Apr 29, 2011 – 8:28 PM ET | Last Updated: Apr 29, 2011 8:35 PM ET
NDP’s hidden constitution opposes profits, backs ‘social ownership’
With the NDP’s public election platform already packed with more than 200 extreme, unworkable, radical and mostly undesirable promises, it might surprise some to learn that Jack Layton’s current power trip packs at lot more baggage under the floorboards.
How much more can there be? They’ve got plans for what amounts to a 10¢-a-litre cap-and-trade tax on gasoline, doubled pension plan contributions, corporate tax increases, plus a long list of plans and schemes to newly regulate pharmaceuticals, banking, oil, food, telecom, railways and many other industries. As for monetary policy, not mentioned in the platform but recently the subject of comment, Mr. Layton says that he wants to maintain an “arm’s length” relationship with the Bank of Canada, although he apparently at the same time intends to jawbone the bank over interest rates and the value of the dollar.
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Posted in: FP Comment Tags: Mining, Oil, Terence Corcoran, carbon tax, Jack Layton
Apr 29, 2011 – 8:23 PM ET | Last Updated: Apr 29, 2011 8:58 PM ET
The moral high horses are often cynical opportunists pushing left-leaning causes and candidates
It’s a free country. Don’t vote if you don’t want to, no matter how many people try to badger or bully you into rearranging your day to suit their agenda. If they’d rather stand in line for an hour or two to cast a ballot that has a one-in-a-trillion chance of being the deciding vote, more power to them. If you’d rather enjoy a beer with your buddies or catch up on your chores, more power to you.
I generally vote in federal elections, despite the academic literature that pretty well proves that doing so is futile. I vote even when I know that my preferred candidate has zero chance of winning — dumb or not, that’s my choice. Read More
Posted in: FP Comment Tags: big government, compulsory voting, democracy, elections, Lawrence Solomon, Public Policy Forum, voting, youth, youth vote
Apr 29, 2011 – 8:20 PM ET
The new government should help families by cutting taxes
By Niels Veldhuis and Charles Lammam
In 2010, the average Canadian family faced a total tax bill of $29,913 against income of $72,393. This means all taxes imposed on the average Canadian family consumed more than 41% of its annual income.
Such taxes include income taxes, payroll taxes, sales taxes, property taxes and a host of other taxes that Canadians pay but don’t necessarily see. The average family’s tax bill has grown more rapidly than any other expenditure item over the past 50 years.
Posted in: FP Comment Tags: clothing, families, Food, income tax, Paul Martin, shelter, Stephen Harper, taxation
Apr 29, 2011 – 12:17 PM ET | Last Updated: Apr 29, 2011 2:11 PM ET
Will he hassle central bank on interest rates or will he not?
NDP Leader Jack Layton, a frequent critic of the Bank of Canada’s monetary policies, is now being asked pointed questions about what he might do were he Prime Minister. One of the most important issues is whether he might start leaning on Bank Governor Mark Carney to follow interest rate policies with a view to manipulating the dollar.
(See update below)
In one interview, he sounds firm. He told Bloomberg Businessweek the Bank of Canada should be kept at arms length. It’s “the way to go,” he said. Read More
Posted in: FP Comment Tags: Bank of Canada, canadian dollar, debt, economy, interest rate, Jack Layton, Mark Carney, NDP, New Democratic Party
Apr 28, 2011 – 8:48 PM ET
Political scoundrels run to revive discredited claims of gas price gouging
The 18th-century lexicographer and wit-about-town Samuel Johnson claimed that patriotism is the last resort of the scoundrel. For populist politicians, the last resort is manufactured outrage over gas prices. Thank heavens there isn’t time for this to become more of an election issue in Canada. Americans may not be so lucky.
In the past week, both Canadian opposition parties and President Barack Obama have claimed that we should ignore obvious reasons for gas price increases and instead look — yawn — for Big Oil conspiracy. Mr. Obama also cited the impact of ever-handy “speculators.” (A 2008 study by the U.S. Commodity Futures Trading Commission suggested that oil traders tend to keep prices down, but who wants to hear that?) Read More
Posted in: FP Comment Tags: Climate change, Energy, gas prices, gasoline, Peter Foster, Stephen Harper
Apr 28, 2011 – 8:41 PM ET | Last Updated: Apr 28, 2011 9:00 PM ET
If tax cuts are cancelled, investors may cancel spending
By Roger Phillips
Canada’s level of corporate taxes, an issue in the current federal election, has become a subject for much comment by politicians and pundits alike.
At the political level, the debate has been dumbed down. One federal minister claimed that if the previously legislated tax levels for 2011 and 2012 were to be reversed, companies would increase consumer prices to make up the difference. An opposition politician suggested that lower taxes would just “enrich” large corporations. Economists and think-piece writers have attempted to prove or disprove the contention that reversing the planned tax levels would dampen business investment. Read More
Posted in: FP Comment Tags: Canada, capital spending, corporate tax, foreign investment, Roger Phillips
Apr 28, 2011 – 8:38 PM ET
Re: “We need Scott Walker here,” Niels Veldhuis and Milagros Palacios, March 4
This is economics for mean-spirited people who don’t care about unemployment. It is also economics specifically written for those who don’t understand economics.
And invoking the name of a state governor, Scott Walker, whose agenda is about a lot more than balancing the budget is just plain inflammatory.
Balancing the budget in the face of a continuing downturn only replicates the mistakes that helped drive the economy over the cliff in the first place and makes things worse for everyone, not just the convenient public-sector scapegoats.
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Posted in: FP Comment Tags: FP Letters to the Editor, unemployment, unions
Apr 27, 2011 – 9:10 PM ET | Last Updated: Apr 27, 2011 9:15 PM ET
Fed wants to see inflation in the whites of their eyes
He’s the Man with the Golden Touch. As Federal Reserve chairman Ben Bernanke went public with a Fed policy statement and press conference Wednesday, traders watched as every word seemed to add a few cents to the price of gold. After hitting US$1,530 late in trading, gold backed back down a bit, but the story was clear.
The euro gained and U.S. treasury bond yields went up. Also moving in directions that were inconsistent with the Fed chairman’s world view was the American dollar, which went down.
Posted in: FP Comment Tags: Ben Bernanke, Energy, exchange rates, Federal Reserve, gold, Inflation, Oil, prices, Terence Corcoran, U.S. dollar
Apr 27, 2011 – 9:04 PM ET
Promised to double CPP when it didn’t expect power
Most of us didn’t pay much attention to the NDP platform when it came out, on the then-reasonable assumption the party wasn’t going anywhere near power, so the platform didn’t really matter — which also seems to be the assumption the party itself made in writing it. But now that millions of non-readers are about to vote NDP, it’s time to check out what, apart from smiling broadly, the party actually stands for.
The NDP platform, which is 26 pages long, contains 19 pictures of Jack Layton and 12 pages of text. Even so, those 12 pages list 146 bullets’ worth of policy, with another 59 sub-bullets, for a grand total of 205 policy promises. Read More
Posted in: FP Comment Tags: corporate tax, CPP, Jack Layton, NDP, platform, William Watson
Apr 27, 2011 – 9:03 PM ET | Last Updated: Apr 27, 2011 9:13 PM ET
Assessment of party leaders
By Alan Zelnicker
Is Stephen Harper a good CEO? Could Michael Ignatieff be a better chief executive? What about Jack Layton?
As executive headhunters, we size up candidates for top corporate roles and make recommendations to clients every day. At election time, we assess the party leaders the same way we evaluate top corporate candidates. We find this gives clarity as we head to the polling station. After all, a number of the skills required of a prime minister are akin to what is needed to lead a corporation.
As recruiters, we’ve sifted through the candidates’ qualifications and we’re ready to present our findings to our client (you, the electorate).
Posted in: FP Comment