#neoliberalism Under Flaherty the #cdnecon since 2006 has been a debt-fuelled financialized one only with little real production, productivity, or significantly increased employment to drive demand. Credit card debt has gone from $35.6 billion in February 2006 to $77.4 in February 2012, a staggering 117% increase.
Mortgage debt has gone from $672.5 billion to $1111.8 billion in February 2012, an eye-popping 65.3%. And these figures do not account for the past 12 month period, in which we already know personal debt has substantially increased even more. The personal debt to income ratio is 165% - which ought to be an embarrassment to all Canadians not just the so-called Finance Minister.
Why has Flaherty remained credible to the mainstream media? Because he's enabling them to make record profits, we know why he has to the financial community, especially since all his private sector economic consultants are from the banking sector. And of course it is these same consultants to whom the press turns for its stories. They're both inside the neoliberal bubble.
Yes, I'm repeating myself.
Showing posts with label economics. Show all posts
Showing posts with label economics. Show all posts
Wednesday, March 27, 2013
Saturday, December 8, 2012
Reading Economic Health into the Recent StatsCan Jobs Data is An Exercise in Fantasy
Reading Economic Health into the Recent StatsCan Jobs Data is An Exercise in Fantasy
Here’s the reality in that data:
1) As Derek Holt points out, there is no hours worked increase. That remains static. But it is hours worked that “drive incomes, not body count.” Holt speculates that the already employed are working fewer hours, and there is plenty of anecdotal evidence to suggest such a situation is probable.
2) The so-called new jobs have not increased labour productivity one iota. There is, in other words, no output growth, no real economic growth resulting from job increases.
3) All the job increases were in the low paying service sector, while jobs in both manufacturing and construction decreased significantly.
The Canadian economy under the weak neoliberal stewardship of the arrogant Harper Regime continues to stagnate, and, as a result, while the 1-10% continues to live well, the middle and working class suffer. A global economic implosion is on its way, and, given the average debt load of Canadians, we will be hit hard when that happens.
StatsCan:
Job Gains too Good to be true:
Here’s the reality in that data:
1) As Derek Holt points out, there is no hours worked increase. That remains static. But it is hours worked that “drive incomes, not body count.” Holt speculates that the already employed are working fewer hours, and there is plenty of anecdotal evidence to suggest such a situation is probable.
2) The so-called new jobs have not increased labour productivity one iota. There is, in other words, no output growth, no real economic growth resulting from job increases.
3) All the job increases were in the low paying service sector, while jobs in both manufacturing and construction decreased significantly.
The Canadian economy under the weak neoliberal stewardship of the arrogant Harper Regime continues to stagnate, and, as a result, while the 1-10% continues to live well, the middle and working class suffer. A global economic implosion is on its way, and, given the average debt load of Canadians, we will be hit hard when that happens.
StatsCan:
Job Gains too Good to be true:
Thursday, October 13, 2011
Global News | Interactive map: 'Occupy Wall Street' events taking place across Canada on Saturday
Global News | Interactive map: 'Occupy Wall Street' events taking place across Canada on Saturday
"Occupy Wall Street" events across Canada are continuing the movement that began with a small group of people in New York City weeks ago. “Occupy” events have since spread beyond Wall Street to cities across the U.S. and international borders.
Here are some of the events happening in Canada this weekend: Occupy Vancouver:
- October 15 starting at 10:00am
- Vancouver Art Gallery, 750 Hornby Street
- http://www.occupyvancouver.com/
Occupy Kelowna:
- October 15 starting at 10:00am
- Kerry Park, 1480 Mill Street
- http://www.facebook.com/OccupyKelowna?sk=info
- Follow on Twitter @occupykelowna
Occupy Edmonton:
- October 15 starting at 12:00pm
- Sir Winston Churchill square, (99st & 102 Avenue) Edmonton
- http://occupyedmonton.org/
- Follow on Twitter @OccupyYEG
Occupy Calgary:
- October 15 from 1-3pm
- Outside Bankers Hall, 8 Avenue between 2 & 3 Streets SW, Calgary
- http://occupycalgary.ca/
Occupy Saskatoon:
- October 15 starting at 9:15pm
- Protesters will meet at the U of Sask. at 9:15am, then march from the top of University Bridge to River Landing. The event will move to Friendship Park at 1:00pm.
Occupy Toronto:
- October 15 beginning at 10am
- The Exchange Tower, 130 King St West, Toronto
- http://occupyto.org/
Occupy Ottawa:
- October 15 starting at 12pm
- Confederation Park, Ottawa
- https://www.facebook.com/groups/Occupy.Ottawa/
Occupy Montreal:
- October 15 starting at 9:30am
- Victoria Square, Montreal
- https://www.facebook.com/groups/occupymontreal/
Occupy Moncton:
- October 15 starting at 12:00pm
- City Hall, 655 Main Street, Moncton
- https://www.facebook.com/OccupyNB
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