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
CPI projected to come down (dramatically) before end of 2023, but interest rates projected to lag that pace. I'll let the macro people debate whether this is a) realistic and b) desirable monetary policy pic.twitter.com/0L4BK1nU30
— Dr. J Robson (@JenniferRobson8) November 3, 2022
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.
In #Mykolayiv, where shelling damaged water pipes, a bread factory now supplies not only bread but safe drinking water. @UNICEF installed a purification station there under the condition of free water access to all city residents. Full story 👇 https://t.co/u43CSTRPDq
— UNICEF Ukraine (@UNICEF_UA) November 2, 2022