Economic Crisis

  • StatCan says 13% of Canadians aren’t working—but the true number is more like 30%

    Canada is already experiencing Depression-level unemployment. The true rate is 2.5 times higher than the ‘official’ rate — which itself is frighteningly high. We don’t want another Depression. To avoid one, we will need a long-term plan to mobilize investment, directly create jobs, and provide crucial services and infrastructure.

  • Demands for a Post-Pandemic Future

    In the post-pandemic period, we need mass movements that go beyond protesting cuts in an effort merely to impede the advance of a regressive agenda. If we think and act along these lines, the defensive strategies that marked the neoliberal decades may yield to a more militant and radical approach that poses the question of a “broad transformation of our society.”

  • Why Capitalism Can’t Cure Global Pandemics

    Pandemics have not only spread death and destruction, but they have also changed societies in fundamental ways. The world will not look the same once the COVID-19 pandemic is over: either through vaccination or infections. But will it lead to society confronting capitalism’s greed against people’s lives? That is the challenge before all of us; this is how history will judge us.

  • The Myth of a V-Shape Economic Recovery

    The spin is in! The Trump administration’s economic ‘message bearers’, Treasury Secretary Steven Mnuchin and Kevin Hasset, the president’s senior economic adviser, have launched a coordinated effort to calm the growing public concern that the current economic contraction due to the COVID-19 pandemic may be as bad (or worse) than the Great Depression of the 1930s.

  • Political Hope Rises

    There is no pre-pandemic normal to return to. Neoliberal capitalism is certain to emerge from the present crisis transformed. There is, however, the question of how and by whom: by left forces in a progressive direction or by those of capital and the right in an even more authoritarian direction? That is what is politically at stake in the present moment. That is what this manifesto is about.

  • Has COVID-19 Mandated a Basic Income?

    The rapid fraying of the economy due to COVID-19, with unemployment rates projected to reach 25 percent and higher, has prompted heightened interest in universal basic income (UBI). Can the CERB serve as a model? Is now the time to implement a UBI for Canada? If so, what needs to be done to create an effective, efficient and equitable basic income?

  • Can Eco-Socialism Save the World?

    The socio-ecological transition—toward an ecosocialist alternative—implies public control of the principal means of production and democratic planning. Decisions concerning investment and technological change must be taken away from the banks and capitalist businesses, if we want them to serve the common good of society and respect for the environment.

  • Canada’s Pandemic Response Threatens Worker Solidarity

    It doesn’t take careful analysis to determine that the Canada Emergency Response Benefit (CERB) was structured in a way that not only fails to protect the most vulnerable Canadians, but continues to sow the deep divisions among working people that have allowed capitalist interests to dictate Canadian policy and maintain power for more than a century.

  • A Universal Basic Income Is Essential and Will Work

    A universal basic income can serve the goals both of fiscal policy, providing a vital safety net for citizens in desperate times, and of monetary policy, by stabilizing the money supply. The consumer/producer economy actually needs regular injections of helicopter money to remain sustainable, stimulate economic productivity, and avoid deflationary recessions.

  • Why the Response to COVID-19 Should Include Universal Basic Income

    With a UBI, Canadians out of work due to the pandemic would not be nervous about their prospects, knowing that their basic needs would be met. Life would go on–certainly with some trepidation and uncertainty, but Canadians would never fear losing their homes, being unable to feed their families, or terrified of needing to put themselves in vulnerable working conditions in the midst of a crisis.

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