Jim Stanford
@JimboStanford
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Economist & Director, Centre for Future Work. He/him. Also Economics Dept. McMaster U.; Hon. Prof. of Political-Economy Sydney U.; author Economics for Everyone
Vancouver, Cda. & Sydney, Aus.
Joined July 2011
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#ClimateStrike
marchers as far as the eye can see in Vancouver. What a hopeful day for our species and the planet... thank you all!!! Politicians: get with the program, now.
#elxn43
#WheresScheer
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This headline is inadvertently illuminating about the nature of capitalism.
Brazil markets fall after Lula takes office vowing to end poverty
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In light of Loblaw's inept efforts on social media to justify its super-sized inflation-fueling profits, this is an opportune time to remind shoppers of four crucial economic facts regarding supermarket profitability: 🧵
#cdnecon
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More unusual suspects finally acknowledging what's been clear in the data for 18 months: profits, not wages, have been the driver of post-COVID inflation:
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WHICH economists say that??? Not this one! This story interviews 3 big-business economists saying utterly predictable things with no evidence that clearly reflect the interests of their employers. Try harder to find out what "economists" more generally think. 😡
#cdnpoli
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Economists say Liberal-NDP deal raises deficit, inflation alarm bells
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10 references to wage growth, tight labour markets & rising unit labour costs in today's
#RBA
statement on its 12th interest hike in 13 mos.
0 references to profits, margins, or mark-ups.
The RBA sees only 1 side of the street. So workers pay to solve inflation they didn't cause.
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The free market does it again: chaos in Alberta's privatized electricity system is now contributing materially to 🇨🇦 inflation (hence higher interest rates, risk of recession, etc.). Meanwhile, prov's with publicly-owned & stably-regulated power (BC, Que, Man) have stable prices.
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Poilievre's filibuster for a balanced budget to 'control inflation' was always off-base (inflation wasn't caused by the deficit). But now it's laughably out of date: the budget's been effectively balanced for a year (in nat'l accounts terms: most relevant for macro).
#cdnecon
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The more the richest 40,000 Canadians (top 0.1%) tantrum about having to declare 66.7% of their capital gains *above* $250K/yr (while the rest of us have to declare 100% of our humble labour income), the stronger these poll numbers are gonna become. Please carry on!!
#cdnpoli
81% favour higher taxes on wealthier Canadians and large profitable corporations. 71% of CPC voters.
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This is a difficult call for
@CBC
, but the right one. Musk's libertarian biases cannot be allowed to damage the legitimacy and trust of public broadcasting. When will Twitter attach tags warning us of posts from "Billionaire-funded media"?
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Poilievre's economics are a hodgepodge: both authoritarian & libertarian. Only consistent thread: foment anger to direct at federal institutions. That got him elected CPC leader. But it’s a terrible way to run an economy. My take for
@TorontoStar
#cdnpoli
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P.Poilievre has been promoting cryptocurrency, claiming it allows Canadians to "opt out" of inflation. Crypto has since melted down. For those who followed his advice, losses are 10 times worse than from inflation alone. My take for
@TorontoStar
#canlab
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The state of Victoria in Australia provides a powerful example of how firmly & bravely combatting COVID is the best way to protect the economy and business. They went from mass contagion to 0 cases--and now business is booming. My take in
@TorontoStar
:
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A good week to remind Canadians: your public pensions (including CPP, OAS & GIS) have NOT LOST ONE SINGLE DOLLAR IN VALUE because of market mayhem. That's because they are all public defined benefit plans that depend on our shared productivity & solidarity, not financial gambling
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Ontario's plan to guarantee a 'minimum wage' of $15/hr for gig workers (but ONLY for time engaged on an assignment) will have ABSOLUTELY ZERO impact on the incomes of gig workers. Anyone who thinks it means something does not understand how the gig business model works
#canlab
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A billionaire family owns virtually all print media in an entire province. Among other biased acts, it fires a cartoonist for a powerful drawing critiquing a right-wing leader. And Conservatives still howl that a union of media workers has too much power.
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Carbon-tax fever is reaching a peak, as April 1 (when both the price and the rebate payments increase) approaches. So I'm re-posting my review of gasoline prices in calendar 2023. Key takeaway: the ups and downs of gasoline prices can't be ascribed to carbon pricing. /2
#cdnecon
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Australia has 2-tier education & it's a horrible source of deep inequality. It started just like this: with the fed govt giving public $$ to private schooling. That started a political & economic dynamic whereby 1/3 of kids now go private & the public system is starved.
#DontDoIt
Conservative leader
@AndrewScheer
, who says he understands the struggle to pay bills, wants to give a $4000 tax credit to parents who put their child in a private school. This plan would cost Canadians about $1.7 billion/ year.
#CDNPoli
#elxn43
#ScheerFoolery
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Hey, remember those "menial" workers we treated like *crap* for decades? (Cleaners, cashiers, drivers, servers, child care workers...) Well, guess what? Suddenly we remember we NEED them! Let's value & protect them accordingly. My latest for
@TorontoStar
:
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There is nothing 'questionable' about data used in my report this week: it is transparent & fully cited to original StatsCan sources, labeled for exactly what it is: sector-wide profits & margins for the whole food retail sector (most, not all, of which is the major chains). /2
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We don't have to take sides in finger-pointing between oligopolistic retailers like Loblaw & oligopolistic processors like Cargill or PepsiCo. Both camps have taken advantage of supply disruptions & consumer desperation to fatten profits amidst deep economic & social crisis. /7
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A. Food retail profits have more than doubled from pre-pandemic norms. /3
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C. Perversely, the actual VOLUME of food sales has been falling since the lockdowns & their panic buying. Painfully, Canadians are now buying LESS GROCERIES than before the pandemic (but paying much more for them). Supermarkets' REAL business is shrinking, but profits are up./5
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Thank you
@hughriminton
for putting it so clearly: you can't run a healthy economy without healthy workers. The 'let it rip' crowd should have known this. In
@GuardianAus
:
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The Bank of Canada was created in the Depression to stabilize banking and money after the collapse of private banking. Shall we go back to 1934? Perhaps cryptocurrency can protect us now. 🇨🇦's Conservative leadership are now right off the wall with quack macroeconomics.
Central banking allows governments to spend beyond their means and paper over mistakes with new cash while assuming none of the risk.
The people are forced to subsidize the reckless abandon of self-interested politicians with higher tax rates and inflation.
Govt wins. Ppl lose.
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Interesting phrase in Bank of Canada verbiage today (both the release & Macklem's statement): "corporate pricing behaviour has to normalize." Is that an acknowledgement that profits, not wages, have been the leading edge of this inflation?
#cdnecon
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More evidence in today's 🇨🇦GDP data that current inflation is being driven by profits not wages. Net corporate surplus rose again as a share of GDP during the 1st quarter of 2022 as inflation surged, now 2.1 points above pre-pandemic. Labour compensation still down 0.8 points. /2
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B. Their higher profits are NOT the result of a constant profit margin collected from a growing base of sales. Claims to this effect are outright lies. The average margin has increased by three-quarters since the pandemic. /4
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Hey
@CTV
@YourMorning
I can't believe you ran Fraser Institute anti-tax propaganda as your actual financial news this morning. Where do you think health care and education and transit come from? Good public services and income security IS freedom. You can do better as journalists
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Providing national $10/day child care, in non-profit high-quality group facilities, will transform the lives of mothers (and other parents!), help close the gender pay gap, & create hundreds of thousands of jobs. A wonderful, historic victory! 🙏to those who fought for it! ...2
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What is DOES mean is that Alberta's government AND businesses are more willing to jeopardize public health for short-term political & financial gain. As a native Albertan who hopes to go back there during this "best summer ever", this is both appalling and frightening.
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I'm gobsmacked by the interview just now on
@cbcasithappens
with the manager of Nashville North, a private nightclub on the Stampede grounds in Calgary. His explanation of their privatized health protection plan (allowed now Kenney has lifted all restrictions) was horrifying: ..2
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3 important election results this weekend: NZ, Australia's ACT, Bolivia. Every one of them a firm rejection of austerity, conspiracy theories, dictatorship (in Bolivia), and climate denialism.
#Hope
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Thanks also to the publicly owned and closely regulated monopoly energy provider in neighbouring BC which helped bail out Alberta's dysfunctional system last night and kept Albertans from freezing in the dark 🙏.
#PrivatizationFail
#cdnpoli
#cdnecon
Thank you to everyone who quickly took action last night to reduce electricity use. Your action kept Albertans safe and warm and our grid functioning.
Unfortunately, due to today's continued extreme weather, we're not out of the woods yet. To avoid another risk to our…
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CFIB already complaining of "labour shortage" cuz some re-opening firms can't attract workers. Except there's no shortage: unemploymt is ≈30%. Just to clarify: "people won't work for the shitty wage I offer" and "labour shortage" are not actually synonyms
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Stiglitz: trickle-down economics isn't even a "theory," it's an ideology. The evidence is clear: it hasn't worked. There is a strong, credible progressive agenda that would fix the problem; with populism on the rise, now's the time to implement it.
#NPC
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Other than the danger to the public, the most maddening aspect of this story is that farmers don’t pay the carbon price on fuel for tractors: .
Five farm tractors caused a multi-vehicle collision en route to a carbon tax protest site in the Crowsnest Pass region on Monday afternoon, RCMP said.
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This kind of thinking causes badly managed pension plans to collapse: I'm young, so I don't have to contribute. Reveals deep ignorance not only of how the CPP works, but of basic actuarial & financial accounting principles. Frightening that he's in charge of AB finances.
#cdnecon
Alberta’s young population, high employment rate and higher pensionable earnings mean we provide oversized contributions to the CPP.
LifeWorks estimates Albertans could save $5B in the first year of an APP.
It’s your pension, your choice.
Visit:
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No matter what the problem is, the Coalition's solution is to wind back super. Wage growth too low? Freeze super. Lost your job due to COVID? Withdraw your super. Abused by your spouse? Raid your super.
@ak_pennington
of
@CntrFutureWork
detects a pattern:
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Fun fact: BOTH food retailers & food processors made the
@CntrFutureWork
's top-15 list of super-profitable sectors that have led Canadian inflation. These 15 sectors account for more than 100% of the growth in economy-wide profits (to record share of GDP) & most CPI inflation. /8
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However, 13 other sectors have profited even MORE dramatically from the pandemic and resulting disruptions: incl. energy, banking, mining, real estate, building materials. Supermarket super-profits should be the start of a bigger conversation.
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The deficit was already shrinking fast by the time inflation started up in mid-2021. And now the deficit is long gone. Inflation wasn't caused by the deficit. It was caused by opportunistic companies profiting from disruption & desperation. Poilievre doesn't want to discuss that.
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The correlation between Loblaw's share price and the take-off of inflation in Canada is uncanny. While grocery CEOs complain they are just victims of inflation like the rest of us, merely "passing on" higher costs, their investors know otherwise. /2
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BC govt's early decision to take direct responsibility for LTC payrolls, limit workers to 1 facility only, while *also* providing full-time hours & union wage, has saved hundreds of lives. They deserve huge praise. Now we must make those practices permanent.
@HospEmpUnion
If anyone tells you that massive and deadly
#COVID19
outbreaks in
#LongTermCare
are "inevitable," please tell them otherwise. We've managed 17 LTC outbreaks in Vancouver Coastal Health and have developed some useful measures, which we think are life-saving. 1/
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Biggest non-story in
#Budge2024
is the deficit. Fcst hardly changed from last year, despite new spending on several initiatives. That's partly cuz of new $$ from the capital gains change (which is great). But mostly cuz revenues keep outpacing pessimistic forecasts.
#cdnecon
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Living in Australia I learned first-hand of the dangers of using public funds to subsidize private schools. Like any 2-tier social program, it causes growing inequality & poor quality.
#AndrewScheer
's plan should be rebuffed. My commentary in
@TorontoStar
:
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Get ready for another surge of inflation that has nothing to do with workers and their wages. But everything to do with a speculative, financialized, rapacious global oil industry. Yet that won't stop central banks from hammering workers further for inflation they didn't cause /2
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D. Yes, food processors are jacking up their prices: and like the supermarkets, far more than justified by their own higher costs. Food manufacturing profit has also grown since the pandemic, but less dramatically than for the food retail business. /6
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List price for a Lamborghini is over $200K. If I offer $100K, but no-one sells me one, can I say there's a 'shortage' of Lambos? Average weekly earnings in hospitality (~$500) are less than half the economy-wide level. So does that industry really face a shortage of workers? ...2
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Only getting to exempt 1/3 of your capital gains *above* $250,000 in a single year from taxation, instead of exempting 1/2, is not the same as being "fucked". And you may not be a millionaire, but if you earned over $250,000 capital gains in a single year, you are very well off.
@JimboStanford
@TorontoStar
I’m not a billionaire…not even a millionaire. I do have a rental property. But I’m fucked too?
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"Once jailed for graft"???? Seriously, journalism can do a much better job of explaining this. How about: "Once imprisoned on trumped-up charges by an authoritarian govt, later dismissed by its own supreme court." This infantile "tell both sides" style is a disservice to truth.
Once jailed for graft, Brazilian leftist president sworn in for third term
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Leaders like Ford and Kenney who hesitated in attacking COVID because they wanted to "protect the economy" actually hurt it much more. Healthy people means a healthier economy. My latest for
@TorontoStar
@StarBusiness
: .
@CntrFutureWork
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The assumption that conservative business-focused parties are better at "managing the economy" has never been true. What's good for business is not necessarily good for the economy. Alberta's experience with trickle-down policies is proof! Our full report:
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Important concluding context: As of today, Alberta still has more active COVID cases, and fewer administered vaccines, per 100,000 people than the Canadian avg. The fact that Alberta (and Nashville North) are "opening first" doesn't mean Alberta did better at stopping COVID ..8
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Yet another international economic institution (this time the IMF) has weighed in on the role of elevated profit margins in fueling post-pandemic inflation. . Let's hope Australian policy-makers are paying attention. /2
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Should wages grow at least as fast as inflation? You betcha they should! Wages didn’t cause the current inflation: it’s undeniably due to supply chains, oil price spike, and an initial surge in post-pandemic spending.
#AusPol2022
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Pretty weird that almost 150K Aussies lost work last month, yet unemployment shrank by 20K & the unemployment rate fell to the lowest since 2008 (before the GFC). That tells you all you need to know about why the unemployment rate is increasingly irrelevant.
@CntrFutureWork
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Supermarket execs went to Parliament this week to claim they are innocent victims (not the cause) of food inflation, and have not profited from higher prices. The hard numbers tell a different story, as I outline in this post for
@Relentless_econ
:
#cdnecon
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In what world do corporations fight for their workers? This cognitive dissonance is just more evidence that Poilievre’s workerist rhetoric has no grounding in reality. Neither he nor the corporations he is fake-criticising will *ever* put workers first.
#canlab
Canada Tory leader Poilievre: "I meet with resource companies when they come to Ottawa, and all they do is suck up to the Liberal government. They have no backbone and no courage, and they don’t fight for their workers”
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Nobody can cut through the BS like Noam Chomsky: . "The pathology of the contemporary socioeconomic order" is worse than the pathology of the virus. Cheap ventilators weren't made, precautions weren't taken, becuz there's no profit in that. Clear & damning
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@althiaraj
After 3 weeks of winter camping outside Parliament, do any of them have white underwear left??? 🤢
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Thanks
@1RossGittins
for calling out the one-sided nature of economic discourse in 🇦🇺: . A min.wage hike that barely maintains the real wage elicits predictions of economic collapse. But profits that have never been higher are off-limits to even discuss.
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In a 24 hr period, a private company withdrew its plan for a new bitumen mine in Alberta & another withdrew its plan to drill for oil off the S coast of Australia. Both are private decisions, confirming the growing view of global capital that fossil fuel investments are doomed 👍
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Hey
#America
: It took me 4 minutes to vote today in Vancouver, BC in a spacious, well-staffed, socially distanced polling booth. No armed men in sight. People are encouraged to vote, not kept away.
#ThisIsWhatDemocracyLooksLike
#FightForDemocracy
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Congratulations & thanks to David Card for sharing this year's Nobel Prize in economics for his creative, careful work showing that higher minimum wages don't 'destroy jobs' as employers always argue. He's helped turn conventional ideas on wage regulation upside down.👍
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The "middle class" didn't exist in large numbers until after WW2, built through good jobs, strong labour rights, and universal public programs. Revitalizing those things, not token tax cuts, is how to strengthen the middle class. My take in
@TorontoStar
:
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It's been a big month in the food inflation debate:
1. $50m Canada Bread price fixing fine
2. Commons committee report
3. Grocery prices up 9% yr/yr (vs. 3.4% CPI)
4. Higher profits & dividend lift at Empire
5. Comp Bureau says lack of competition inflated food prices
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#cdnecon
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🧵For those fretting that incremental measures in today's 🇨🇦
#Budget2023
will somehow fan the flames of inflation, please remember: The fiscal foot has been firmly on the brake for 2 yrs. Program spending is down 1/3 since COVID peak. Down 12% in first 9 mos of this fy
#cnecon
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Another installment in the Great Aussie Profit-Prices Debate occurred at Senate Estimates yesterday, when RBA Governor Philip Lowe was served a Dorothy Dixer by Senator Bragg, former ED of the BCA (who certainly has a view on whether profits can ever be "too high"). /2
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I filed my 🇨🇦 income taxes today, I owed a little bit which I paid (never mind the deferral). And I did it with a smile. You know why?? BECAUSE I AM HELPING PAY FOR BONNIE HENRY'S SALARY!!!!! (Which should be quadrupled, IMHO.) Thank you Bonnie--and every other public servant.
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Talk about squandering a lead: Australia has now passed the US in new COVID infections per million (7-day rolling avg). No wonder the PM wants to talk about cricket. Just waiting now for that let-it-rip economic boom to take off.
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4. Nailing down standards in national child care (through ELCC Act) will boost female labour force participation & boost employment.
5. 10 days paid sick leave will enhance public health & prevent future contagion.
I've got plenty more if anyone want to hear from THIS economist.
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The premier's claim that 800,000 people depend on Alberta's oil & gas sector for employment is just ridiculous. It mis-cites an old NRCan estimate of jobs in ALL energy industries in ALL provinces, MULTIPLIED by 3 to capture so-called indirect jobs: ...2
When our key industry is attacked, we will fight back.
Alberta’s oil and gas is critical for Canada’s recovery and our long-term prosperity.
800,000 workers rely on it to put food on their tables.
We will always stand up for our energy workers.
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Let me list 5 ways this will help 🇨🇦's economy:
1. Pharmacare reduces employer payroll costs, saves govt money by preventing more urgent care.
2. Dental care does the same.
3. Rapid Housing extension allows more build-out, supporting jobs now and lower housing costs later.
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People should not buy into the assumption that we will have to "pay off" the debt from COVID--especially not young people who have already been ripped off by the generational shift in work & distribution. It's a lie intended to pave the way for needless austerity.
#DontBelieveIt
"If you're in your 20s, paying off the national debt incurred through COVID welfare could define a large part of your life. It could mean less government spending."
How come Australia suddenly has billions of dollars to pay for welfare?
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Ironically, gas prices are now about 14₵/litre LOWER than on April 1. Will Mr Poilievre now tweet his thanks to Mr Trudeau for reimbursing 14₵/litre to all Canadians gassing up this holiday? That would be no less ridiculous than his claim Trudeau robbed them all on April 1. /10
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Charlebois' vague attacks this week, implying I said something I didn't, are typical of his modus operandi on many other issues (eg. carbon price & food): cast doubt on others without making explicit statements of his own. It is a disservice to genuine policy discourse. /3
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* This amounts to a privatization of public health protection, and it can only end badly.
* It is the direct result of Kenney's desperate, politically-motivated rush to open Stampede and start the "best summer ever."
* Genuine public health guidance should not let this happen ..7
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No kidding it's false. We all knew it was a lie. Now the
@TheAusInstitute
confirms it. Shame on Morrison both for his inaction and for his clumsy cover-up.
EXCLUSIVE | A new report has revealed claims by the government that Australia leads the world in renewables investments is false. It’s a declaration the PM has made both here and overseas. |
@vanOnselenP
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Poilievre's vendetta against carbon pricing serves to shift attention from the larger role of corporations (incl. oil & gas companies, supermarkets, and others) in driving higher prices and the cost of living crisis. For more: ..
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Thanks to
@David_Moscrop
for digging up the dirt on Loblaw's, including insidious new strategies to extend their oligopolistic power into whole new areas of our lives (like pharmacare & real estate). For
@thewalrus
: . Profit-led food inflation wasn't enough
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If you want to point fingers for high gasoline & related prices, a more deserving target is the petroleum industry. Their profits reached untold heights after the energy price spike of 2022: the biggest single spark for subsequent inflation. They're still historically high. /5
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#Scheer
just refuses to bury his terrible idea to subsidize private schools: Here's my
@TorontoStar
piece on what a disaster this policy has been in Australia:
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It's not just that he made a very bad call on crypto. Worse yet:
* He hoped the angry libertarians who love crypto would join his campaign; political calculation trumped good economics.
* He was personally invested in crypto when he boosted it; that's unethical for any politician
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Now we know why
@jkenney
refused to fire Allard: he'd eventually have to fire most of his caucus, forcing an election, that he would then lose. Alberta's COVID response is clearly the worst of any province; not surprising with these entitled clowns in charge.
#ResignKenney
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This assumption that high prices "just happen", as opposed to being the result of pro-active choices by actual organizations run by actual human beings, reflects the deep market-worshipping mindset of orthodox economics in Australia. /11
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New data from
@jciconsult
shows profit margins in 🇨🇦 food retail are up about 1/3 from pre-pandemic norms. Specialty food stores have led the way, supermarkets not far behind. His full report: . Reinforces Commons committee's concerns about excess profit.
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Canada is now part of an international cartel to cut oil output & drive up prices. Canada and Alberta have already nationalized pipelines; the feds are subsidizing wages for oil workers, with more aid to come. So much for the 'free-market' petroleum industry...2
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Apart from the calculated brutality of this view, think what it would mean for prison guards & medical staff who work in prisons (which have suffered many horrible outbreaks). O'Toole's cheap politicking would consign those workers to death along with the prisoners.
#Shameless
Not one criminal should be vaccinated ahead of any vulnerable Canadian or front line health worker.
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How do EMPLOYERS benefit from paid sick days? Let me count the ways (8):
1. Workers staying home when ill protects health of colleagues.
2. 'Presenteeism' (people coming to work when they can't actually do the job) costs billions.
3. It's a basic decent employment benefit that...
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Prof. Ross Garnaut explains Australia is lucky to have a 'second chance': we are blessed with resources, but we 'muffed it' the first time, focusing mostly on extraction only. With the cost benefits of renewable energy, we can spark a more successful value-added industrial boom.
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The grocery bosses who praised their "hero" workers while
#COVID19
raged, but snatched back their $2/hr as soon as they thought they could get away with it, are an insult to the spirit of solidarity that is getting us through this. Thank you
@UniforTheUnion
for fighting back ✊
With
@loblawco
Fairness isn’t so Simple. Dominion workers in NL are on strike b/c bosses cancelled the $2/hour COVID premium, and most workers are part time with no benefits. Support all frontline grocery workers. Sign petition:
#fairpayforever
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It'll take more than posing with 'workers' at photo-ops, for Mr Poilievre to prove he really wants 'powerful paycheques'. He must vote for the anti-scab bill every other party supports. If not, he's a fraud. Powerful paycheques need powerful unions
#canlab
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A major reason the rich are so rich is precisely *because* wages have gone nowhere. So by all means, let's tax the rich to achieve redistribution. But let's also give workers power (unions, higher min wages, sector-wide bargaining) to win higher wages and a better PREdistribution
Wealth of Elon Musk
2011: $2,000,000,000
2021: $265,400,000,000
Wealth of Jeff Bezos
2011: $18,100,000,000
2021: $198,300,000,000
Wealth of Mark Zuckerberg
2011: $17,500,000,000
2021: $118,900,000,000
U.S. Minimum Wage
2011: $7.25
2021: $7.25
Three words: tax the rich.
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Ireland just nationalized its private hospitals to better fight the pandemic. Australia could do the same.
If private hospitals r threatening to close their doors during a pandemic, maybe it’s time nationalise these places & end the rort of private health insurance.
We should have 1 healthcare system for all Australians.
The size of your wallet should have no impact on your health
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Young people spark social movements; let's hope they lead us now. Students across Ont walk out of school tomorrow at 1pm wearing purple: resisting
@fordnation
dragging curriculum back to time of ignorance, violence & phobia. Proud my kid's an organizer!
#wethestudentsdonotconsent
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