Roundup: A relatively restrained update

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And so, the government tabled their Fall Economic Statement, and lo, it was relatively restrained. There was very little spending, most of it very targeted, nothing about booking particular promised but not yet delivered spending programmes (such as the disability benefit), and most of that spending was geared toward either housing, or some targeted tax breaks. Critics will point out that what is offered for housing is very little given the scale of the crisis, but we also have to remember that the federal government needs to be restrained in its spending so as not to juice growth too much and keep inflation high—several provinces are already doing that, which makes the Bank of Canada’s job much harder, and Freeland seems to be making the effort to do her part not to make things worse.

With this in mind, here are some of the stories that emerged:

  • A overall look, including the deficit situation.
  • Further promising changes to competition law.
  • Using part of the growth fund to guarantee carbon prices for major emitters (as insurance for investments against future government actions).
  • There’s a new voluntary “Mortgage Charter,” and measures to help CHMC revive projects that may have been shelved because of interest rates.
  • Debt-servicing charges are increasing mostly because of how much they needed to take on during the pandemic.
  • Enriching the payroll tax credit for media organizations.
  • The Canadian Press has a list of highlights and five key affordability measures in the update.

Meanwhile, here is some added reaction:

Ukraine Dispatch:

Russians hit a hospital in Selydove in the east, as well as a coal mine, as well as killing one while shelling Kharkiv. More than 10,000 civilians have been killed since the start of Russia’s invasion. The Russians claim to have scuppered more Ukrainian attempts to get footholds on the eastern banks of the Dnipro river. Two Ukrainian lawmakers are under investigation for trying to bribe reconstruction officials, one of them with Bitcoin.

Good reads:

  • Justin Trudeau is admonishing people for “lashing out” at one another over their positions on the Israel-Gaza conflict.
  • While a temporary cease-fire and hostage release agreement has been reached in Gaza, Mélanie Joly criticised illegal Israeli settlements in the West Bank.
  • Arif Virani insists that the proposed online harms bill is an “absolute priority.”
  • The federal government is writing up a “National Economic Security List” to prioritise which critical infrastructure and data to protect from hostile countries.
  • More explanation about the South Korean workers for the Stellantis EV battery plant, which they knew about beforehand, and made possible thanks to Harper.
  • Maclean’s has an interview with Wab Kinew, while his government delivered their first Speech from the Throne yesterday.
  • Saskatchewan is determined to not even try to meet clean electricity targets.
  • David Eby is touting more government investment in housing.
  • Kevin Carmichael looks askance at wording in the economic update around trying to direct federal pension plans to invest in more local projects.
  • My column looks at some of Speaker Fergus’ recent comments on what he sees as wrong in the Commons, and points to some underlying causes he doesn’t see.

Odds and ends:

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