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18 Nov, 4 tweets, 3 min read
It's painfully ironic that amidst the worst fall in *paid* employment since the 1930s, and with a huge shift to working from home, the amount of *unpaid* overtime in the 🇦🇺 economy has gone UP this year. @CntrFutureWork estimates (by @Dan_Nahum) show 5.25 hrs/week on avg. ...2
That's worth almost $100 billion per yr in stolen time. Economic recovery needs every single $ of purchasing power we can put in the pockets of workers. Paying them for the work they already do would be a great start! See full report: futurework.org.au/go_home_on_tim… #GoHomeOnTimeDay ...3
In this context, we can understand (but not agree with) the demands of the Chamber of Commerce and other business groups for more "flexibility" in rules for work-from-home. They want this $100 billion gravy train to continue. The rest of need to make home work safe & fair. ...4
These new findings confirm our fears, in earlier @CntrFutureWork research (with @ak_pennington) about the risks of work-from-home, and the need for clear and enforceable protections: futurework.org.au/working_from_h….

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More from @JimboStanford

Jim Stanford Profile picture
20 Nov
THREAD: Today's Retirement Income report has a long discussion about whether changes in the super guarantee are automatically passed through in offsetting change in wages. Here's the graph the report claims proves that workers pay for their own super through wage cuts: ...2 Image
What that graph *actually* says is that something between 30% and 145% of changes in SG are reflected in offsetting changes in future wage growth. Yes, you read it right: it could be 145%: that is, if super goes up, your wages will fall by 1.45 times as much. Not clear why ...3
Our research last year found no evidence of a systematic wage/SG trade-off in historical macroeconomic data: futurework.org.au/abandoning_sup…. We said both wages & SG are determined by institutions, norms, & power. Whether they move together or apart depends on the balance of forces...4
Read 8 tweets
Jim Stanford Profile picture
28 Oct
It is infuriating how the false narrative that Canada faced a "debt crisis" in the 1990s has been repeated so often by fiscal conservatives, it is now reported as fact--even by platforms that should know better (eg. @CBCNews cbc.ca/news/politics/…). ...2
The phony claim of a looming "debt wall" was invoked to justify the huge retrenchment of EI & other social programs, most dramatically in the 1995 budget, impoverishing hundreds of thousands. The sustained failure of EI ever since is why govt had to invent CERB in this crisis...3
Lo and behold, the fed budget was miraculously balanced just 2 years later (in 1997, years ahead of "schedule"). No debt crisis occurred, or would have. I reviewed this phony history in 2003 for @ccpa, worth reading again to contest this false history policyalternatives.ca/sites/default/… ...4
Read 6 tweets
Jim Stanford Profile picture
28 Sep
Some thoughts on BC Liberal plan to eliminate PST for 1 year, and cut it by 4 points (57%) after that:

The 2020 budget says PST would raise $7.9b this fiscal year, rising to $8.6b by 2022. So the Liberals' costing seems too low.
#bcpoli ...2
They say their plan would cost $6.9b in year 1, $4b after. Seems like it would be more like $8b in year 1 (depending when it starts), $4.5-5b/year after that. So they are low-balling the fiscal implications of this very expensive idea. ...3
In year 1, their plan would thus increase the (already-record-high) provincial deficit by over half: from projected $13b to something like $21b. I am not averse to larger deficits to spur post-COVID reconstruction, but we need to be sure we're spending the funds well. ...4
Read 14 tweets
Jim Stanford Profile picture
23 Sep
If actions match these words, this #SFT will be a historic step forward in Canadian social policy in several key areas: childcare, disability GIS, pharmacare, and a new EI system. All ambitious, and necessary. #BuildBackBetter #cdnpoli ...2
Somewhat reminiscent of Pearson's minority governments in the mid-60s, which brought in CPP, medicare, and the Canada Assistance Plan. Minority government can work well! ...3
Conservatives' predictable rant on deficits & debt will go nowhere, esp. as Canadians are losing sleep over COVD 2nd wave & continuing recession (not debt bogeymen). And CPC won't whisper about what they'd cut for a smaller deficit: they know that would be the end of them. #SFT
Read 5 tweets
Jim Stanford Profile picture
29 Jul
Absolutely brutal #CPI number out from #ABS today: prices fell 1.9% in June quarter. That's deflation at an annualized rate of 7.3%--by far the biggest price decline in Aussie postwar history. Inflation was too close to 0 *before* #COVID19, so there's no room to maneuver now...2
In case anyone thinks falling prices is somehow 'good' for consumers, keep in mind:
* Consumers stop buying (waiting for still lower prices).
* Real burden of debts grows .
* Investment is chilled by fear of falling nominal revenues.
Deflation is what happens in a depression ...3
Regarding the fear that big govt deficits and RBA bond-buying raises a big risk of hyper-inflation, keep in mind:
* We need more inflation, not less.
* Inflation will help reduce real burden of COVID deficits.
* RBA has undershot its CPI target for 6 straight years. ...4
Read 6 tweets
Jim Stanford Profile picture
10 Jul
A THREAD with some thoughts on today's 🇨🇦 Labour Force report. The headline growth in jobs (almost 1 million) was very encouraging, much better than expected. By that measure, we've climbed almost halfway back out of the hole we fell into Feb-April. #cdnecon @CntrFutureWork ..2
But the next steps of job recovery will be much harder to achieve. The share of unemployed expecting to go back to their former jobs is way down (just 1/3 now). And I expect a wave of 2nd-order layoffs as companies permanently downsize because their market isn't coming back..3
Recent examples of that include Bombardier and VIA Rail. The official unemployment rate (12.7%) is still just the tip of the iceberg. Counting people nominally employed but not working, and those who've given up looking, a more realistic measure of unemployment is 21-22%. ..4
Read 11 tweets

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