Taxation, the Public Sector and the CFIB Presentation for CUPE Western Canadian Municipal Workers’ Conference Regina, Saskatchewan 11 June 2010 Toby Sanger,

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Presentation transcript:

Taxation, the Public Sector and the CFIB Presentation for CUPE Western Canadian Municipal Workers’ Conference Regina, Saskatchewan 11 June 2010 Toby Sanger, Senior Economist, CUPE National 1

Stimulus has worked so far: strong recovery 2

Ontario and West hardest hit by job loss 3

Canada’s debt situation good, will get better Source: Federal 2010 Budget, page 154 4

Economic growth being driven by government and households 5

Corporate profits up but investment down 6

Canada’s corporate tax rates slashed 7

8

Corporate profits take record share but not investing in economy 9

Record household deficits—and corporate surpluses—developed 10

Growing inequality, spoils to the richest 11

Economic crisis caused by finance, not workers 12 “I made a mistake…I found a flaw in the model…that defines how the world works.” Alan Greenspan, former head of U.S. Federal Reserve 23 October 2008 “We are facing a systemic failure. This global crisis …was created by a toxic combination of unethical behavior by companies and a faulty regulation and supervision of their activities.” OECD Secretary General Angel Gurría, 22 January 2009 Financial crisis was caused by “people over-leveraging” and ``over- deregulation'' Stephen Harper, Bloomberg News 28 September 2008

Cuts to wages won’t help 13 “The recipe has to be trickle-up economics…cuts in the corporate tax rate can’t help much...” –Avery Shenfeld, CIBC economist, 23 January 2009 “Cuts in hourly wages and salaries (and).. salary freezes (can lead to a) wage price deflationary spiral (that) is very difficult to stop…” –Sherry Cooper, BMO chief economist 23 January 2009

Federal and provincial budgets With: Households spending but at record debt levels… Corporations with record surpluses, but not investing… They:  Freeze public sector salaries  Increase sales taxes (HST)  Cut corporate and business taxes even further  No new stimulus  Plan to sell off public assets and privatize 14

Wage squeeze for federal and provincial workers across Canada Federal:Legislated wage increases, freeze departmental spending. BC:Two year freeze bargaining mandate; net zero increase in overall wages. Manitoba:Two year wage freeze public employees. Ontario:Two year wage freeze. Quebec:Offering 7% over five-years. NBPolicy for two-year wage freeze. 15

Public sector wages only just recovered 16

CFIB attacking public sector—again 17

Reality is average wages are comparable wage “advantages” from pay equity, experience 18

Corporate taxes: further cuts and revenue losses paid, partly for, by public sector wage freezes Federal Ontario RateLoss (billions) RateLoss (billions) %14% %-$0.6 b12%-$1 b %-$2.8 b11.5%$-1.5 b %-$5.2 b11%-$1.9 b %-$5.8 b10%-$2.6 b Meanwhile…. Department spending freeze to save Ottawa $1.8 billion a year 19

Public spending strongest economic impact? Source: Center for Spatial Economics, Informetrica, Federal 2010 Budget (p. 281) 20

All Canadians, especially lower income, lose out from cuts to public spending Canada’s Quiet Bargain, Canadian Centre for Policy Alternatives,

Thank you! For more information: CUPE Economic Climate for Bargaining, TableTalk Progressive Economics Forum blog: 22 mf/cope491