Because you know it’s going to come up yet again during Question Period today and through the rest of the week, here are a couple of reality checks around inflation, first from former Bank of Canada governor Stephen Poloz, who will give you all of the reasons why the pandemic spending and stimulus is not what is causing the current bout of transitory inflation.
Is the Liberal government's pandemic stimulus spending to blame for the rising inflation rate?
Former Bank of Canada Governor Stephen Poloz says, 'That's not right.' #cdnpoli #ctvqp
Read more: https://t.co/x4ORH88DmC pic.twitter.com/vOFp1PMGmx
— CTV Question Period (@ctvqp) November 28, 2021
What does 'transitory' mean when it comes to inflation?
Former Bank of Canada Governor Stephen Poloz explains. #cdnpoli #ctvqp
Read more: https://t.co/x4ORH88DmC pic.twitter.com/F6hQhvIbxe
— CTV Question Period (@ctvqp) November 28, 2021
Next, from economist Stephen Gordon:
If you want to argue that governments should have *not* provided income supports because you think an inflation rate a couple of percentage points above target is a worse outcome than what would have happened without those measures, then go ahead and make tha argument. 2/
— Stephen Gordon (@stephenfgordon) November 28, 2021
You know, economists (including me) did indeed consider the possibility that the BoC's massive monetary expansion could lead to above-target inflation.
We also decided that after ten years of below-target inflation, this possibility was literally the least-bad outcome before us.
— Stephen Gordon (@stephenfgordon) November 28, 2021
Inflation is a problem we know how to solve; the Bank of Canada knows the recipe. 3/3
— Stephen Gordon (@stephenfgordon) November 28, 2021
A chart of the Consumer Price Index since 1995 plotted against a 2% trend (log scale). pic.twitter.com/fZb1zZyd1E
— Stephen Gordon (@stephenfgordon) November 29, 2021
So when Erin O’Toole and Pierre Poilievre start sounding off on inflation again, I know whose economic judgment I’ll be listening to (and it won’t be theirs).
Good reads:
- The first confirmed cases of the omicron variant were found in Ottawa over the weekend in two people who had recently travelled to Nigeria.
- The government will be tabling their renewed bill to ban conversion therapy either today or tomorrow.
- The government will also soon be re-tabling their bills on Internet content regulation, but the old Bill C-10 will likely need more fixes to be feasible.
- Here is the tale of an Afghan family currently stranded in Albania because the Canadian government hasn’t come through with them after approving their case.
- There is movement to re-open trade talks with India, but that country also has particular issues with human rights abuses, particularly under Modi.
- General Wayne Eyre says he felt compelled to respond to the letter Admiral McDonald sent to military leadership. Erm, yeah, because it was insubordination.
- Eyre also says that rebuilding the morale of the Forces is one of his top priorities.
- There are concerns that increased use of genetic genealogy by RCMP to solve old cases could wind up as a new form of genetic surveillance.
- Tonda McCharles laments the slipping standards of presentation in the House of Commons, as many have started dressing like they’re not coming to work.
- Chantal Hébert considers both how inflation as derailed Trudeau’s agenda, and why there may be a fresh crop of leaders for the next election.
Odds and ends:
Colby Cosh looks at the rise of bootlegged copies of Squid Game in North Korea.
Haven’t had a chance to check out #UnbrokenMachine, my book on how Canadian politics works? How about #RoyalProgress, which I also contributed to? Now is your chance to get them for 25% off! https://t.co/dUyHNq3QaI
— Dale Smith (@journo_dale) November 7, 2021
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> Chantal Hébert considers both how inflation as derailed Trudeau’s agenda, and why there may be a fresh crop of leaders for the next election.
O’Toole seems determined to double down on his “bunker mentality” and stacking the ranks with loyalists (potentially splitting the party).
Singh for whatever reason appears safe, because the NDP seem to have gotten used to being doomed to mediocrity and incompetence, then blaming the Liberals for why they can’t win. (They’re also blocking grassroots concerns just like the Cons are, in this case it’s about his/the party’s silence and hypocrisy on Horgan.)
Blanchet, I dunno, he can do whatever he wants, he’s got nothing to lose.
The Greens? LOL who cares.
If Trudeau leaves, it’ll be because he figures he’s done everything he can, or he’s tired of all the BS and finds that his talents are more appreciated elsewhere. But it won’t be because of idle gossip from columnists or “sources” at the Star or the Mop and Pail.