The Ontario election is looming, and it does not look like there are any good choices. Perhaps the best choice is a minority government.
It looks like there is a high and growing probably of an Ontario recession next year due to a housing led weakness in ontario, and mid cycle slowdowns in US and China, our trading partners, along with growing trade uncertainty. We will explore this in a further post. Given this backdrop perhaps counter cyclical government spending is a good idea if the private sector is retrenching.
There is an alternate viewpoint that if the private sector is about to retrench through a housing led recession, counter cyclical spending from the public sector should dampen it. Not saying its the most productive spending. https://t.co/G4lYsdpHpI
— Enn (@ennlightenment) June 1, 2018
Listening to each party’s taking points, we are so far from creating real solutions that society will need in the future. Solutions will require the best of what the left and right have to offer.
-Instead of talking about how many nurses are going to get fired, or how privatisation (some competition) is bad, why not look to examples like Singapore Health system, which only spends 4% of GDP with similar outcomes: “But Singapore isn’t a free market utopia. Quite the opposite, really. It’s a largely state-run health care system where the government designed the insurance products with a healthy appreciation for free market principles — the kind of policy Milton Friedman might have crafted if he’d been a socialist.”
-Use public spending to enhance infrastructure and fund long term projects with patient capital instead of creating bullshit jobs
-Roll out an unconditional basic income for everyone as a safety net (hint: we should have funded a sovereign wealth fund with oil/resource tax revenue that would pay this out)
-A speculation tax on housing? Potentially, how about a land value tax, or shifting the tax burden off of labour and income onto economic rents. Target unproductive investment and economic rent instead of just the wealthy for redistribution.
-Re-evaluate as as society the role of money and banking, and the monopoly power and privileged that commercial banks have to create credit. Minimize the use of credit for speculation on securities and bidding up the price of scarce land
-Eliminate monopolies and oligopolies, learn how we can win again
-Cut the waste, but restore the Commons
-Work towards establishing better Governance and Transparency: “A recent report by Transparency International ranked Canada and South Korea the lowest in the G20 for financial transparency. Since committing to increase transparency in 2014, Canada has not improved its regulatory framework, the report said.”
I know this all spans multiple levels of government, but just a few thoughts….