After the fiscal snapshot, a horror movie? – Financial Post Op-Ed
Last week’s federal fiscal snapshot unveiled numbers so awful that a reasonable person might suspect an expectations-management exercise. The projected deficit of $343 billion for this year was nearly $100 billion worse than the Parliamentary Budget Officer’s June 18 projection and $40 billion worse than the most pessimistic numbers circulating. If realized, it would be the same as last year’s total federal revenues. It would mean the federal government will borrow more than half the money it spends this year. It would increase Ottawa’s net debt by almost half in one year.
Adding to the impression in the snapshot’s numbers of an unfolding fiscal catastrophe was the absence in its commentary of either any…
Laurin, Robson – The Federal Fiscal Snapshot Has Shown Us The Problem. So What’s The Plan?
From: Alexandre Laurin and William B.P. Robson To: Canadians Concerned about Government Debt Date: July 14, 2020 Re: The federal fiscal snapshot has shown us the problem. So what’s the plan? Last week’s fiscal “snapshot” from Finance Minister Bill Morneau was, as its name implied, a static picture – leaving us hanging about what comes […] The Federal Fiscal Snapshot Has Shown Us The Problem. So What’s The Plan? – Globe And Mail Op-ed
The fiscal “snapshot” delivered by Finance Minister Bill Morneau on July 8 was, as its name implied, a static picture – leaving us hanging about what comes next. Like the basketball caught on camera in mid-air as it bounces from rim to rim: Will it go in or out? Or a person teetering on a cliff’s edge: Will she pull back safely or fall? Likewise our fiscally overextended federal government: Will it return to sustainable levels of spending and borrowing, or are Canada’s public finances out of control?
Previous forecasts from the Parliamentary Budget Officer and other projections had muted the shock value of the snapshot’s numbers, but they are alarming. Federal spending in the current fiscal year (2020-21) is now projected to be $…
Van Dijk, Hodgson – How To Pay For The Covid-19-induced Federal Debt?
From: Peter van Dijk and Glen Hodgson To: Canadians concerned about the recovery Date: July 7, 2020 Re: How to pay for the COVID-19-induced federal debt? COVID-19 forced Canada to take the drastic measure of shutting down its economy, resulting in massive government spending to support individuals and businesses, and unprecedented fiscal deficits and a much higher and rising […] Laurin, Wu, Robson – Fiscal Snapshot Will Show A Grim Picture Of Federal Debt
From: Alexandre Laurin, Miles Wu and William B.P. Robson To: Canadians Concerned about Government Debt Date: July 6, 2020 Re: Fiscal snapshot will show a grim picture of federal debt Over the last three months, the regular spending announcements from Canadian governments in response to COVID-19 have progressed from reassuring to alarming. In late June, […] Bill Robson on BNN – Ottawa’s Fiscal Update
Bill Robson, CEO of the C.D Howe Institute, joins BNN Bloomberg with his reaction to the federal government’s fiscal deficit update and how the mounting debt will impact the Canadian economy.
Trevor Tombe – Potential Gains From Provinces Easing Labour Mobility Barriers
From: Trevor Tombe To: Provincial employment ministers Date: June 29, 2020 Re: Potential Gains from Provinces Easing Labour Mobility Barriers Migration is central to Canada’s economic development, especially in the West. International immigration receives significant attention, but interprovincial migration is no less important. In normal times, according to the latest 2016 census data, more than 260,000 Canadians move from […] William B.P. Robson – Covid-19 Must Not Undermine Governments’ Fiscal Accountability
From: William B.P. Robson To: Members of federal, provincial and territorial legislatures Date: June 25, 2020 Re: COVID-19 Must Not Undermine Governments’ Fiscal Accountability COVID-19 is hurting more than our health. It has crushed our economy. And it is straining our governing institutions. A case in point is the federal government’s refusal to table a budget. The C.D. Howe […] Boessenkool, Robson – Thoughts On Forestalling The Coming Childcare Crisis
From: Ken Boessenkool and Jennifer Robson To: Federal and provincial childcare funders Date: June 24, 2020 Re: Thoughts on forestalling the coming childcare crisis As the economy continues to re-open, albeit differently across jurisdictions and over time, many sectors are going to struggle with necessary and ongoing rules on physical distancing and disinfecting. These new […] Ottawa Should Use CERB Extension Time Wisely: Crisis Working Group on Household Income and Credit Support
June 23, 2020 – Ottawa should use the Canada Emergency Response Benefit’s eight-week extension to update its Employment Insurance administrative architecture and roll out a training benefit program, says the C.D. Howe Institute’s Crisis Working Group on Household Income and Credit Support.
At their recent meeting, working group members discussed the proposed amendments to the Canada Emergency Response Benefit (CERB) Act. The group also identified the need for training support benefits for CERB recipients, management of uncertainties to improve decision-making by households, and increased coordination with provincial governments to ease the transition back to work.
The group recommends:
Removing the…Godbout, Gagné-dubé – Lessons From Ireland On Pandemic Income Support
From: Luc Godbout and Tommy Gagné-Dubé To: Bill Morneau, Minister of Finance Date: June 19, 2020 Re: Lessons from Ireland on Pandemic Income Support The similarity of Ireland’s economic response to COVID-19 to Canada’s – in form, scheduling and generosity of emergency measures – makes it worthy of more attention. And it’s all the more interesting because Ireland […] Godbout, Gagné-dubé – Leçons De L’irlande Sur Le Soutien Au Revenu Pendant La Pandémie
De: Luc Godbout et Tommy Gagné-Dubé à: Bill Morneau, Ministre des Finances Date: 19 juin 2020 Re: Leçons de l’Irlande sur le soutien au revenu pendant la pandémie La similitude de la réponse économique de l’Irlande à la COVID-19 avec celle du Canada, tant sur la forme que sur l’ordonnancement et la générosité des mesures mises en place, […]