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Tuesday January 24, 2023

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Tuesday January 24, 2023

Liberal Cabinet Retreat

Prime Minister Justin Trudeau made his first stop in Hamilton Monday a chance to grab lunch to go with MP Filomena Tassi at The Burnt Tongue on Locke Street.

October 28, 2022

The prime minister and his cabinet are staying in town this week from Jan. 23 to 25 for their post-holiday retreat.

After ordering a cheeseburger and broccoli cheddar soup, Trudeau took a moment to shake hands with the lunch crowd and pose for some photos.

Leaving the restaurant, he posed for a photo with Ashley Acacio and her three-week-old son Mac in his stroller, even correcting the position of a staffer taking a photo for the pair.

On the way to his vehicle, Trudeau hopped on an HSR bus that stopped to greet riders.

Meanwhile, about 200 demonstrators gathered downtown Monday to protest the retreat, calling for migrant rights. They were joined by anti-war demonstrators and about 25 anti-Trudeau and anti-vaccine mandate protesters.

The protesters marched along Main Street, across Summers Lane and blocked King Street in front of the Sheraton Hamilton Hotel for around 20 minutes.

Trudeau’s itinerary said he is expected to attend the retreat, which will focus on affordability and the economy, at 5:30 p.m. Monday. (Toronto Star) 

December 9, 2022

Meanwhile, it’s at the grocery store. It’s at the gas pumps. It’s at your favourite restaurant.

Nearly everywhere Canadians have gone in the past year, every bill might as well have had an extra charge tacked on to the bottom reading simply: inflation.

A shorthand for what’s essentially the rising cost of living, inflation swept across the globe in 2022 and Canada was not immune from its sting.

Canadians eager to travel in June after years of COVID-19 restrictions were met by a 49.7 per cent year-over-year hike in the cost of accommodations. The rest of that summer saw the average price for regular gasoline soar past $2 per litre in many parts of the country. And in October, Canadians were paying 44.8 per cent more for pasta from the grocery store than the same month a year earlier.

April 25, 2014

Poll after poll showed how stretched Canadian dollars had become amid 40-year highs in inflation, with many forced to make impossible decisions about how to feed their families, pay for medications and keep a roof over their heads.

More than a third (36 per cent) of Canadians say their financial situations are very bad or somewhat bad heading into 2023, according to Ipsos Public Affairs polling conducted exclusively for Global News between Dec. 14 and 16. (Global News) 

In the swearing-in of cabinet following the 2021 federal election, the dropping of the awkwardly named Minister of Middle-Class Prosperity, held by Mona Fortier, signalled the short termed portfolio (2019-2021) was an ill conceived addition to the executive team under Prime Minister Trudeau.

Friday October 28, 2022

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Friday October 28, 2022

Freeland warns of ‘difficult days ahead’ as Canada’s economy shows sign of weakness

Finance Minister Chrystia Freeland issued a warning to Canadians Wednesday — the coming months won’t be pretty as rising interest rates slow a once red-hot economy and force some people out of their jobs.

June 17, 2022

The Bank of Canada’s recent rate hikes to tame sky-high inflation will increase borrowing costs for businesses and consumers alike, which will send shockwaves throughout the economy, Freeland said.

Speaking at an auto industry conference in Windsor, Ont., Freeland said she would be honest with Canadians about the roadblocks that lie ahead and the threat of higher unemployment and mortgage rates — developments that could hurt many households.

“Our economy will slow. There will be people whose mortgage rates will rise. Businesses will no longer be booming. Our unemployment rate will no longer be at its record low. That’s going to be the case in Canada. That will be the case in the U.S. and that will be the case in economies big and small around the world,” Freeland said.

“There are still some difficult days ahead for Canada’s economy. To say otherwise would be misleading.”

January 27, 2022

The Bank of Canada — like other central banks, including the U.S. Federal Reserve — has been aggressively raising rates this year to establish price stability and achieve its 2 per cent inflation target.

With inflation so sticky, economists are expecting more rate hikes to reduce demand and cool the economy. That could prompt a recession sometime in 2023.

While inflation has slowed somewhat in recent months as energy prices have stabilized, Freeland said the government will not be able to help everyone ride the inflationary wave.

“We cannot compensate every single Canadian for all of the costs of inflation driven by a global pandemic and Putin’s invasion of Ukraine,” Freeland said.

But she promised relief for the poorest Canadians who are most vulnerable to sudden spikes in the cost of food and rent.

June 22, 2021

During question period in the House of Commons on Wednesday, Conservative Party leader Pierre Poilievre said the federal Liberal government’s “half-trillion dollar inflationary deficits” over the past two fiscal years are responsible for the higher costs.

Pointing to the planned low-income supports, Poilievre said the prime minister has done “nothing for the vast majority of struggling families.”

“Even the small minority who do [receive the supports] will find it gobbled up by increased inflation,” he said, citing a recent RBC Royal Bank report that found the average family will lose $3,000 in purchasing power this year as a result of higher prices and interest rates.

He called on the government to scrap planned hikes to the federal carbon levy — something Poilievre has called a “triple, triple, triple tax” that will drive food prices higher because it will impose added costs on all parts of the supply chain.

August 12, 2022

In the face of Tory criticism, Freeland said the federal government will continue to tighten its belt in the coming months so that Ottawa doesn’t inadvertently drive inflation.

“Canadians are cutting back on costs and so too is our government. That’s our part … to not make inflation worse and more enduring,” she said.

Asked later by reporters if the government has more inflation relief planned, Freeland said now is a time for fiscal restraint. (CBC) 

 

Friday October 21, 2022

By Graeme MacKay – The Hamilton Spectator – Friday October 21, 2022

Hasta la Vista? This Time, Boris Johnson May Say, ‘I’m Back.’

It seemed at once incredible and inevitable.

September 7, 2022

No sooner had Prime Minister Liz Truss of Britain announced her sudden resignation on Thursday afternoon than a familiar name surfaced as a candidate to succeed her: Boris Johnson, the prime minister she replaced a mere 45 ‘ days ago.

Mr. Johnson, who is vacationing in the Caribbean, has said nothing publicly about a bid for his old job. But the prospect of Boris redux has riveted Conservative Party lawmakers and cabinet ministers — delighting some, repelling others, and dominating the conversation in a way that Mr. Johnson has for his entire political career.

Nor is the idea of his return merely notional: Among those who are keeping tallies of the voting intentions of lawmakers, including some London news organizations, Mr. Johnson is only slightly behind his chief rival, Rishi Sunak. On Friday morning, Jacob Rees-Mogg, who is currently the business secretary and served under Mr. Johnson, became the first cabinet minister to endorse his former boss.

September 6, 2019

Mr. Johnson received both endorsement and criticism as the contest to succeed Ms. Truss gathered pace on Friday. Penny Mordaunt, now a senior minister, became the first to publicly declare her candidacy. She is considered one of the leading contenders along with Mr. Johnson and Mr. Sunak.

The prospect of Mr. Johnson back in 10 Downing Street appalls many Conservatives, who argue that voters would never forgive the party for rehabilitating him after the scandals that brought him down in July, including illicit parties held during the pandemic and misconduct allegations against a lawmaker he promoted. Embracing such a polarizing figure, they say, would splinter the Tory ranks, perhaps irrevocably.

“Only a nation which was gripped by pessimistic despair and no longer believed that there could be a serious response to its unfolding tragedies would want to take refuge in the leadership of a clown,” Rory Stewart, who ran unsuccessfully against Mr. Johnson in 2019, wrote on Friday on Twitter. (NYT)

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 …

 

Wednesday July 12, 2017

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Wednesday July 12, 2017

Bank of Canada may hike interest rate for 1st time in 7 years

After almost a decade of warnings that never came to pass, it appears as though the Bank of Canada is ramping up to hike its benchmark interest rate — possibly as soon as next week.

July 16, 2015

On July 12, Canada’s central bank will announce its latest decision on where to place its trend-setting interest rate, which has an impact on the rates that Canadian borrowers and savers get for their bank accounts, mortgages and other products.

Eight times a year, the bank’s board of governors meets to assess the latest economic indicators and decide whether Canada’s economy needs a shot in the arm from a rate cut, or a pump of the brakes by way of a hike.

And for the first time in 54 such meetings, it’s looking like the latter is in order.

It’s not like there haven’t been warning signs. By the time Stephen Poloz was named to replace Mark Carney atop the bank in 2013, the central bank had already been on the sidelines for more than two years, its benchmark interest rate set at one per cent.

May 13, 2010

But even as the bank kept loans cheap coming out of the financial crisis, the messaging from the top came early and often that Canadians should be forewarned — rates have to go up eventually.

As far back as 2014 Poloz warned Canadians that rates would rise “soon” — before oil’s plunge in 2015 caused the bank to lose its nerve. Instead, the central bank moved in the opposite direction, cutting rates twice that year to bring its rate to 0.5 per cent, where it currently sits.

At the time, those hikes were described as a temporary measure to help a Canadian economy that had been waylaid by an oil price that lost more than 70 per cent of its value in a matter of months. But in recent weeks the bank has started leaving clear signals that despite oil still being in the $40-per-barrel range, those temporary conditions are over and it’s time for a return to normalcy. (Source: CBC News) 

 

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