money – mackaycartoons

Thursday January 18, 2018

January 17, 2018 by Graeme MacKay

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Thursday January 18, 2018

Bank of Canada raises key interest rate to 1.25% despite NAFTA worries

The Bank of Canada raised its key lending rate by a quarter percentage point to 1.25 per cent Wednesday, the third time it has moved its benchmark rate from once-record lows last summer.

The bank’s rate has an impact on rates that Canadians get from retail banks for things like mortgages, savings accounts and GICs. The move means borrowers can expect to pay more, but savers can expect to earn more, too.

After the central bank moved in the morning, the Royal Bank of Canada and Toronto-Dominion Bank each hiked their prime lending rates by the same amount, 25 points, in the afternoon. The new rates of 3.45 per cent will be in effect as of Thursday, Jan. 18. Canada’s other big banks are expected to follow suit.

The Bank of Canada was widely expected to raise its key rate after economic data in recent months showed gross domestic product growing, the job market healthy and the cost of living ticking higher.

The bank’s benchmark rate is now at its highest level since 2009.

In the MPR, the bank nudged up its expectations for how the economy will perform this year and next. The bank now expects Canada’s economy to expand by 2.2 per cent this year and 1.6 per cent in 2019. Previously the bank was anticipating 2.1 and 1.5 per cent growth.

But while broadly positive about the economy’s prospects, the bank cited “uncertainty about the future of NAFTA” as a reason for concern moving forward. (Source: CBC)

Wednesday June 14, 2017

June 13, 2017 by Graeme MacKay

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Wednesday June 14, 2017

Ontario offers public servants ‘unprecedented’ contract extensions, 7.5-per-cent raises over 4 years

July 20, 2010

Ontario is offering public servants a four-year contract extension with 7.5-per-cent raises, which, if ratified, would avoid possibly contentious bargaining before the next provincial election.

The Ontario Public Service Employees Union workers would get 1.5 per cent on July 1, then one per cent on Jan. 1, 2019 and another one per cent every six months for the life of the deal. The approximately 35,500 workers and correctional staff represented by OPSEU are employed across the public sector, from administration and enforcement to social work, IT and laboratory staff.

The possible deal follows the Liberal government’s successful offering to teachers and education workers of two-year extensions that came with four-per-cent raises and more than $275 million in additional funding.

OPSEU president Warren (Smokey) Thomas called the scope of the latest contract extension offer “unprecedented” and said he suspects it is related to the June 2018 election.

“I’m kind of shocked the government actually made us any kind of an offer,” Thomas said. “It’s no secret that my union and myself, my executive board, we’re always in a battle with the government…We’re at odds with them on a lot of fronts.”

But, Thomas said, the offer contains a number of positive changes with no demands of concessions for members, and no matter the motivation he’s looking for the best deal for the workers.

Premier Kathleen Wynne disputed that the offer was about the upcoming election.

“My position has always been, since I’ve been in elected politics, has been that good working relationships with our labour partners is good for the people of the province,” she said.

For many years now, the government has only been able to offer public-sector workers small increases, as it worked to eliminate a multi-billion-dollar deficit, but the budget is now balanced.

“One of the reasons that we have been able to come to this position now where we are able to balance the budget, where we are able to make investments, is that we’ve worked very well with our labour partners,” Wynne said. (Source: Hamilton Spectator)

SaveSave

Tuesday April 4, 2017

April 3, 2017 by Graeme MacKay

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Tuesday April 4, 2017

Bombardier CEO admits ‘bad job’ communicating pay increases

Bombardier did “a bad job” explaining its decision to raise executive compensation, but the company has listened to the public and is now ready to turn the page, CEO Alain Bellemare says.

October 13, 2016

In an interview, Bellemare acknowledged that Bombardier (TSX:BBD.B) underestimated the anger that would erupt over the pay hikes, which were to come as it was issuing pink slips to thousands of employees while receiving federal and provincial assistance.

“It’s all on us at Bombardier,” he said. “The message here is we did listen, we paid attention, we care.”

Bellemare announced late Sunday that he has asked Bombardier’s board of directors to delay the payment of more than half of this year’s total planned compensation for six executive officers, including himself, by one year — until 2020. The compensation would be paid as long as certain objectives that haven’t changed are met by that time.

The remuneration is required to attract top talent to turn around the company’s fortunes, which in turn benefits employees and shareholders alike, he said.

Last week, the company issued a proxy circular showing that Bellemare and five others were in line for a nearly 50 per cent increase in compensation, most of which was to be granted in 2019. The disclosure stoked fierce outcry that lasted for days, including a weekend protest at Bombardier’s headquarters in Montreal.

Federal Economic Development Minister Navdeep Bains said Monday that like many Canadians, he was disappointed by the Bombardier executive pay raises, but it seems like the company is trying to address those concerns.

“Clearly there’s a recognition that they need to make changes, that they need to approach this differently,” Bains said, striking a different message from the one offered by the prime minister last week.

Asked how he can justify the $372.5-million federal loan for Bombardier’s CSeries and Global 7000 aircraft programs, Justin Trudeau said his government respects “the free market and the choices that companies will make.” (Source: CTV news)

Saturday October 29, 2016

October 28, 2016 by Graeme MacKay

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Saturday October 29, 2016

‘Pretty Good Rich Kids’: Reaching the OHL takes more than talent

What does it take to make it to the Ontario Hockey League?

Skill? Certainly. Speed? Sure. Strength? No question.

November 28, 2007

But it also takes something else — something over and above raw talent and physicality. To make it to the OHL, you also need a winning ticket in the lottery of birth.

A year-long Spectator investigation finds a highly significant number of the league’s Ontario-raised players are from suburban neighbourhoods where most people are well-educated, earn high incomes and live in expensive homes.

The odds of them crossing paths with someone living in poverty are extremely low.

For anyone familiar with the extraordinary cost of playing hockey in Ontario — $15,000-or-so annually for an elite AAA player and getting higher — this won’t come as a shock. If you want to be the next Sidney Crosby, says Wilfrid Laurier University’s William McTeer, “the first question you have to ask is how much money do your parents have and are they prepared to invest in your future as an athlete.”

But cost isn’t the only thing keeping children in Hamilton and across Ontario out of the game.

Several factors, including geography, public policy and the funding mechanisms of non-profits, are making it increasingly difficult for low- and middle-income families to access the sport, particularly at competitive levels.

“I think it’s tragic,” says Philip White, a sport sociologist at McMaster University. “You live in a culture where everybody is supposed to have an opportunity to advance and kids are simply shut out.”

Our analysis is grounded in data. Stick with us while we get the heavy stuff out of the way. (Continued: Hamilton Spectator)

Tuesday May 17, 2016

May 16, 2016 by Graeme MacKay

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Tuesday May 17, 2016

Wavering on building LRT

Spectator Editorial – Now that the LRT pot is on the front burner at full boil, it would be wise for everyone to take a deep breath.

May 2015 – The LRT waiting game gallery

Yes, it’s disappointing that city council didn’t take the opportunity to render a public display of support at last week’s meeting. They should have. But as our elected representatives, they have a right to express reservations and ask for more information and time. Hopefully putting it off for a week — the matter is back before council in its general issues committee form tomorrow — will give staff the time to provide the requisite information and councillors time to reflect.

But if the matter is deferred again tomorrow, it will be more problematic. Quite simply, the time has come for council to send another clear, unequivocal message to the province: Thanks for the billion dollars, and yes, we will use it to build LRT.

Arguments against LRT these days tend to fall into two categories. It’s not something Hamilton needs now or ever, or it might be something Hamilton needs, but it’s premature.

August 7, 2015

The first argument is the territory occupied by people who simply don’t believe in modern, environmentally sound, economically catalytic public transit. Those of us who support improving and modernizing transit probably aren’t going to convince this crowd. Their minds are closed. They’re the ones who think the HSR in its current form was good enough in the ’70s and ’80s, so it’s good enough for the future, perhaps with a few tweaks around the edges.

April 1, 2016

The other anti-LRT position — that it’s premature — is more interesting and promising. You can make a solid case LRT might be a better fit eight or 10 years on, when the rest of our transit system is still not optimized to get full value from having LRT as a transit fulcrum. But here’s the thing: a billion provincial dollars.

It’s unlikely that any time in the foreseeable future a provincial government is going to believe enough in the transformative potential of LRT that they’re going to put a billion on the table. That’s what we have right now. The money is earmarked for LRT in Hamilton. Not BRT. Not general transit improvements. The province agreed to fund LRT.

We know there are at least two councillors — Chad Collins, who is pushing for a referendum on the issue, and Donna Skelly — who say they will say no to that money. It’s hard to imagine a majority of council will make the same mistake.

Even if the timing isn’t perfect, it is workable. This isn’t entirely about LRT, after all. It’s about efficient, modern transit across the city, with routes, vehicles and schedules effectively integrated to use LRT as the spine of a modern public transit system. No one is asking us to choose LRT over fixing the rest of the system. With or without LRT, we’ll have to do that. This is a $1 billion opportunity Hamilton can’t afford to miss. We’re betting most councillors know that. (Source: Hamilton Spectator)