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J Kowal

Canada Needs a Real Economic Action Plan | DeSmog Canada - 0 views

www.desmog.ca/...eeds-real-economic-action-plan

canada stimulus budget suggestions

shared by J Kowal on 21 May 13 - No Cached
  • A balanced budget has become something of a sacred priority in Canadian politics, functioning as an indisputable sign that the country is on track for prosperity and stable growth. In Conservative messaging, government spending is equated with waste, or a kind of creeping addiction that can only be held in check by ruthless cuts to government programs.
  • The second purpose, though directed towards the long term, is no less urgent. In order to meet its obligations to both the international community and future generations, Canada needs to transition towards a low-carbon economy. This transition can only happen if the federal government steps up to provide the right combination of investment and incentives to the private sector.
  • Government expenditures are not merely wasteful largesse. On the contrary, a 2013 federal budget that included increased government spending, specifically targeted on expanding green energy infrastructure and jobs training, would serve two crucial purposes. The first, more immediate purpose is preventing the Canadian economy from sliding back into recession.
  • ...1 more annotation...
  • The Canadian Centre for Policy Alternatives (CCPA) supports their findings, further arguing that the green economy has greater potential for long-term job growth than the oil and gas industry. Like the National Round Table on the Environment and the Economy, the CCPA outlines specific ways that the federal government can act to stimulate green economic growth and promote well-paying green jobs.
  • J Kowal on 21 May 13
     
    This article provides one main suggestion for the federal budget: increase spending, especially for the environment and clean energy. This source, like many others, advocates investing in infrastructure as a way to set up a basis for economic growth.
Jason X

Canada Public Service Job Cuts: Fourth Wave Of Cuts Incoming - 1 views

www.huffingtonpost.ca/...ervice-job-cuts_n_1632474.html

canada public service job_cuts government_jobs fishery Federal_Public_Service federal_budget

shared by Jason X on 20 May 13 - No Cached
    • Jason X
      Jason X on 20 May 13
       
      The Federal government is cutting jobs from the federal public service. Over 5000 jobs were lost at 13 departments in the Canadian Government.
    • Jason X
      Jason X on 20 May 13
       
      The Unions are opposed to the government's job cuts.
    • Jason X
      Jason X on 20 May 13
       
      Departments such as the Fisheries and Service Canada experience many job cuts for the Government to cut $5.2 billion in program spending.
  • ...3 more annotations...
  • Union leaders reported that just over 5,000 employees in more than 13 departments were told they could lose their jobs as the government seeks to slash spending.
  • More than 1,400 employees at Service Canada were notified Wednesday that they may lose their jobs. At the Fisheries Department, also being overhauled by the budget, over 300 employees were told their jobs were at risk.
  • Altogether, the federal budget forecast over 19,000 positions will be eliminated as part of the drive to cut $5.2 billion in program spending.
  • Jason X on 20 May 13
     
    This is an article about the Canadian government's action to cut jobs from the federal public service and the jobs that are at risk in a plan to cut program spending. 
J Kowal

What Price, Austerity? | Canadian Centre for Policy Alternatives - 0 views

www.policyalternatives.ca/...what-price-austerity

canada austerity federal stimulus

shared by J Kowal on 21 May 13 - No Cached
  • $11.8 billion Estimated federal government spending cuts by 2014-15, due to the last three austerity budgets.
  • 3.2% Canada’s GDP growth in 2010, when government spending contributed 1.1 per cent of total GDP. Thanks to public spending cuts under austerity, Canada’s GDP growth slackened to 2.6 per cent in 2011 and 1.8 per cent in 2012.
  • 0.84% Estimated reduction of Canada’s real GDP by 2014-15, as a result of the fiscal drag created by austerity budgets at the federal level.
  • J Kowal on 21 May 13
     
    A short list of statistics which outline the estimated effects that the Canadian austerity measures will have. Most of these effects include job loss, a decrease in GDP, and slow economic growth.
J Kowal

Budget cuts 19,000 public service jobs - Canada - CBC News - 0 views

www.cbc.ca/...herty-public-service-cuts.html

budget cuts canada economy federal austerity stimulus jobs service public

shared by J Kowal on 20 May 13 - No Cached
  • spending review that will cut $5.2 billion over three years from government departments and agencies.
  • job cuts, announced Thursday as part of the 2012 budget
  • But Public Service Alliance of Canada national executive vice-president Patty Ducharme said the cuts represent a hit to services and said the government is being overly optimistic about attrition within the public service.
  • ...2 more annotations...
  • The cuts to departments are weighted so that about 40 per cent of the cuts occur in 2014-15.
  • budget also announced a number of other changes that will impact public servants, including:The elimination of severance benefits for voluntary resignation and retirement. So far these have already been eliminated for about 230,000 federal employees.The closure of the Advanced Leadership Program within the Canada School of Public Service.The introduction of new office space standards at Crown-owned and federal government occupied buildings.
  • J Kowal on 20 May 13
     
    A CBC article and video which outline most of the cuts (which were outlined in the 2012 budget) to spending, jobs, and services.
Kri Ohr

2013 Federal Budget keeps Canada worthy of top credit rating in G7 | Economy | News | F... - 0 views

business.financialpost.com/...thy-of-top-credit-rating-in-g7

budget federal economy

shared by Kri Ohr on 19 May 13 - No Cached
    • Kri Ohr
      Kri Ohr on 19 May 13
       
      Discussing the federal budget to reduce government debt. 
  • Group of Seven country with a stable top credit rating after releasing a fiscal plan that eliminates the country’s deficit in two years.
  • rplus of about $800 million
  • ...11 more annotations...
  • Spending growth is forecast to average 2.1% over the next five years, after rising about 26%, or 4.9% a year, since 2007.
  • G7 country with a stable AAA debt rating
  • Instead, he is zeroing in on the $120 billion Canada’s government spends on operating and capital expenses, which is less than half of total program spending.
  • hursday’s fiscal plans include about $600 million worth of additional savings from government over five years.
  • Measures to bolster growth will cost $6.9 billion from 2012 to 2017, including a two-year extension on a temporary tax break and new direct funding for manufacturers who have been hardest hit by the global slowdown.
  • Still, revenue is being hampered by a slumping global economy, with the government reducing its growth forecast for this year to 1.6%, compared with a 2% November projection. Combined with lower commodity prices, that will reduce revenue projections by $14.8 billion between 2012 and 2017, before new measures in the fiscal plan.
  • Closing tax loopholes will generate another $4.4 billion in revenue over five years, while the government expects to generate an additional $2.4 billion from more aggressive efforts to catch tax evaders
  • rop to 5.8% of GDP in 2015 from 6.7% in 2012. That will decline further to 5.5% by 2017, near the lowest in 50 years.
  • total employment has increased by more than 950,000 jobs
  • Non-financial companies held a record $600 billion of currency and deposits in the fourth quarter, up from $434 billion in mid-2009 as the last recession ended, according to Statistics Canada.
  • Flaherty this year is reallocating existing funding to begin financing grants of $15,000 for job training, to be jointly funded by provincial governments and employers.
Kri Ohr

What is the 'fiscal cliff,' and should Canadians be concerned? | CTV News - 0 views

www.ctvnews.ca/...nadians-be-concerned-1.1028588

federal economy Fiscal Cliff

shared by Kri Ohr on 20 May 13 - No Cached
    • Kri Ohr
      Kri Ohr on 20 May 13
       
      How America will effect Canada
  • Unless a deal is reached by the end of this year, temporary tax cuts will expire, concurrent with the introduction of huge spending cuts.
  • The tax increases and spending cuts add up to more than US$600 billion, and are expected to have an immediate and catastrophic effect on the U.S. economy -- and by extension, any economies that rely heavily on it, such as Canada.
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  • fiscal cliff is "a sharp rise in taxes and deep cuts in federal spending" set to automatically take effect in January unless the U.S. Congress acts.
  • Buried within the $600 billion in cuts and taxes are reductions to the U.S. defence budget, changes to Medicare allowances and higher personal taxes. Even some child support and income credits for the poorest Americans are set to end.
  • And Finance Minister Jim Flaherty warned Wednesday that failure to reach a deal before Jan. 1 will plunge the United States into a recession quickly, with Canada to follow shortly afterward.
J Kowal

Budget 2013 - The Budget in Brief - 1 views

www.budget.gc.ca/...brief-bref-eng.html

canada economy budget federal austerity stimulus jobs

shared by J Kowal on 20 May 13 - No Cached
  • J Kowal on 20 May 13
     
    A "brief" overview of the 2013 Canadian budget. Contains details of funding and spending cuts which will create jobs, support businesses and communities, and encourage investments so as to ultimately strengthen the Canadian economy.
J Kowal

Austerity Kills: Conservative cure worst thing for what ails economy says Stiglitz - 0 views

behindthenumbers.ca/...hat-ails-economy-says-stiglitz

canada economy federal austerity stimulus

shared by J Kowal on 20 May 13 - No Cached
  • J Kowal on 20 May 13
     
    Armine Yalnizyah's blog post about Joseph Stiglitz' comments on austerity solutions. He believes that the solution is to tax and spend so as to promote job growth.
Jason X

Canada's Bank Bailout | Green Party of Canada - 1 views

www.greenparty.ca/...canadas-bank-bailout

canada bank bailout financial crisis mortgage Economic_Action_Plan

shared by Jason X on 20 May 13 - No Cached
    • Jason X
      Jason X on 20 May 13
       
      The Canadian Government purchased $69.35 billion dollars of insured mortgage pools from financial institutions to ensure stable lendings to consumers.
    • Jason X
      Jason X on 20 May 13
       
      Banks and mortgage insurers are saved by the Government bailout. Home owners and general Canadians also benefited by the stability in the banking industry. 
  • Through the Insured Mortgage Purchase Program, the federal government purchased $69.35 billion of insured mortgage pools from financial institutions.
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  • The prime beneficiaries were the financial institutions: banks and mortgage insurers.
  • Jason X on 20 May 13
     
    This is a blog by the Green Party of Canada about Canada's Bank Bailout during the financial crisis. It explained how the government benefited the financial institutions.. 
Jason X

Ottawa's spending cuts will slow economy, cost 67,000 jobs: budget watchdog - The Globe... - 1 views

www.theglobeandmail.com/...article11607121

PBO canada job_cuts Economic_and_Fiscal_Outlook real_GDP

shared by Jason X on 20 May 13 - No Cached
    • Jason X
      Jason X on 20 May 13
       
      The PBO reports that the federal spending cuts will affect the real GDP to lower by 0.57 percent and cause moderate amount of people to lose their jobs. 
    • Jason X
      Jason X on 20 May 13
       
      The spending cuts will help the government attain a surplus of $0.8 billion dollars by 2016.
  • The Conservative government’s last two budgets promised a focus on jobs and growth, but a new report by the Parliamentary Budget Officer says spending cuts from those two documents will slow the economy and cost 67,000 jobs.
  • ...3 more annotations...
  • The PBO is projecting growth of only 1.9 per cent in 2014, which is significantly less than the 2.5 per cent average of numbers from private sector forecasters that Finance is using to support Ottawa’s budget numbers.
  • The PBO report notes that the combined spending cuts in the 2012 and 2013 budgets, coupled with other savings measures, mean Ottawa is cutting more than $7-billion a year by 2014-15, a figure that will rise to $11.5-billion in 2017-18.
  • for 2015-16, the year the Conservatives are promising a return to balanced books, the government says there will be a surplus of $0.8-billion. The PBO largely agrees, forecasting a $3.7-billion surplus for that year.
  • Jason X on 20 May 13
     
    This is an article about the government's spending cuts and the government's actions' effects on GDP, unemployment and balance of budget. 
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