Roundup: A thinnish Fiscal Update

Posted on by

It was the Fall Economic Statement yesterday, which did not have a lot of new measures within it, highlighting the upcoming economic uncertainty and possibility of a short recession, though its optimistic scenario is for a simple economic slowdown that will help to tame inflation. The deficit is also slated to be lower than predicted in Budget 2022, and there is a path to balance within a couple of years. What it did offer was fairly targeted—eliminating interest on student loans, providing advances to the Canada Worker Benefit (but done in a really problematic way that will likely create future headaches because they didn’t listen to advice), a promise to do something about credit card fees for small businesses, and a tax on share buybacks by 2024 (which could create a run on them before it kicks in, because of course). The$15-billion Canada Growth Fund will be willing to accept lower returns or increase its loss exposure in order to stimulate institutional investment in riskier green projects,  A few more of the smaller measures in the document can be found here and also here.

In the meantime, check out the threads from Lindsay Tedds and Jennifer Robson.

https://twitter.com/LindsayTedds/status/1588264168037449729

https://twitter.com/LindsayTedds/status/1588264815319207936

https://twitter.com/LindsayTedds/status/1588266088739274752

https://twitter.com/LindsayTedds/status/1588268099312418819

Ukraine Dispatch, Day 254:

Unsurprisingly, International Atomic Energy Agency has found no evidence that Ukraine is building “dirty bombs,” contradicting Russian claims. More shelling near the Zaporizhzhia nuclear plant means that it has been cut off from the power grid again and is running on emergency generators to cool the reactors. Here is a look inside Russia’s “cleansing” campaign in the town of Bucha, where one of the mass graves was found, as well as the Kyiv suburb of Andriivka, where more civilians were killed.

Good reads:

  • The federal government announced $6.4 million in funding to help establish an Inuit Research Network with the goal of working toward self-determination.
  • Legal and constitutional scholars explain why there are no good options when it comes to dealing with the use of the Notwithstanding Clause, or even repealing it.
  • At the Emergencies Act public inquiry, there was more chaotic testimony from occupation organisers who kept pretending they were oblivious to things.
  • The inquiry also got a look at the financing for the occupation, and how most of it was either returned or confiscated, as well as federal intelligence on the occupation.
  • Ottawa’s interim police chief says that after testimony that officers were leaking plans to occupiers, he is launching an investigation (months too late).
  • RCMP are investigating reports of so-called “Chinese police stations” operating in Canada, which are allegedly used to intimidate Chinese nationals in Canada.
  • Doug Ford’s bill to strip education workers’ labour rights has now passed and received royal assent.
  • Québec Solidaire MNAs have sworn their oath to the King, but are promising a bill to make it option, except they can’t because it requires a constitutional amendment.
  • Heather Scoffield remarks on how Freeland is putting so much stock in industrial strategies, which used to be anathema to governments in this country.

Odds and ends:

Want more Routine Proceedings? Become a patron and get exclusive new content.