October 21, 2021
Our theory of inflation suggests that the US economy over the next few years is more likely to suffer from stagflation, i.e. 3%-plus inflation with less than 2% growth, than from either deflation or inflationary ‘overheating’ (4%-plus).
The Trudeau government’s willingness to curtail Employment Insurance eligibility and throw unemployed workers off its key pandemic benefit programs, prior to employment even fully recovering, is a reminder that leaving people behind remains a feature of Canada’s social assistance regime—not a bug. Effective October 23, barring any unexpected intervention, Canada’s main support programs for workers thrown into unemployment by COVID-19 will end.
Yesterday the leadership of IATSE announced that they had reached a tentative agreement with the Alliance of Motion Picture and Television Producers (AMPTP) that will avert a potential strike set to begin at midnight tonight.
In Mexico, President Andrés Manuel López Obrador is attempting to transform the country’s overpriced energy industry by nationalizing lithium — a move essential to kicking out private mining and developing a robust and affordable public energy sector.
One of Canada’s largest institutional investors, responsible for managing billions of dollars in workers’ pensions, has committed to fossil fuel divestment. It’s a good step — but without pressure from the labor movement, these promises will mean nothing.