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Jim Stanford Profile picture
@JimboStanford
Jun 4, 2020 • 4 tweets • 3 min read • Read on X
@bankofcanada said yesterday that things could be worse. As I tell @jpress of @CdnPressNews, that doesn't mean they're *good*: timescolonist.com/bank-of-canada…. This is still an economic & employment emergency, & we'll need all policy engines firing for years to reconstruct. #cdnecon ...2
One important nugget in yesterday's report: #BoC confirmed bond buying will continue until "recovery is well underway." I think that will be 3 yrs at least. This is crucial to both stabilizing financial markets and facilitating the fiscal injections that are so critical now ...3
Speaking of bond-buying, check out @LindaMcQuaig's very sharp @TorontoStar column on the precedent set by the Bank's purchases of govt debt, and why that precedent should be extended: thestar.com/opinion/contri…. "The Genie is out of the bottle!"🧞...4
I argue here for @ccpa that the Bank's bond-buying should be broadened and extended: behindthenumbers.ca/2020/04/08/can…. A critical area now is cities, which are in a real fiscal vise: if they respond by slashing jobs & services (as many are now doing) the recession will be longer & deeper.

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More from @JimboStanford

Jim Stanford Profile picture
Apr 27
A sovereign wealth fund is a great idea, Canada should have had one years ago. But the devil is in the details. What kind of projects will it invest in, and in what form? And how will the public interest truly be advanced over time? Many questions to be answered... #cdnecon /2
The dream: Use public capital to lead the historic development and diversification of the national economy. Build value-added and high-tech capabilities that will outlive non-renewable resources. Accumulate public wealth over time. /3
The nightmare: Shovel public capital into subsidizing private projects that can't stand on their own two feet, and do not contribute to the structural transformation and resilience of the economy. Use it like private equity, to make deals and get out fast. /4
Read 8 tweets
Jim Stanford Profile picture
Mar 2
PSA: When the price of gasoline jumps this week, remember it was refined from oil (mostly Canadian) produced weeks ago, only ~2% of which came from the Middle East. It's a policy choice, not 'market forces', that explains why you'll pay more (and oil profits will soar). /2
We've seen this movie before: Feb 2022, Russia invades Ukraine (a country that doesn't produce oil), oil prices jump 65%--biggest single cause of the resulting inflation spike (that peaked at 8% in June in Canada). That cost Canadians $200b over next 3yrs ($12K per household). /3
That war had no impact on real oil supply; the price spike was driven purely by financial speculation on futures markets. Oil profits set records, but the rest of us paid for it: higher direct and indirect prices, higher interest rates, disemployment. /4
Read 5 tweets
Jim Stanford Profile picture
Aug 18, 2025
In this existential 'Elbows Up' moment for Canada's economy, public discourse has been overly influenced by loud demands from corporations & their political backers to implement their age-old agenda: deregulate (especially environmental rules), cut taxes, build more pipelines. /2
That agenda will definitely NOT build a Canada that is more self-reliant, sovereign, and sustainable. To achieve genuine economic independence we need a holistic strategy to maximize the potential of our people, our skills, ALL our natural resources, and our social capital. /3
To broaden the discourse over Canada's economic strategy under Trump, @ccpa and @futurework_cda have released a new 'Factbook'. See it at . #canlab /4 policyalternatives.ca/news-research/…Image
Read 6 tweets
Jim Stanford Profile picture
May 6, 2025
Just in time for Prime Minister Carney's meeting with Donald Trump, I have analyzed new U.S. Census Bureau data on bilateral Canada-U.S. trade (now including full-year 2024 results). Full analysis here: . #cdnecon #cdnpoli /2progressive-economics.ca/2025/05/latest…
The U.S. bilateral trade deficit with Canada shrank 12% in 2024, to just $35.7b (U.S.). That's a small fraction of the inflated numbers ("$100 billion, $200 billion, $300 billion") that Trump just makes up. /3 Image
Relative to U.S. GDP, which has been growing quickly in nominal terms, that bilateral deficit has been halved since 2022 (largely due to lower oil prices), falling to 0.12% in 2024. Even the U.S. global deficit is a much smaller share of GDP (3.1% in 2024) than in the 2000s. /4 Image
Read 8 tweets
Jim Stanford Profile picture
Apr 22, 2025
Certain partisans have been citing Canada's performance on per capita GDP as evidence of a supposed 'lost decade' and economic mismanagement. In @IRPP Policy Options, I deconstruct this arbitrary and misleading statistic, in two parts. #cdnecon #cdnpoli /2
Part I: The numerator of 🇨🇦's per capita GDP has done reasonably well: 2nd best GDP growth in the G7 over the last decade. The denominator (population) has grown unusually fast (esp. since 2021), and that is what has suppressed the value of the ratio. /3policyoptions.irpp.org/magazines/apri…
I also show flaws in the methodology of calculating per capita GDP. The world leaders in per capita GDP are all tax havens: that's phony. In Canada, Newfoundland & Labrador has above-avg per capita GDP (hence no equalization) despite lower personal incomes. A flawed measure! /4
Read 6 tweets
Jim Stanford Profile picture
Apr 20, 2025
Mr. Poilievre is resuscitating COVID-era arguments that inflation is a 'tax' (caused by Justin Trudeau's deficits and Tiff Macklem's ATM), and that he can 'cancel the tax' with federal spending cuts. Here are the top 4 reasons his economics are all wrong: #cdnecon #cdnpoli /2
1. International Comparisons: Post-COVID inflation was a global phenomenon, affecting almost all countries, with no correlation to deficits or government spending. Canada's inflation since 2019 has been relatively mild, well below the US and the OECD average. /3 Image
2. Timing: The federal deficit (huge during COVID lockdowns) was approaching balance (in national accounts terms, which is what matters for macroeconomics) by the time inflation accelerated in latter 2021 and 2022. Purported 'excess demand' from CERB benefits was long gone. /4 Image
Read 8 tweets

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