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Mike Duffy says he resisted PMO plan for housing expense repayment ‘at every opportunity’ - Mark Gollom, CBC News
Warm weather, surplus inventory send natural-gas prices plunging- Jeffrey Jones, The Globe & Mail
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From:
Larry Kazdan Subject: Letter to Editor re: Economic strategy needed for low-income families, Tom Parkin, December 13, 2015
- Re: Economic strategy needed for low-income families, Tom Parkin, December
13, 2015
- http://www.calgarysun.com/2015/12/13/economic-strategy-needed-for-low-income-families
- There is a straightforward way to help an estimated two-thirds of low-income
families, and that is to offer a permanent job even if near minimum wage to any
person who wants one. This could be accomplished by the Job Guarantee, a program
whereby the federal government provides funding to non-profits, community groups
and lower levels of government who administer projects in areas such as
education, arts, caring for seniors and environmental stewardship.
- A federal government that can bail out big corporations and banks as was
done following the 2008 financial crisis has the fiscal capacity to help all
those in need including those willing and able to contribute to society. The
only thing missing is political will.
- Footnotes:
- 1. L. Randall Wray, Professor of Economics at the University of
Missouri-Kansas City
- http://www.nakedcapitalism.com/2014/04/mmt-policy.html
- Well it’s very easy to reduce the inequality that results from low income,
from poverty, from low wages; all you have to do is offer jobs. Minsky did a
calculation [in] 1974 and Professor Kelton and I did one around 2000. We showed
that if you just give a job to anyone who wants to work you will eliminate two
thirds of all poverty, even if you pay only the minimum wage. We would like to
see the job pay more than that, but even at a minimum wage you eliminate
two-thirds of all poverty. So most poverty is due to joblessness. People who
cannot get jobs or maybe they get jobs that last a few months and then they are
unemployed again. We need permanent jobs that pay a decent wage and you’ll
eliminate most poverty. You’ll still need some kinds of anti-poverty programs
but the jobs are the best anti-poverty programs there are, then you need
something else to fill the gaps.
- Well it’s very easy to reduce the inequality that results from low income,
from poverty, from low wages; all you have to do is offer jobs. Minsky did a
calculation [in] 1974 and Professor Kelton and I did one around 2000. We showed
that if you just give a job to anyone who wants to work you will eliminate two
thirds of all poverty, even if you pay only the minimum wage. We would like to
see the job pay more than that, but even at a minimum wage you eliminate
two-thirds of all poverty. So most poverty is due to joblessness. People who
cannot get jobs or maybe they get jobs that last a few months and then they are
unemployed again. We need permanent jobs that pay a decent wage and you’ll
eliminate most poverty. You’ll still need some kinds of anti-poverty programs
but the jobs are the best anti-poverty programs there are, then you need
something else to fill the gaps.
- 2. What is a Job Guarantee?
- http://bilbo.economicoutlook.net/blog/?p=23719
- " .....the Job Guarantee is actually a macroeconomic policy framework
designed to ensure full employment and price stability is maintained over the
private sector business cycle.
- The Job Guarantee jobs would ‘hire off the bottom’, in the sense that
minimum wages are not in competition with the market-sector wage
structure.
- By not competing with the private market, the Job Guarantee would avoid the
inflationary tendencies of old-fashioned Keynesianism, which attempted to
maintain full capacity utilisation by ‘hiring off the top’ (i.e. making
purchases at market prices and competing for resources with all other demand
elements).
- Job Guarantee workers would enjoy stable incomes, and their increased
spending would boost confidence throughout the economy and underpin a
private-spending recovery."
- " .....the Job Guarantee is actually a macroeconomic policy framework
designed to ensure full employment and price stability is maintained over the
private sector business cycle.
- Re: EDITORIAL, Liberals must show fiscal restraint, December 14,
2015
- http://www.ottawasun.com/2015/12/14/liberals-must-show-fiscal-restraint
- Your editorial asks government to set an example. But if the government
sector runs a surplus, the non-government sector must be running a deficit. Is
the Sun expecting the impossible? Today Canada has a trade deficit which means
more money leaving than entering the domestic economy. Households are highly
indebted and must cut back spending while businesses will not invest when there
is lack of demand. Only one remaining actor can pump funds into a stagnating
economy. The federal government must run deficits, and according to former Bank
of Canada Governor David Dodge, "perhaps of a considerable magnitude".
- Footnotes:
- 1. Former Bank of Canada Governor David Dodge said provincial and federal
governments should run budget deficits
- http://www.bloomberg.com/news/articles/2015-04-29/dodge-says-canada-needs-higher-interest-rates
- Former Bank of Canada Governor David Dodge said provincial and
- federal governments should run budget deficits to fund infrastructure
- projects, which would lift the economy and take pressure off the central
- bank to keep interest rates low.
- ***
- “The right thing to do is to run cash deficits and perhaps of a
- considerable magnitude,” he said.
- 2. The New Populism Needs to Get This Straight
- Former Bank of Canada Governor David Dodge said provincial and
- http://neweconomicperspectives.org/2014/01/new-populism-needs-get-straight.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+neweconomicperspectives%2FyMfv+%28New+Economic+Perspectives%29
- "..if a nation wants to run a trade deficit, and also wants to have private
sector savings, then having a government surplus is not good news for people. It
is bad news for them, because it means that the private sector as a whole, and
disproportionately households, are losing net financial assets over the period
in which the surplus is run."===================================
- "..if a nation wants to run a trade deficit, and also wants to have private
sector savings, then having a government surplus is not good news for people. It
is bad news for them, because it means that the private sector as a whole, and
disproportionately households, are losing net financial assets over the period
in which the surplus is run."
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