a so-called political non-starter - but good on ya for wanting a Liberal government to do so - good on ya! ;D
I prefer a raise of the GST than an indefinite raise of the deficits/debt.
I'm not a PC supporter and I'm not a CPC supporter and never have been. Mulroney spent like nuts and then put in the GST. Chretien promised to scrap the GST before the 1993 election. Promise broken, but thankfully he used it to pay down the debt.
If the current gov doesn't have the courage to demand we pay for their programs and like cowards put that burden on future generations, then you don't fund those programs. But alas, they're cowards.
-
I prefer a raise of the GST than an indefinite raise of the deficits/debt.
The problem is, there is no reason to assume you wouldn't get both.
-
This makes the case that the US $ is on it's way out as the world's reserve currency. We have heard it before, but...
https://www.kitco.com/commentaries/2020-05-14/The-US-dollar-the-final-act.html?fbclid=IwAR2bsKU7d-FBYIrH2OqT9oK35ubdN5EaDS-3oK-uD0kLRK9VshDXphsZHOU#.Xr_HVF9Bq4I.facebook
-
https://www.quora.com/What-happens-if-the-U-S-dollar-loses-its-status-as-the-worlds-major-reserve-currency
And a take on that...
-
MMT ... Happening NOW
https://www.bloomberg.com/news/articles/2020-08-14/like-it-or-not-a-modern-monetary-theory-experiment-is-underway
-
Post-Work society: Fully automated luxury communism
I think people overall could benefit from shorter working hours. I had a stint where my day was shortened by two hours per day, but my productivity did not change. I felt much more focused while at work, and not increasingly tired as the week progressed.
I agree that people need a reason to get up and busier people tend to be happier, but the "busy" doesn't have to be long hours at a job thst you tolerate or actively hate - especially when these jobs leave you too tired/stressed to really enjoy your off-time.
I think we can find a better balance between what's happening now for most people and "automated luxury communism". I think we need to understand that an economic model built around unending "growth" has to fail at some point In my opinion, a more realistic long term model would be to have an economic system where the goal is "comfortable" and not insanely wealthy. Products would not be designed with replacement after two to four years, and the "newer better" would really be
better by a significant amount not just a cosmetic change or a tiny upgrade.
-
per UBC Econ Prof Kevin Milligan: Don’t Worry About the Federal Deficit --- Politicians often argue that government debt will cause hardship for future generations. They’re wrong (https://thewalrus.ca/democracy-dont-worry-about-the-federal-deficit/)
(https://i.imgur.com/ITNPld2.png)
But won’t taxes have to rise? At the risk of belabouring the analogy: if our children are saddled with the mortgage we take out now, won’t they need to raise funds to pay it down? No. When debt growth is modest and interest rates are low, the economy grows faster than the cost of servicing debt. This (though politicians would have you believe otherwise) is Economics 101: what matters is not the absolute size of the debt but its size relative to the country’s economy overall. As with the financing of your home, there isn’t such a thing as a “big” or “small” mortgage per se—it entirely depends on your income. Economists use the debt-to-GDP ratio, which measures a country’s debt burden relative to its national income, to assess this for Canada’s economy. When we think of the fiscal—or moral—consequences of our debt policy on the next generation, the debt-to-GDP ratio is the right guidepost. And a responsible fiscal policy ensures that the debt-to-GDP ratio does not grow, not that we have no debt, or run no deficits, at all.
.
Over the five years from 2009 to 2014, Canada added $158 billion to the federal debt—which sounds like a lot, but our economy’s size was closing in on $2 trillion at the time, so the crucial debt-to-GDP ratio didn’t move much. We did add $71 billion of debt over the last four years—but the debt-to-GDP ratio actually fell by 1 percent over that period, since the economy grew more quickly than the debt did. Debts rise and fall, but there is no inexorable march to crisis that is unleashed by allowing some degree of discretion on deficit spending or the debt that ensues. We should just accept that the debt battle has been won and move on.
(https://i.imgur.com/fCc0y6U.png)
-
Chrystia Freeland talks income inequality, wealth distribution, economic mobility, stagnant incomes for the 99%, and more in this TED Talk from 2013:
https://www.ted.com/talks/chrystia_freeland_the_rise_of_the_new_global_super_rich?language=en
This is the kind of thing that I was hoping for from the Liberals when they took office in 2015.
-k
-
Chrystia Freeland talks income inequality, wealth distribution, economic mobility, stagnant incomes for the 99%, and more in this TED Talk from 2013:
https://www.ted.com/talks/chrystia_freeland_the_rise_of_the_new_global_super_rich?language=en
This is the kind of thing that I was hoping for from the Liberals when they took office in 2015.
-k
OMG... it's LEFTY KIMMY !!! Welcome back
-
OMG... it's LEFTY KIMMY !!! Welcome back
Don't call it a comeback, I been here for years!
Here's an article about what may be in store as Freeland takes over Finance. The theme of the piece is that Trudeau is interested in addressing rapidly rising income inequality, and Morneau apparently wasn't. But it's something that Freeland has been interested in for a long time, as her 2012 book and 2013 Ted Talk demonstrate. With the covid shitstorm, this might be a golden opportunity to change our economy.
https://www.bloomberg.com/news/articles/2020-08-26/trudeau-plots-sharpest-turn-left-in-economic-policy-since-1980s
-k
-
Freeland, while not ultra-wealthy, has been part of that same globe-trotting elite since her career as an editor at the Reuters news service and the Financial Times. Her book’s acknowledgments include Eric Schmidt, George Soros, Jeff Immelt, and David Rubenstein on a list of people who “helped me to understand their world and some have become friends.”
:D
-
https://www.youtube.com/watch?v=DGZ7nJCzlW4
Richard Wolff on MMT
-
https://www.youtube.com/watch?v=1jBetgONs0E
Ok.
I think I have this a little clearer:
Instead of borrowing the money, we print it and save the interest rate. The danger is that governments will go even more deficit mad than they are today. ( Looking at YOU Trump )
-
Chrystia Freeland talks income inequality, wealth distribution, economic mobility, stagnant incomes for the 99%, and more in this TED Talk from 2013:
https://www.ted.com/talks/chrystia_freeland_the_rise_of_the_new_global_super_rich?language=en
This is the kind of thing that I was hoping for from the Liberals when they took office in 2015.
Agreed. Where are the structural changes? Why do house rices keep booming but incomes aren't? How is this being paid for?? Why are banks and the finance industry still allowed to rip people off and not act in their best interests while taking hush-hush commissions from mutual funds they recommend to clients etc. We've mostly been getting deficit spending, that's not much of a solution, it's just kicking the can down the road.
I think the CPC and Liberals have the banks, housing developers, and corporations in general in their pockets. Same at the provincial level, and municipal.
-
1. Where are the structural changes? Why do house rices keep booming but incomes aren't? How is this being paid for??
2. Why are banks and the finance industry still allowed to rip people off and not act in their best interests while taking hush-hush commissions from mutual funds they recommend to clients etc.
1. Money laundering and government promoting speculation.
2. The middle class benefits tangentially due to rising house prices.
-
1. Money laundering and government promoting speculation.
2. The middle class benefits tangentially due to rising house prices.
2. If you sell your home for a profit, you still have to buy another ridiculously expensive house to live in. Unless you move from a big city to the middle of nowhere, there's no benefit.
-
2. If you sell your home for a profit, you still have to buy another ridiculously expensive house to live in. Unless you move from a big city to the middle of nowhere, there's no benefit.
That's called retirement. There are also other benefits to having an expensive house, like renting out the basement for $1500/month and remortgaging and using the money to buy RRSPs.
-
(https://i.imgur.com/gDlV5kK.png)
(https://i.imgur.com/tSglAOH.png)
-
Has the pandemic done more to exacerbate wealth inequality than any other event in our lifetimes?
If so, what can be done to change that?
-k
-
Has the pandemic done more to exacerbate wealth inequality than any other event in our lifetimes?
If so, what can be done to change that?
-k
Everything continues to compound from supply-side economics, to the savings & loans scandals, to the short-selling bullshit of 2008, and now the pandemic. If you were born in 1980 or later, you've been royally ****.
-
Has the pandemic done more to exacerbate wealth inequality than any other event in our lifetimes?
I certainly think it's underscored how more tilted the playing field is becoming as years go by.
If so, what can be done to change that?
-k
Not much that I can see. Around here affordable housing is an acute issue - there's virtually nothing available and when something does come up the selling price is usually higher than what's asked for. The availability of developable land is tight and building costs are anywhere from $300 - $400 a square foot so there's little to no pressure relief valve to be found there. The only change I can see that might alleviate this would be if 1st Nations around here made treaty lands available for long term lease but any discussion I'm aware of in that direction is about more high-end development as opposed to affordable housing. The pandemic has clearly driven the cost of property up.
The numbers of people living/camping out on the old logging roads around here has gotten out of hand and gates to cut them off are going up. It's like winding up a spring even tighter.
-
Everything continues to compound from supply-side economics, to the savings & loans scandals, to the short-selling bullshit of 2008, and now the pandemic. If you were born in 1980 or later, you've been royally ****.
I think it goes back further. If you're not a boomer you've been effed. Middle-aged "deaths of despair" and whatnot. Even some boomers i'm sure have been effed.
-
Has the pandemic done more to exacerbate wealth inequality than any other event in our lifetimes?
If so, what can be done to change that?
-k
I think 2008 was worse. At least they bailed out regular people this time.
-
Part of me thinks if we weren't lucky as heck to be located right next to the US our economy would be a joke.
-
(https://i.imgur.com/JNu5JAA.png)
-
AAA!?
That's impossible! Conservatives keep telling me that Trudeau has destroyed the economy!
-
A credit rating just measures ability to repay, it doesn't measure the impact of servicing debt on a society.
-
A credit rating just measures ability to repay, it doesn't measure the impact of servicing debt on a society.
How do you suggest measuring the impact on society then?
-
How do you suggest measuring the impact on society then?
By the budget cuts and tax increases required in to service your debt in future. Lenders don't care as long as they believe you can pay.
-
Budget cuts and tax increases are not the only way to service the debt. If economic output is increased, then the debt is more serviceable. But ain't nobody got time to explain that to you for the thousandth time.
-
Also, you do realize that the credit rating is based on the country's ability to service its debt, right?
-
Budget cuts and tax increases are not the only way to service the debt. If economic output is increased, then the debt is more serviceable. But ain't nobody got time to explain that to you for the thousandth time.
Ya, the old debt to GDP thing. Unlimited growth to finance unlimited borrowing. The modern definition of living within your means.
-
Ya, the old debt to GDP thing. Unlimited growth to finance unlimited borrowing. The modern definition of living within your means.
So limit growth.
-
So limit growth.
Can't be done. You could more easily reframe economics to not count it somehow.
-
Can't be done. You could more easily reframe economics to not count it somehow.
We already do that by regarding our planet's natural capital as something that's external to our economy.
This is why wringing our hands and crying 'but what about the grandkids' seems so disconnected from reality.
-
Can't be done. You could more easily reframe economics to not count it somehow.
The planet we live on is doing that already.
-
1. We already do that by regarding our planet's natural capital as something that's external to our economy.
2. This is why wringing our hands and crying 'but what about the grandkids' seems so disconnected from reality.
1. I don't think so.
2. I think you are just saying "we're doing bad things". I agree but "growth" isn't the same thing as consuming more resources and so let's start better conversations with better starting points.
-
The planet we live on is doing that already.
What eyeball said, and what I replied.
-
What eyeball said, and what I replied.
This pandemic should be a wake up as to what nature can do to human ideas about growth.
-
This pandemic should be a wake up as to what nature can do to human ideas about growth.
Apparently the birth rate has dropped significantly. Is it because people are fightin' more then ****in' or are they having 2nd thoughts about bringing kids into a world FUBAR?
-
Apparently the birth rate has dropped significantly. Is it because people are fightin' more then ****in' or are they having 2nd thoughts about bringing kids into a world FUBAR?
People can't date or meet people.
-
People can't date or meet people.
Well, I was talking about people who'd made it past that stage. People must be a lot more impatient these days or something.
-
This pandemic should be a wake up as to what nature can do to human ideas about growth.
The pandemic won't make a dent in growth for long.
-
:-*
The pandemic won't make a dent in growth for long.
Well we don’t really know how long it will last or how much damage it will do. We are looking to vaccines to return things to normal while it is getting worse in much of the world. It just goes to show how Mother Nature can crap on our great assumptions about the future in a heartbeat and how vulnerable the whole world is to this kind of thing. Everything has its limits.
-
It just goes to show how Mother Nature can crap on our great assumptions about the future in a heartbeat and how vulnerable the whole world is to this kind of thing. Everything has its limits.
I recall reading that Stephan Hawking thought one of our main orders of business should be a defense against asteroids and comets - another matter of when as opposed to if.
-
The pandemic won't make a dent in growth for long.
Unless the variants become like the flu and this never ends.
-
Unless the variants become like the flu and this never ends.
I read that they naturally subside in impact...
-
(https://i.imgur.com/JNu5JAA.png)
(https://i.imgur.com/RPFQC8s.png)
-
Canada is following the same policy. For Federal Reserve read Bank of Canada.
https://www.bnnbloomberg.ca/stimulus-could-lead-to-long-term-bond-bear-market-gundlach-1.1595878
Who’s going to buy all these many trillions of dollars of bonds? Well, it’s not foreigners, they’ve been selling for years, and they’ve accelerated their selling in the last several quarters. Domestic buyers haven’t done any net buying in years either – they’re not exactly selling, but they’re not adding to their holdings,” he said. “So what’s left to adsorb all of this bond supply is the Federal Reserve.”
On inflation.
“I’m not sure why they think they know that it’s transitory: how do they know that? I mean, there’s plenty of money printing that’s been going on, and we’ve seen commodity prices going up really massively,” he said.
“It’s not clear to me that inflation is going to go back down to around two-and-a-half or two per cent. We don’t know, nobody knows, I’m most concerned about the fact the fed thinks they know.”
Gundlach said the degree and depth of the potential selloff in bonds depends almost entirely on the scope of further asset purchases by the U.S. Federal Reserve.
-
Canada is following the same policy. For Federal Reserve read Bank of Canada.
quantitative easing (QE) policy... all G7 countries are following it - it being, 'central banks purchasing their respective government bonds'; however, indication is that, the Bank of Canada is set to slow its bond buying ahead of its G7 peers (https://www.bnnbloomberg.ca/bank-of-canada-set-to-slow-its-bond-buying-ahead-of-g-7-peers-1.1581540)
The Bank of Canada is signalling it will the first Group of Seven central bank to clearly start taking its foot off the gas as the nation’s economic recovery from the COVID-19 crisis accelerates.
Deputy Governor Toni Gravelle used a Tuesday speech to lay out ground rules the central bank will use to slow the pace of its purchases of Canadian government bonds.
The comments suggest a greater willingness than the U.S. Federal Reserve and other major central banks to scale back support for the economy. Analysts anticipate next steps to pare bond purchases will come as early as a policy decision next month, versus expectations for a so-called taper in the U.S. next year. The Bank of Japan last week tweaked its stimulus programs, but argued it’s not hitting reverse.
.
Gravelle’s virtual remarks before the CFA Society Toronto highlighted how the reduction in purchases will work.
He said the tapering will be “gradual and in measured steps” and pointed out that moderating the pace of bond acquisitions will still mean stimulus is being added, as long as purchases exceed maturities. Policy makers will eventually bring net purchases to zero when the “recovery is well underway.” But even then, that will still leave a considerable amount of stimulus in place because of the stock of accumulated bonds.
“We will eventually get down to a pace of QE purchases that maintains -- but no longer increases -- the amount of stimulus being provided,” Gravelle said.
-
The only way it can slow bond buying is for the government to borrow less money.
-
The only way it can slow bond buying is for the government to borrow less money.
Isn't that self evident ?
-
Isn't that self evident ?
Only if they borrow less money.
-
Inflation rate hits 3.4%
https://www.ctvnews.ca/business/annual-inflation-rate-in-april-rises-to-highest-in-nearly-a-decade-1.5434225
-k
-
We've all heard of the "Trickle Down" theory and we all know it's BS.
I've been pondering a modern corollary that I've called the "Hoover Up" theory. Basically the idea is this: print a bunch of money, distribute it to average Canadians and poorer Canadians, and before too long the large bulk of that money will be in the hands of the wealthy... drawn there by a gigantic sucking force.
I only have anecdotal evidence right now. The major banks all posted huge increases in their profits this year. Lots of Canada's biggest companies and richest people have also done very well in the past year. I recall seeing an article that tracked a number of Canadian billionaires and saw several of them had seen huge increases in their wealth. Instead of giving money directly to the rich in the form of tax cuts, we're now giving it indirectly to the rich in the form of money transfers to the masses. It takes a slightly more circuitous route to get there, but the destination is the same.
-k
-
Sounds like MMT, which I have posted about.
I think it could go bad quickly, though...
-
We've all heard of the "Trickle Down" theory and we all know it's BS.
I've been pondering a modern corollary that I've called the "Hoover Up" theory. Basically the idea is this: print a bunch of money, distribute it to average Canadians and poorer Canadians, and before too long the large bulk of that money will be in the hands of the wealthy... drawn there by a gigantic sucking force.
I only have anecdotal evidence right now. The major banks all posted huge increases in their profits this year. Lots of Canada's biggest companies and richest people have also done very well in the past year. I recall seeing an article that tracked a number of Canadian billionaires and saw several of them had seen huge increases in their wealth. Instead of giving money directly to the rich in the form of tax cuts, we're now giving it indirectly to the rich in the form of money transfers to the masses. It takes a slightly more circuitous route to get there, but the destination is the same.
-k
If you give the masses money, they will buy stuff from people who own businesses who are often rich, and/or park it in savings accounts or put it in the markets. So I think rich and poor all benefit.
Then what will the rich do with that money? Many different things I guess. They could invest in markets or their own businesses, which means creating more jobs for the masses.
The thing that sucks is inflation, especially now housing inflation. That won't benefit the average home owner unless they at some point sell and buy in a less expensive market. It benefits the developers, banks, real estate speculators, and governments since rising property values mean rising property taxes and more tax revenue.
-
Inflation rate hits 3.4%
wait, what? That's 3.4% in April 21 (as compared to April 20) - yes? In any case, is CPI like, uhhh... inflation inflation (what the Bank of Canada (BoC) uses CPI to target)... like that? March CPI was 2.2% - surely those poindexter's at the BoC aren't futzed by monthly (12 month) percentage changes... surely the BoC is more interested in a calendar year annual average - surely! Wait now waldo, aside from all those caveats associated with CPI itself, isn't there an overriding consideration related to the Covid-19 pandemic itself... one is which consumers experienced a significant decline in prices from February to April 2020 - surely in the coming months, (base year effecting) price declines observed in March and April 2020 will fall out of the 12-month price movement - surely!
what was your point member kimmy - what was your point?
-
the kimmo merely posts a topical headline! Interpret as you wish!
-k
-
Sounds like MMT, which I have posted about.
I think it could go bad quickly, though...
I don't think the goal of MMT is the enrichment of the wealthy by increasing public debt. I think that's merely a side-effect, which we should be trying to counteract.
What kind of policy moves might slow or counteract the flow of money to people who already have money?
-k
-
I don't think the goal of MMT is the enrichment of the wealthy by increasing public debt. I think that's merely a side-effect, which we should be trying to counteract.
What kind of policy moves might slow or counteract the flow of money to people who already have money?
-k
Keynsian economics ? Pretty old stuff from the 20th century.
-
the kimmo merely posts a topical headline! Interpret as you wish!
the kimmo finds a nothingBurger... topical? As for interpreting, yes, yes indeed - the waldo interpreted the kimmo's bigTimeFail... interpretive facts that you won't touch; that you're running away from!
-
Keynsian economics ? Pretty old stuff from the 20th century.
Keynesian economics involves expanding or contracting government spending in response to economic conditions. It really doesn't address the flow of wealth to the wealthiest.
-k
-
the kimmo finds a nothingBurger... topical? As for interpreting, yes, yes indeed - the waldo interpreted the kimmo's bigTimeFail... interpretive facts that you won't touch; that you're running away from!
the kimmo wonders why the waldo is so agitated by this! Mention of inflation is clearly a no-no in waldo country, hey hey?
-k
-
Inflation rate hits 3.4%
wait, what? That's 3.4% in April 21 (as compared to April 20) - yes? In any case, is CPI like, uhhh... inflation inflation (what the Bank of Canada (BoC) uses CPI to target)... like that? March CPI was 2.2% - surely those poindexter's at the BoC aren't futzed by monthly (12 month) percentage changes... surely the BoC is more interested in a calendar year annual average - surely! Wait now waldo, aside from all those caveats associated with CPI itself, isn't there an overriding consideration related to the Covid-19 pandemic itself... one is which consumers experienced a significant decline in prices from February to April 2020 - surely in the coming months, (base year effecting) price declines observed in March and April 2020 will fall out of the 12-month price movement - surely!
what was your point member kimmy - what was your point?
the kimmo wonders why the waldo is so agitated by this! Mention of inflation is clearly a no-no in waldo country, hey hey?
standard kimmo deflection move... state the other member is 'agitated'! Thing is member kimmo, as much as you presume to posture, to obfuscate... CPI is not inflation as targeted, measured, defined by the Bank of Canada. C'mon, take a stab at what I actually replied to you with... I've re-quoted it again for you to ignore/run away from!
-
Keynesian economics involves expanding or contracting government spending in response to economic conditions. It really doesn't address the flow of wealth to the wealthiest.
-k
Ok, but the Keynsian era coincided with higher taxes, and increased economic equality.
-
Don’t panic waldo, there will be plenty of time for that.
-
I don't think the goal of MMT is the enrichment of the wealthy by increasing public debt. I think that's merely a side-effect, which we should be trying to counteract.
What kind of policy moves might slow or counteract the flow of money to people who already have money?
-k
Taxes on the very wealthy, and corporate taxes on large corps. Them making money is basically inevitable but we can also take some of it from them in income taxes etc. and redistribute back to the masses, who can then spend it again, and keep the cycle going.
-
the kimmo wonders why the waldo is so agitated by this! Mention of inflation is clearly a no-no in waldo country, hey hey?
-k
Inflation makes the government of the day look bad, or something?
Inflation is inevitable if people are sitting on their money for a year and then suddenly start spending it when COVID restrictions open up, while businesses are also looking to make up for losses etc. Demand will be higher than supply in many areas.
-
Don’t panic waldo, there will be plenty of time for that.
member kimmo says I'm 'agitated'... and now you say lil' ole waldo is 'panicked'! Over what? Over schooling the kimmo on what inflation actually is... and isn't - on that?
but hey now, is there a translator in the house to help explain just what you're blubbering on about here? Oh wait, are you referring to actual inflation... rather than the kimmo's misunderstanding over CPI? Is that it? How will you share your perpetual worrisome self between your fav hobby horse, debt... and inflation? Geezaz, talk about panic - yours!
-
Inflation makes the government of the day look bad, or something?
one can make that statement/argument... but you don't try to leave that implication, as member kimmo did, by drawing reference to one month of CPI and incorrectly referring to it as actual inflation. And again, more pointedly, even if she wanted to make some implication with April's CPI, the waldo also schooled the kimmo on the overriding consideration related to the Covid-19 pandemic itself... one is which consumers experienced a significant decline in prices from February to April 2020 - that in the coming months, the base year affecting consumer price declines observed in March and April 2020 will fall out of the 12-month price CPI movement!
-
last week G7 Finance Ministers announced an historic accord to set a minimum global corporate tax rate intended to enact a minimum floor level on the taxes paid by corporations worldwide and help to prevent multinational firms seeking lower tax obligations from simply moving elsewhere; specifically agreeing to the principle of a global minimum corporation tax on large firms of at least 15% operated on a country-by-country basis - the agreement enables countries to tax 20 percent of the profits of “the largest and most profitable multinational enterprises” that have profit margins of at least 10 percent.
clearly bumpkin O'Foole failed to "read the room"... also showing a related passage from his letter as sent to PM Trudeau
(https://i.imgur.com/TbAGl85.png)
during this weeks meeting, G7 leaders will formally accept this agreement reached by their respective Finance Ministers. Apparently action figures are now available in the gift shop!
(https://i.imgur.com/1ftcln9.jpg)
-
Biden action figure is an oxymoron.
I would be curious about a Merkel sex doll though...
-
yup, member Hardner - I recall you mentioning a fondness for the largerLadies... good to read you leaning towards Merkel's large brain (degree in physics & doctorate in quantum chemistry)!
-
Apparently the birth rate has dropped significantly. Is it because people are fightin' more then ****in' or are they having 2nd thoughts about bringing kids into a world FUBAR?
My friend thought long and hard before having her one child, and won't be having a second because of environmental concerns.
Not sure how compelling it is, but there's evidence that the pollutants in the world have affected male fertility; they have smaller sexual organs and sperm is less healthy.
-
My friend thought long and hard before having her one child, and won't be having a second because of environmental concerns.
Not sure how compelling it is, but there's evidence that the pollutants in the world have affected male fertility; they have smaller sexual organs and sperm is less healthy.
Yup. A chubby gal with a brain and hopefully glasses... Make me stammer...
-
My friend thought long and hard before having her one child, and won't be having a second because of environmental concerns.
Not sure how compelling it is, but there's evidence that the pollutants in the world have affected male fertility; they have smaller sexual organs and sperm is less healthy.
My wild guess is cellphones. Sperm counts have dropped steadily since the iPhone came out around 2009. Men usually keep their phones in their front pocket, which is right next to their balls. Before I go to bed I put my phone at least 4-6 feet away from me while I sleep just to give my body a break, and I turn off my wifi and data whenever not in use. I have no idea if this does anything but I know it doesn't hurt.
I don't see any other reason why sperm counts would have dropped over the last 10-15 years, but who knows.
-
Wow, very interesting. I've had a mobile phone for 10 years and I never keep it in my front pocket and my sperm counts are healthy and above average for my age. You may have had a good guess, but I'm sure studies would be able to explain this to us..
-
I spent the last 28 years of my working life surrounded by electronics and sucking up high altitude radiation.
Good thing I had my kids early.
-
Probably the all pervasive endocrine disruptors.
-
According to researcher Shanna Shawn, phthalates cause small penises, and affect fertility.
https://news.sky.com/story/human-penises-are-shrinking-because-of-pollution-warns-scientist-12255106
Air pollution affects both men and women, affecting both egg and sperm production, and likelihood of carrying the baby to term. https://www.theguardian.com/environment/2021/feb/17/air-pollution-significantly-raises-risk-of-infertility-study-finds
And the affects of electronic devices on sperm:. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7727890/
Gilead seems even less unlikely, but at least explains why there are no cell phones in the show.
-
Good thing I had my kids early.
Really ? I never really enjoyed morning sex. I need coffee before I do anything energetic or erotic :D
-
BACK ON TOPIC
https://www.ted.com/talks/stephanie_kelton_the_big_myth_of_government_deficits?utm_campaign=tedspread&utm_medium=referral&utm_source=tedcomshare
Stephanie Kelton talks MMT and sounds suspiciously more like a politician than an economist ?
-
Europe tries to assemble to combat China, Russia and the US from trade 'coercian'
https://www.tradetalkspodcast.com/podcast/157-europes-trade-policy-and-open-strategic-autonomy/
-
About 1/2 way through this. Watch and you will get smarter with each minute.
A fine primer on how common people and even experts repeat and build policy on misconceptions and falsehoods.
https://www.youtube.com/watch?v=uQAFu_CO4Aw
Yukon Huang is the presenter.
https://en.wikipedia.org/wiki/Yukon_Huang
-
Steel War ended. Almost no coverage.
https://www.reuters.com/world/us-eu-expected-announce-deal-ending-steel-aluminum-tariff-dispute-sources-say-2021-10-30/
-
Steel War ended. Almost no coverage.
https://www.reuters.com/world/us-eu-expected-announce-deal-ending-steel-aluminum-tariff-dispute-sources-say-2021-10-30/
Not much of interest to Canadians.
-
Not much of interest to Canadians.
We were involved in it, and anyway there wasn't much coverage ibsaw in the US either.
-
Not much of interest to Canadians.
Maybe it's a more general growing lack of faith and very low expectations that are causing more people to tune out.
Take COP26 for example. The vast majority of us expect nothing to come out it and have concluded that we're too late. We should have been acting on this decades ago. Of course we would have needed to work on our governance for decades before that.
https://angusreid.org/
-
We were involved in it, and anyway there wasn't much coverage ibsaw in the US either.
We were exempted from tariffs on steel, were we not?
-
We were exempted from tariffs on steel, were we not?
Yes but with a quota cap.
-
Yes but with a quota cap.
Has the cap changed?
-
Has the cap changed?
I haven't heard. I don't think so
-
Liberal China is under scrutiny... Or maybe it's actually gone
https://www.economist.com/finance-and-economics/2022/05/22/foreign-investors-are-fleeing-china
-
Mention of inflation is clearly a no-no in waldo country, hey hey?
(https://i.imgur.com/zGycxHZ.jpg)
hey kimmo, now (you) do the impact of the Russia-Ukraine war on global/country growth & inflation projections - yes?
-
Parliamentary Budget Officer's assessment of the sustainability of government finances over the long term for the federal government, subnational governments and public pension plans - the 2022 Fiscal Sustainability Report:
Current fiscal policy at the federal level is sustainable over the long term. We estimate that the federal government could permanently increase spending or reduce taxes by 1.8 per cent of GDP ($45 billion in current dollars, growing in line with GDP thereafter) while maintaining fiscal sustainability.
(https://i.imgur.com/Vjyosyw.gif)(https://i.imgur.com/k3twFPC.jpg)
-
oh my! Talk about not cooperating... not aligning with Poilievre's grand HOC debut as the new CPC leader! From a high of 8.1% in June, to 7.6% in July... to 7.0% in August!
(https://i.imgur.com/9EDfxWw.jpg)
-
Happy waldoganda Friday everyone!
Hey lurkers, straight from the PMO and into your discussion forum. *Paid for by the Liberal Party of Canada, Hey!
-
whoa! Hey Nipples - what happened to Nipples?
-
whoa! Hey Nipples - what happened to Nipples?
Nips queefed... Queef nips...
-
https://tradetalkspodcast.com/podcast/166-bidens-new-indo-pacific-talks-vs-tpp/
Fascinating overview of what happened with the TPP and the new... framework... for trade, through Obama, Trump and Biden.
I learn a lot from this podcast.
-
oh my... this must really sting, hey PeePee... hey Shady!
over the last 2 quarters, Canada had the highest GDP growth in the G7:
(https://pbs.twimg.com/media/FgXhMd4aAAIkUJ7?format=jpg&name=900x900)
-
Moody's affirms Canada AAA rating; maintains a stable outlook for Canada:
(https://pbs.twimg.com/media/FgrL5bTXoAEtXU4?format=jpg)
-
Canada job gains blow past expectations, wage growth remains strong
Canadian employers added 108,000 jobs in October, wildly surpassing economist expectations of a 10,000 gain, Statistics Canada reported in its Labour Force Survey on Friday.
The agency said the October increase was entirely in full-time work and helped recoup all of the positions lost since May. StatCan also said the gains were widespread across industries including manufacturing, construction and food services.
-
By the way -> EVERYONE should listen to this.
Seismic changes in US Canada relations, somewhat explains us kicking China out of the mining industry this week.
https://tradetalkspodcast.com/podcast/170-national-security-semiconductors-and-the-us-move-to-cut-off-china/
-
By the way -> EVERYONE should listen to this.
Seismic changes in US Canada relations, somewhat explains us kicking China out of the mining industry this week.
https://tradetalkspodcast.com/podcast/170-national-security-semiconductors-and-the-us-move-to-cut-off-china/
I completely approve of this decision. Trudeau's actually doing something useful.
-
But it's sad that you can't say "whatabout China" anymore when reminded of you guys' deference to Putin.
-
Bubber....
Same way Democrats can't say what about Trump on this.
Democrats, Liberals, Conservatives, Republicans have been remarkably aligned, even during the change in attitudes we're seeing towards China
-
https://tradetalkspodcast.com/podcast/171-what-makes-a-supply-chain-resilient/
Supply Chain resiliency in India during the pandemic...
-
oh nooooos! What will PeePee say to this?
just released Inflation Report from Scotiabank Global Economics says that in regards the rise in inflation we {in Canada} have observed since the end of 2019:
=> 85% of our inflation is from "global or foreign forces" & supply challenges
=> Government transfers account for around 0.45 percentage points
(https://i.imgur.com/eAmtsWO.gif)
-
PeePee continues to blather on about "Justinflation" - such a doofus is Poilievre!
(https://pbs.twimg.com/media/FjedqkhakAA2s3S?format=jpg&name=900x900)
-
If that's true, then the economy will be percolating around the time of the next election.
We can have PP gone after that.
-
If that's true...
unless otherwise specified on the graphic, data sourced from Trading Economics (Nov, 2022)... visualized per Elements/Visual Capitalist
-
If that's true, then the economy will be percolating around the time of the next election.
We can have PP gone after that.
Percolating for whom? There are more renters now than ever before. Nobody can afford a home. And it’s only going to get worse as the Trudeau regime throws more and more money at the problem. It’s the Trudeau economy, where nobody owns anything, and you’ll like it.
-
PeePee continues to blather on about "Justinflation" - such a doofus is Poilievre!
(https://pbs.twimg.com/media/FjedqkhakAA2s3S?format=jpg&name=900x900)
That’s what it’s come to huh? Comparing inflation to countries involved in a war like Ukraine, or 3rd world countries. That’s a pretty low bar for the Trudeau regime.
-
That’s what it’s come to huh? Comparing inflation to countries involved in a war like Ukraine, or 3rd world countries. That’s a pretty low bar for the Trudeau regime.
Third world countries like the UK and USA hang on maybe you’re onto something.
-
That’s what it’s come to huh? Comparing inflation to countries involved in a war like Ukraine, or 3rd world countries. That’s a pretty low bar for the Trudeau regime.
You know that’s a map of the world, don’t you?
-
Percolating for whom? There are more renters now than ever before. Nobody can afford a home. And it’s only going to get worse as the Trudeau regime throws more and more money at the problem. It’s the Trudeau economy, where nobody owns anything, and you’ll like it.
(https://i.kym-cdn.com/photos/images/newsfeed/001/315/702/7e0.jpg)
-
Wage growth and the pandemic
Economics discussion
http://castbox.fm/app/castbox/feed/522485e4b3b07a933534b4ec895a436cbe01ee9d/track/872a12f9756b37560bfae4c8a9b58f7eb8ee12c5
-
Canada added 150,000 jobs last month, 10 times what economists expected... but, but... PeePee says Canada is broken!
(https://i.imgur.com/5wlWk6U.gif)
-
Canada added 150,000 jobs last month, 10 times what economists expected... but, but... PeePee says Canada is broken!
(https://i.imgur.com/5wlWk6U.gif)
A very stupid person recently claimed the job numbers are up because people are working two jobs.
-
Canada added 150,000 jobs last month, 10 times what economists expected... but, but... PeePee says Canada is broken!
(https://i.imgur.com/5wlWk6U.gif)
No just him, but 67% of Canadians. The United States added 500,000 jobs, and most people feel worse off. You’re ignoring the underlying problems, probably on purpose. People needing to take 2nd and 3rd jobs just to get by isn’t prosperity.
-
Canada added 150,000 jobs last month, 10 times what economists expected... but, but... PeePee says Canada is broken!
(https://i.imgur.com/5wlWk6U.gif)
No just him, but 67% of Canadians.
again! You mean that 67% of ~1550 Leger's closed-shop LEO community members who take surveys for "reward points" - notwithstanding a methodology that follows a non-probability sampling approach! Ya Shady, keep showcasing your ignorance!
People needing to take 2nd and 3rd jobs just to get by isn’t prosperity.
c'mon Shady! Stats Can says employment rose by 150,000 (+0.8%) in January, mostly in full-time work...
-
No just him, but 67% of Canadians. The United States added 500,000 jobs, and most people feel worse off.
"Feeling" worse off and actually being worse off are two different things.
You’re ignoring the underlying problems, probably on purpose.
*extremely 'guy who who doesn't care about corporate price gouging voice'* "You're ignoring the underlying problems!"
People needing to take 2nd and 3rd jobs just to get by isn’t prosperity.
Multiple Jobholders as a Percent of Employed (https://fred.stlouisfed.org/series/LNS12026620)
Pretty much where things were pre-pandemic.
-
In a pitch to cryptocurrency investors, Poilievre says he wants Canada to be 'blockchain capital of the world' (https://www.cbc.ca/news/politics/poilievre-bitcoin-policy-1.6399986) --- Conservative leadership candidate says government is 'ruining' the dollar, backs bitcoin
(https://pbs.twimg.com/media/FVzT3zBXoAEQEes?format=jpg&name=900x900)
oh my! PeePee, you got some (more) splainin' to do!
Will a Trio of Major Bank Failures Dampen Interest in Blockchain Technology? (https://www.digitaltransactions.net/will-a-trio-of-major-bank-failures-dampen-interest-in-blockchain-technology/)
Signature Bank on Sunday became the latest domino to fall in a reckoning that is expected to have widespread ripple effects not only for banking but for the burgeoning cryptocurrency industry. The New York City-based bank, closed by state regulators, is said to be the third-largest bank failure in U.S. history. Its collapse follows the Friday shutdown of crypto-oriented Silicon Valley Bank, an action that represented the second-largest bank failure after that of Washington Mutual Bank, which fell victim to the 2008 financial crisis.
The failure of both institutions is a blow to the burgeoning but troubled cryptocurrency industry, as the banks served as key on-ramps for customers seeking to convert fiat money to Bitcoin and other crypto coins. They also helped crypto startups looking for financing, observers say. The loss of Silicon Valley Bank, in particular, “will have a wide-ranging impact” on the prospects for cryptocurrency, notes Cliff Gray, a senior associate at the Omaha, Neb.-based consultancy The Strawhecker Group who follows the cryptocurrency business.
But the events of the weekend could have an even deeper impact, observers warn, on the prospects for widespread consumer acceptance of the blockchain technology that lies at the root of cryptocurrency. ‘What the public is seeing is one failure after another,” says Gray, who also points to the bankruptcy in November of the big digital-currency exchange FTX.com and, last week, the collapse of Silvergate Financial Corp., another lender to crypto firms.
-
In a pitch to cryptocurrency investors, Poilievre says he wants Canada to be 'blockchain capital of the world' (https://www.cbc.ca/news/politics/poilievre-bitcoin-policy-1.6399986) --- Conservative leadership candidate says government is 'ruining' the dollar, backs bitcoin
(https://pbs.twimg.com/media/FVzT3zBXoAEQEes?format=jpg&name=900x900)
oh my! PeePee, you got some (more) splainin' to do!
Will a Trio of Major Bank Failures Dampen Interest in Blockchain Technology? (https://www.digitaltransactions.net/will-a-trio-of-major-bank-failures-dampen-interest-in-blockchain-technology/)
Bank failures have nothing to do with blockchain technology! 😂
Tell me you don’t know anything about blockchain technology without telling me that you don’t! 🤣
-
Bank failures have nothing to do with blockchain technology! 😂
Tell me you don’t know anything about blockchain technology without telling me that you don’t! 🤣
geezaz Shady! If you're going to include a cite reference I made in your quote... perhaps you should actually read it, hey!
- Silvergate and Signature were the two main banks for crypto companies, while Silicon Valley Bank had a lot of crypto startups and VCs as customers.
- The failure of the crypto banking trifecta rippled into the stablecoin market over the weekend.
-
geezaz Shady! If you're going to include a cite reference I made in your quote... perhaps you should actually read it, hey!
Geez buddy, you know that banks have had failures before crypto even existed right? 😂
-
Geez buddy, you know that banks have had failures before crypto even existed right? 😂
Deflect, deflect, deflect! 😂😂😂
-
Glad to educate you.
https://youtu.be/j490pDyClrQ
-
Hey waldo, please tell me where blockchain is involved!
Everyone, except SVB management it seems, knew interest rates were heading up. Federal Reserve Chairman Jerome Powell has been shouting this from the mountain tops. Yet SVB froze and kept business as usual, borrowing short-term from depositors and lending long-term, without any interest-rate hedging.
https://www.wsj.com/articles/who-killed-silicon-valley-bank-interest-rates-treasury-federal-reserve-ipo-loan-long-term-bond-capital-securities-startup-jpmorgan-bear-stearns-lehman-brothers-b9ca2347
-
Hey waldo, please tell me where blockchain is involved!
you're such a doofusExtraordinaire... again, the linked article reference I posted should have tempered your nonsense and saved you embarassment. As but one of the contributors to the bank failings, with one bank even referred to as the "crypto bank", significant 'crypto asset' holdings were associated with bonds bought at low(er) interest rate returns. When some of the associated customers started drawing down their deposits (as in a "run on the bank"), these banks had to cash in assets at a huge loss... some to the point of collapse/liquidation!
but hey now Shady! When Poilievre was flying high as Bitcoinman, do you think he actually realized that the diversified assets of mainstream banks don't include crypto? Well did he?
Shady, as you've relayed many times over through a myriad of varying thread posts, are your cyrptoSmarts (also, like PeePee) tied to a Youtube education? LOL!
In February, Poilievre appeared on a cryptocurrency podcast hosted by a bitcoin trader who has promoted COVID-19 conspiracies and has compared central banking policies to slavery and Nazi Germany.
Poilievre told the show's host, Robert Breedlove, that he and his wife occasionally watch his cryptocurrency YouTube channel "late into the night."
"I find it extremely informative and my wife and I have been known to watch YouTube and your channel late into the night once we've got the kids to bed," Poilievre said. "And, I've always enjoyed it and I've learned a lot about bitcoin and other monetary issues from listening to you."
-
you're such a doofusExtraordinaire... again, the linked article reference I posted should have tempered your nonsense and saved you embarassment. As but one of the contributors to the bank failings, with one bank even referred to as the "crypto bank", significant 'crypto asset' holdings were associated with bonds bought at low(er) interest rate returns. When some of the associated customers started drawing down their deposits (as in a "run on the bank"), these banks had to cash in assets at a huge loss... some to the point of collapse/liquidation!
but hey now Shady! When Poilievre was flying high as Bitcoinman, do you think he actually realized that the diversified assets of mainstream banks don't include crypto? Well did he?
Shady, as you've relayed many times over through a myriad of varying thread posts, are your cyrptoSmarts (also, like PeePee) tied to a Youtube education? LOL!
You’re almost ttere buddy! Interest rates and long term bonds is not blockchain. It was a valiant effort though!
-
Whatever the causes, I think everyone can agree that a bunch of libertarian tech bros losing their shirts because of deregulation and begging the government for a bailout is extremely funny (minus the part where the government will probably bail them out).
-
You’re almost ttere buddy! Interest rates and long term bonds is not blockchain. It was a valiant effort though!
of course! The ignorant inferences you drew were befitting of the dumbazz troll you are! But hey now, in line with his mini-Trump ways, when Poilievre (aka Bitcoinman) talks up getting rid of gatekeepers, how will that translate to protections/regulations for Canadian banks?
-
carbon price increased April 1: based on Alberta, economist Trevor Tombe shows the impact on an average household...
(https://i.imgur.com/rCZBKdz.gif)
of course, as carbon price increased so did the applicable rebate. Graphic shows how the new rebate (significantly) compensates for new costs!
-
BC's just goes into general revenue, the federal tax eventually will as well. Too much money involved when governments are racking up $40 billion deficits.
-
Poilievre/CPC et al: lying liars gonna lie... {purposely} misinforming:
- stating gas prices will increase by 14¢/liter!
- per budget increase, stating alcohol price will increase by 6.3%
in fact:
=> the April 1 carbon price increase bumped pump gas price from 11.05 to 14.31¢/liter. That’s 3.26¢/liter, not 14
=> alcohol price increase has been capped at 2%... resulting in, for example, an increase of less than 1¢ per bottle of beer
meanwhile in reality world, as of April 1st the federal Liberal government is increasing the federal minimum wage, permanently eliminating interest on Canada Student Loans, boosting Climate Action Incentive rebates, etc..
-
Poilievre says Canada... everything... is broken! Methinks not, hey!
(https://i.imgur.com/XbJcELI.jpg)
-
Now go buy a house and some groceries.
I have a friend living in Toronto. We were talking about the random subway attacks in Toronto. They said they think many of these attacks are from frustrated and disillusioned people dealing with the economic cost of living issues and other issues like maybe COVID isolation. They are going mental and lashing out. Canary in the coal mine.
These could be mass shootings, but luckily we don't have the gun laws and gun culture like the US.
-
Yeah. When I go grocery shopping I get sticker-shock at every item I put in my basket.
Trying to go to the people with the argument that things are going great won't work out well for them. And a chart showing that people in Italy or the UK have it even worse won't make people feel like the government is doing a great job either.
-k
-
Yeah. When I go grocery shopping I get sticker-shock at every item I put in my basket.
Trying to go to the people with the argument that things are going great won't work out well for them. And a chart showing that people in Italy or the UK have it even worse won't make people feel like the government is doing a great job either.
-k
I wish grocery stores would stop gouging people too. I’d like to see either a tax on profits of grocery stores beyond a certain point, or prices regulated. Oh wait…. Are you guys saying it’s all Trudeau’s fault again…? I do too, but for actual reasons, not made up silly sh!t you’re buying into.
Yes, there has been inflation, but this is across all countries. Tough to blame a single government for that, no?
Trudeau is talking about grocery rebates for people. LOL So, grocery stores will still gouge people, but some people will get a few dollars back. This is a corporate subsidy. Why not just pay the grocery stores to lower their prices? Same thing!
Trudeau isn’t helping, not because he causes inflation, but because he won’t stop consumer gouging.
-
Yeah. When I go grocery shopping I get sticker-shock at every item I put in my basket.
Trying to go to the people with the argument that things are going great won't work out well for them. And a chart showing that people in Italy or the UK have it even worse won't make people feel like the government is doing a great job either.
Food inflation: How Canada's grocery prices compares to other nations (https://www.ctvnews.ca/business/food-inflation-how-canada-s-grocery-prices-compares-to-other-nations-1.6425009)
A report published in May by e-commerce platform Ubuy compared Canadian food inflation rates to the U.S., U.K., Australia and the European Union. Gathering data from three separate timeframes over the past 12 months, three years and five years, researchers were able to find food inflation ranges differently among several nations.
.
Globally, the report found on average food inflation increased by 18.2 per cent in the last 12 months, 30.8 per cent in the last three years and 36.3 per cent in the last five.
The U.K. and European Union saw the highest inflation spike with both seeing a jump of 19.6 per cent over the last 12 months.
.
Despite Canadian food prices reaching new heights in 2022, in comparison to other nations, Canada ranked the second lowest nation in the world for food inflation rate, according to the report.
Over the last 12 months, Canada reported an increase of 8.9 per cent, nearly 10 per cent less than the global average.
-
#BringItHome, hey PeePee!
(https://i.imgur.com/h8DpHiT.jpg)
-
This article made me very sad. When people have to be plundered for their cash in order to keep the economy, anything that costs money will be seen as a negative. So... sorry unborn children you are too expensive :(
What are we living for ?
https://www.theglobeandmail.com/canada/article-birth-rate-decline-grandparents/
Of COURSE:
-Nobody owes anybody a grandchild
-People are free to chose the lives they want
-Woman don't have to give birth to fulfill their womanhood, their lives, etc
But....
-Not being able to 'afford' kids is a travesty to me. What's next is not being afford to live above the level of a slave because... the economy. Having children is, for me, something I wanted to do since the start and it's mind-boggling to me that it's not feasible anymore
-Wanting to own shiny objects and toys or to fly to a beach, a rave in Thailand, etc. rather than have children is - YES OF COURSE -a choice but on a grand scale a spiritual decline of some kind
-The fact that people feel that the world is terrible, has a bleak future, or perhaps that families are some kind of horror due to their own experiences is another version of spiritual sickness
Of course we can say that things have always been bad and people always throw up their hands at the current situation no matter how bad but... I can't absorb it objectively
-
This article made me very sad. When people have to be plundered for their cash in order to keep the economy, anything that costs money will be seen as a negative. So... sorry unborn children you are too expensive :(
I read this as well and felt the same.
-Not being able to 'afford' kids is a travesty to me. What's next is not being afford to live above the level of a slave because... the economy. Having children is, for me, something I wanted to do since the start and it's mind-boggling to me that it's not feasible anymore
-Wanting to own shiny objects and toys or to fly to a beach, a rave in Thailand, etc. rather than have children is - YES OF COURSE -a choice but on a grand scale a spiritual decline of some kind
They're ultimately the same thing, and the same problem. More than anything, I would bet the decline in nuclear families and fertility can be directly correlated to an eroding middle class. When Gen Z and millenials can't even afford rent (let alone home ownership) they never achieve the stability required to partner up and make something happen together. It's simplistic, but Maslow's Hierarchy of needs would suggest that when people are just surviving day to day, they're not concerning themselves with more long term ideas of fulfillment like kids, love and community.
Poor stewardship at every level of government over the last 40 years, and a myopic focus on what's good and easiest today, rather than what's actually good long-term, have left younger generations worse off than ever before. Why solve problems when you can just accumulate debt and kick the can down the road? Housing crisis? Pff! That's my retirement fund!
How are we expecting young adults to have kids when they can't afford to live anywhere??? Governments like Trudeau's face a reckoning because the generation that their policies (and the governments that preceded them) have **** are starting to become the dominant voting bloc, and his popularity amongst them has cratered. It's too little, too late. Housing was already a problem 15 years ago, and everything Trudeau's done since then has made the problem worse. It's not just Trudeau either. The McGuinty/Wynne Liberals did us dirty in Ontario (Doug Ford hasn't helped) and delusional municipal governments have played their role as well.
-
I echo this.
I feel so sad for my aging friends who couldn't afford kids...