Where is the Canadian economy headed? The federal finance minister is on the road doing his pre-budget consultations. Expect Jim Flaherty to return with the same complacent views he proclaimed when he left Ottawa; the wording was drawn up for him months ago by the Prime Minister's Office. It reads: the recovery is on track and it is time to cut government spending.
The Harper script for the economy is all about politics and ideology. Liberals want to tax and spend. You can entrust your future to Stephen Harper; unlike Layton and Ignatieff, the Conservative leader will not raise taxes.
How will the next financial crisis erupt? (Or perhaps we should describe it as a further chapter of the ongoing financial crisis.) It's like figuring out which piece of tinder will ignite after a sizzling heat wave. We know it's bad out there, but just where will the next spark hit? What follows is one of many- potential financial crisis scenarios that Canada could face.
The minister of finance has made his Fall Economic Update. We wanted to hear what he had to say about government spending -- but we didn't. Why? Because the real story is one of austerity.
The federal finance minister promised Canadians a look at what is happening with the economy. On the surface, the job is fairly straightforward. James Flaherty has to say whether the economy is growing, or not; and he has to say what he intends to do about it.
For those involved in social change work, these days can be frustrating ones. Just as the neoliberal order of tax cuts, deregulation, resource extraction and free trade seems to be maxed out, like the Energizer bunny it keeps coming back. Meanwhile, progressive forces (academics, unions, NGOs and political parties) can give a good fight from time to time, but overall are as fragmented as ever.
So how do we move ahead to create a movement for change that will excite people about the world that could be, and put our ruling class on the defensive? For starters, we need to better focus our energies on articulating a vision and some clear highly strategic "game changing" steps towards that vision.
As both the Bank of Canada and the IMF have now reported, the Canadian economic recovery slowed in early 2013. Sadly, this contains good news.
A return to economic strength would bring an increase in interest rates. This would cause Canadian households deeply in debt to dig down even deeper to make ends meet. With weakness, rate hikes are likely delayed until 2014.
It's budget season everywhere, and it's all about debt and deficits and the elusive quest to balance the beast, which can only be done, it is said, by cutting services or raising taxes.
The burden of interest charges -- on the same scale as health or education in most provincial budgets -- doesn't get questioned because interest is fixed by the gods according to divine law, retribution from which we can only escape through harsher and harsher penance.
Or is it? Let's chew on a couple of startling points.