Chrystia Freeland

Thursday November 3, 2022

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Thursday November 3, 2022

Freeland to release mini-budget today as economists warn a recession is coming

Finance Minister Chrystia Freeland will table her fall economic statement today — a roadmap of what’s to come from the federal government as the economy stands on the brink of a recession.

July 9, 2020

Prime Minister Justin Trudeau faced some heat when he told reporters during the 2021 election campaign that he doesn’t pay much attention to monetary policy and the Bank of Canada’s mandate to keep inflation at manageable levels.

“You’ll forgive me if I don’t think about monetary policy. You’ll understand, I think about families,” Trudeau said at a Vancouver campaign stop.

But now, with inflation at levels not seen in decades, monetary policy is something virtually everyone in government is seized with as the central bank hikes rates to push down sky-high prices.

Under Canada’s system, monetary policy (interest rates) is set by the Bank of Canada, while fiscal policy (spending) is up to the elected government.

Ontario Liberal MP Marcus Powlowski said that with interest rates so high, “times are changing.”

“I think there’s more of an opportunity to be frugal,” he said. “Any debt we incur is going to grow.”

MP Rachel Bendayan, the associate minister of finance, said the government has been “extremely fiscally responsible” and is “planning on continuing on that track.”

May 13, 2022

Conservative Leader Pierre Poilievre has made it clear what he wants: no new spending unless there are cuts elsewhere.

Anything else would be “pouring inflationary fuel on the fire,” Poiliere said in question period Wednesday.

NDP Leader Jagmeet Singh said he wants Freeland to address what he calls corporate greed and reform the employment insurance (EI) program.

Freeland has signalled already the government is expecting tough times ahead.

The era of cheap cash is over — rising rates will make it more difficult for businesses to borrow money, which could lead to downsizing and job losses.

The sizeable jump in the Bank of Canada’s policy interest rate — it’s gone from just 0.25 per cent in January to 3.75 per cent today — has also forced the government to rethink how much it will spend.

The cost to service the federal debt is relatively low right now, but it’s poised to increase in the short and medium term.

April 8, 2022

There are early signals suggesting that Ottawa’s fiscal health in the short term could be much better than predicted, thanks to higher oil prices and the growth in personal and corporate taxes in this era of high inflation.

According to figures released last week through the Public Accounts of Canada, the government’s fiscal ledger, the budget deficit for the 2021-22 fiscal year came in at $90.2 billion — substantially less than the $113.8-billion deficit Freeland projected in her April budget.

In an economic and fiscal outlook published last month, the PBO forecast a budget deficit of $25.8 billion — about 0.9 per cent of GDP — for the 2022-23 fiscal year if the government pursues “status quo policy” — meaning no major new spending on programs. That is significantly smaller than the April budget’s forecast of $52.8 billion. (CBC) 

From sketch to finish, see the current way Graeme completes an editorial cartoon using an iPencil, the Procreate app, and a couple of cheats on an iPad Pro …

Saturday September 10, 2022

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Saturday September 10, 2022

Chrystia Freeland has a ‘legitimate shot’ at top NATO job, expert says

October 26, 2021

It’s the favourite parlour game of the parliamentary precinct — predicting which powerful figure is going where and why. Finance Minister Chrystia Freeland finds herself at the centre of speculation now, as talk about her possible appointment to NATO’s top job ramps up.

The buzz was loud enough for a journalist to ask Freeland about it directly on Wednesday, as Liberal cabinet ministers gathered on the West Coast to plot strategy for the fall session of Parliament.

Predictably, the deputy prime minister didn’t bite and spoke about how she already has “two busy jobs” — a reference to her principal portfolio as finance minister.

At least four different sources — in Ottawa, Washington and Brussels, where NATO is headquartered — say Freeland’s name has been tossed around for several months in international defence and security circles as a potential successor to the current secretary general, former Norwegian prime minister Jens Stoltenberg, who has been in the job since 2014.

The parlour game gets played in other capitals, too.

November 21, 2019

And while most of the speculation — first reported publicly by journalist Paul Wells in his online column — revolves around the domestic political effects of a possible Freeland candidacy, the chatter in international circles spins on a different axis.

“There are several very qualified women out there who would be very good candidates,” said a top NATO official who spoke to CBC News last month. (The source spoke to CBC News confidentially because they are not authorized to speak on the matter publicly.)

“It seems there is some momentum for a woman to be the next [secretary general].”

Stoltenberg’s term was supposed to end this month but NATO leaders — reeling in the aftermath of the Russian invasion of Ukraine — extended that term to 2023.

October 20, 2016

Sources in Brussels said Freeland’s name surfaced last fall.

The question that didn’t quite get answered on Wednesday was whether Freeland might be interested in the job. 

As someone steeped in Eastern European politics and history, someone who can speak English, Ukrainian, Russian, Polish, French, Spanish and Italian, Freeland likely would be considered a major asset at a time when the alliance is trying to hold itself together in the face of a major regional war. Her knowledge of Russia and the inner workings of the Kremlin would be another major plus.

But in order to secure her candidacy, both her and Prime Minister Justin Trudeau would have to work the international diplomatic circuit — likely behind the scenes — and expend political capital. (CBC) 

 

Tuesday August 30, 2022

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Tuesday August 30, 2022

Neanderthals and Strong Women

May 26, 2021

From a makeshift studio and with a news anchor’s measured tones, one of Canada’s most familiar faces shocked viewers, created a PR disaster at a national broadcaster and set off intense conversations about how employers treat women as they age.

She did it with a polite, unexpected farewell.

“I guess this is my sign-off from CTV,” the news anchor, Lisa LaFlamme said in a video that announced the abrupt end of her 35-year career at the network.

The dismissal of Ms. LaFlamme, who was most likely one of the newsroom’s highest-paid employees, followed a torrent of layoffs and budget cuts at CTV’s network and local news operations over the past seven years, which were made despite government assistance to news organizations. As in the United States, the internet and years of collapsing advertising revenue have left many Canadian news organizations in dire financial straits. The executive put on leave, Michael Melling, had overseen recent layoffs and cuts at CTV.

Thursday August 11, 2022

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Thursday August 11, 2022

Delivering new services ‘complicated,’ Freeland says of planned dental care program

April 8, 2022

The government is working hard to meet its end-of-year deadline to deliver dental-care coverage to kids, the deputy prime minister said Tuesday, but added providing new services is “complicated.”

The Liberals agreed to offer dental coverage to low- and middle-income children by the end of the year as part of their confidence and supply deal with the New Democrats to keep the minority government from toppling before 2025.

Several groups have raised concerns about the very tight deadline, and four sources close to the program say the government is working on a temporary solution to give money directly to qualifying families while it comes up with a permanent program.

Freeland did not confirm or deny the government’s immediate plans but said the Liberals are committed to the dental-care program, and it’s a commitment she’s “happy to make.”

Friday June 17, 2022

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Thursday June 17, 2022

Chrystia Freeland can do more to fight inflation

Canada’s annual inflation rate currently stands at 6.8 per cent — the highest since January 1991. This means the loonies in your pocket are losing nearly seven per cent of their purchasing power every 12 months.

May 10, 2022

With each passing day, it seems more like Canada has slipped out of the COVID-19 fire only to tumble into an inflationary frying pan. And with each passing day, millions of Canadians who were shepherded through the worst health crisis in a century by a responsive federal government are increasingly looking to the same government to spare them from economic disaster.

Those people received some, but only some, reassurance this is happening from federal Finance Minister Chrystia Freeland on Thursday. In a speech to Toronto’s Empire Club, the deputy prime minister revealed how the federal Liberals intend to collar, if not slay, the inflationary dragon. Considering this was Freeland’s first economic update since April’s budget and considering the costs of food, gasoline and a host of other consumer goods have only soared higher since then, her speech was both timely and necessary. But considering the almost total absence of new measures directly aimed at fighting inflation in her presentation, what Freeland said should represent her government’s starting point, not its finishing line. We’ve heard the words. We need more action.

Canada’s annual inflation rate currently stands at 6.8 per cent — the highest since January 1991. This means the loonies in your pocket are losing nearly seven per cent of their purchasing power every 12 months. It means a Canadian earning a median income of $55,700 a year potentially faces an annual inflationary loss of $3,787.60. Thankfully, for many low-income Canadians, some help is coming.

April 8, 2022

As Freeland explained, Ottawa has earmarked $8.9 billion to boost supports for people receiving Old Age Security, the Canada Child Benefit, the Canada Workers Benefit as well as the Canada Housing Benefit. That money will definitely make life more affordable for many people currently struggling to pay their bills and put food on the table. But it’s not indexed to match future increases in inflation. And virtually all of that money was committed in the last two federal budgets. It’s not new ammunition aimed at inflation.

On that front, Freeland offered precious little. The big guns in this fight are being fired by the Bank of Canada. The interest hikes it has introduced so far this year as well as the ones on the way will rein some of the demand driving inflation by making borrowing more expensive. It is a crude, blunt weapon. But it works, as evidenced by the recent cooling of the country’s overheated housing market. Freeland has vowed to respect the Bank of Canada’s efforts and not interfere with it with her government’s fiscal policy.

On that count, she’s correct. At its heart, inflation is a problem of too much money chasing too few goods. The Liberals can’t spend Canada out of inflation. Pumping new money into the economy, putting more money into everyone’s wallets today will drive the inflation rate higher tomorrow — to the point it is eventually uncontrollable and living standards plummet. That’s why the government is right to reject the demands of some federal Conservatives to cut the Goods and Service Tax or carbon tax.

April 1, 2022

To be fair to Freeland, inflation is for the most part a widespread, complex global problem — not one unique to Canada. For more than two years, the pandemic has repeatedly snarled supply chains and made it harder for consumers and businesses everywhere to buy what they needed. Russia’s illegal invasion of Ukraine further exacerbated the situation by disrupting shipments of oil, natural gas and, most frighteningly of all, food. Freeland can try to shield Canada in some ways from these storms; she can’t stop them.

But rehashing old budgetary commitments or trying to take credit for previously announced plans to train more workers aren’t the specific answers we need for the inflation conundrum. The government should use its considerable leverage to clear some of those supply chain hurdles. One suggestion we haven’t heard but deserves consideration would be to reduce the interprovincial trade barriers that continue to be a drag on our economy. If successful, such an initiative could offer relief to consumers and businesses without driving up the inflation rate. In addition, the Liberals should continue to hold the line on new spending and, if it is deemed necessary, confine it to a targeted segment of the population — those most vulnerable and in greatest need. (Hamilton Spectator Editorial)