Milligan, Schirle – A Labour Force Survey Pandemic Primer
From: Kevin Milligan and Tammy Schirle To: Bill Morneau, Minister of Finance Date: April 8, 2020 Re: A Labour Force Survey pandemic primer Tomorrow’s Labour Force Survey (LFS), covering March 2020, will provide the first official statistical look into the impact of COVID-19 on the Canadian labour market. It will be an incomplete snapshot, because its reference week, Sunday […] Why is the United States delaying approval of the new trade agreement with Canada and Mexico? – Globe and Mail Op-Ed
It’s increasingly difficult to get a handle on where U.S. trade policy is going at any particular time. The latest twist concerns ratification of the Canada-U.S.-Mexico Agreement (called CUSMA in Canada and USMCA in the United States because U.S. President Donald Trump hates the word “NAFTA”).
All three countries have passed internal legislation approving and implementing the agreement. But CUSMA only becomes legally binding 60 days after official ratification notices are exchanged by the three governments. Last week, Canada provided its notice. Mexico did the same a bit earlier. So far, there’s nothing from the American side. It’s not entirely clear why the U.S. is now holding things up. Media outlets in Washington are unable to…
Provinces Will Require Support to Finance Increased Borrowing: Crisis Working Group on Monetary and Financial Measures
April 7, 2020 – Many provinces will face greater difficulties financing the revenue gaps and spending demands from COVID-19 as funding pressures continue to mount. While subnational governments have so far been successful in financing their increased borrowing, many provinces are in worse shape relative to their fiscal positions before the last financial crisis. Furthermore, the loss of provincial revenue from tax deferments will require increased debt financing, putting additional funding pressures on governments whose financial positions are already precarious.
First and foremost, federal officials must support the functioning of markets for provincial debt. To this end, the Crisis Working…
Bhatia, Falk, Jamieson, Piovesan, Shaw – Virtual Healthcare Is Having Its Moment. Rules Will Be Needed
From: R. Sacha Bhatia, Will Falk, Trevor Jamieson, Carole Piovesan and James Shaw To: Healthcare policymakers Date: April 7, 2020 Re: Virtual healthcare is having its moment. Rules will be needed The global COVID pandemic has forced health systems to innovate quickly to protect patients and providers. The first priority has been to diagnose and treat the virus to […] The last thing we need in a pandemic is me-first instincts of international trade – Globe and Mail Op-Ed
There’s hardly a glimmer of sunshine in the COVID-19 crisis, just a constant stream of horribly depressing news and worrying statistics, with no vaccine or antiviral breakthrough in sight.
The skies darkened even further on Friday, when U.S. President Donald Trump suddenly announced a set of trade restrictions under a Korean-War-era law, prohibiting U.S. exports of medical supplies including surgical face masks made by Minnesota-based 3M Corp. The order specifically bans exports to Canada.
It comes at the same time Canada and the United States just entered into a free trade agreement that says in its preamble that it was concluded in recognition of “the longstanding friendship between them and their peoples, and the strong…
Médecine De Guerre Pour Sauver L’économie – La Presse Opinion
L’urgence n’est pas que médicale. Les gouvernements multiplient les mesures radicales pour stopper – coûte que coûte – l’hémorragie économique.
Les gouvernements devaient mettre de grands pans de l’économie sur pause pour freiner la pandémie. Mais depuis, les revenus se tarissent. Sans une importante transfusion d’argent, des entreprises feront faillite, des familles vivront des drames.
D’abord stabiliser le patient. Si on veut que l’économie reprenne après la pandémie, il faudra bien sûr que les entreprises survivent. L’enjeu à court terme : limiter le plus possible la destruction des capacités de production de l’économie. On s’occupera plus tard de relancer la demande.
Dans ses…
Don Drummond – Covid-19 And University And College Students
From: Don Drummond To: Post-secondary policymakers Date: April 6, 2020 Re: COVID-19 and University and College Students There are more than 2 million university and college students in Canada. Their face-to-face classes were among the first casualties of the COVID-19 pandemic. As students and instructors quickly adapt to remote learning platforms, their attention will increasingly turn to what is […] David Losier – Government Guaranteed “ready For Business” Cash Flow Loans
To: The Department of Finance From: David Losier Date: April 6, 2020 Re: Government guaranteed “ready for business” cash flow loans Many economists are predicting a V-shaped recession, deep and temporary. Fact is, the V will probably be a lopsided U, a sharp downturn followed by a flat line and a sloping recovery. The longer […] Bishop, Dachis, Robson – Making The Federal Wage Subsidy Work
From: Grant Bishop, Benjamin Dachis, and William B.P. Robson Date: April 6, 2020 To: Members of Parliament Re: Making the Federal Wage Subsidy Work Like the battle against the virus itself, the struggle to mitigate the economic impact of the COVID-19 crisis is forcing governments to act swiftly. The federal government’s Canada Emergency Wage Subsidy […] The Canada Emergency Wage Subsidy is the right tool for this crisis – Financial Post Op-Ed
On Monday, the federal government announced the framework for a Canada Emergency Wage Subsidy (CEWS) to support employment by topping up payrolls for employers suffering COVID-19-related drops in revenue. More details came out on Wednesday, including the types of employers it will cover, the pay it will supplement, the size and duration of revenue drop that will trigger eligibility, and the estimated cost.
This is an extraordinary measure — something entirely new on the Canadian landscape. Not surprisingly, more details, including the application process and record-keeping requirements, are still to come. Parliament will need to approve it. It is not too early to say, however, that this initiative will turn out to be central in…
Data Vital Tool for Individuals, Businesses, Decision-Makers: Crisis Working Group on Household Income and Credit Support
April 3, 2020 – The C.D. Howe Institute’s Crisis Working Group on Household Income and Credit Support held their second meeting on March 31, 2020 to identify and prioritize key policy challenges during the COVID-19 crisis, and consider policy options and recommendations. The group is comprised of Canadian business leaders and economists and chaired by Michael Horgan, Senior Advisor at Bennett Jones LLP and former Deputy Minister of Finance, Government of Canada.
The working group calls for:
Quicker release of economic data indicators to provide a current and accurate picture of the state of the labour market, enabling individuals, businesses and decision-makers to make informed decisions, Fortification and clarity…Luc Godbout – La Prestation Canadienne D’urgence: Après L’urgence, Prévoir La Transition Vers Le Retour Au Marché Du Travail
De: Luc Godbout À: Honorable Carla Qualtrough, ministre de l’emploi, du développement de la main-d’œuvre et de l’inclusion des personnes handicapées, et l’honorable Bill Morneau, ministres des finances Date: 3 avril 2020 Sujet: La prestation canadienne d’urgence: Après l’urgence, prévoir la transition vers le retour au marché du travail Comme son nom l’indique clairement, la prestation canadienne […]