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roller coaster

Thursday June 6, 2024

June 6, 2024 by Graeme MacKay

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Thursday June 6, 2024

Borrowers Ride the Wave of Rate Cuts Amidst Rising Living Costs

Innovative leadership is essential to address Canada's inflation crisis, bridging the gap between optimistic official statistics and the harsh financial realities many Canadians face.

May 31, 2024

The economic landscape resembles a carnival ride for borrowers, offering moments of relief intertwined with daunting challenges. The recent decision by the Bank of Canada to cut its overnight rate for the first time in over four years has injected a sense of optimism into the economy. However, this optimism is tempered by the harsh reality of continuous rises in living costs. As borrowers embark on this rollercoaster journey, they must navigate the twists and turns of economic uncertainty while grappling with the impact of inflation on their financial stability.

News: Bank of Canada cuts key rate for first time in more than 4 years

Loud budgeting emerges as a powerful societal roar against corporate exploitation, stagnant wages, and governmental financial burdens, empowering individuals to reclaim control over their finances and challenge systemic inequities.

March 11, 2024

Borrowers across Canada buckle up as the rollercoaster of economic recovery sets off. The Bank of Canada’s decision to cut its overnight rate by 25 basis points, a move not seen since the beginning of the pandemic, offers a glimmer of hope. With the policy rate now at 4.75%, borrowers anticipate lower borrowing costs, providing a much-needed respite from financial strain. Bank of Canada Governor Tiff Macklem’s confidence in the easing of underlying inflation levels adds to the sense of optimism, as borrowers brace themselves for a smoother ride ahead.

However, the rollercoaster takes an unexpected plunge, plunging borrowers into the harsh reality of rising living costs. Despite the rate cut, inflation remains a persistent threat, with the inflation rate standing at 2.7% in April. The economy’s growth of 1.7% in the first quarter of 2024 falls below expectations, signalling underlying challenges. While employment figures show signs of improvement, wage pressures continue to linger, casting a shadow over borrowers’ financial well-being.

Despite falling inflation, the Bank of Canada is likely to keep interest rates steady, raising questions about an immediate drop in borrowing costs.

March 5, 2024

As the rollercoaster navigates its twists and turns, borrowers find themselves grappling with economic uncertainty. Bank of Canada Governor Macklem’s cautionary remarks remind borrowers of the delicate balance between rate cuts and inflation management. The decision on further rate cuts hangs in the balance, with risks to the inflation outlook remaining a concern. Borrowers must tread carefully, mindful of the uneven progress in bringing down inflation and the potential risks posed by hasty policy decisions.

As borrowers disembark from the economic rollercoaster, they are left pondering the lessons learned from their turbulent journey. While rate cuts offer a glimmer of hope, the challenges posed by rising living costs loom large. It is imperative that borrowers, policymakers, and stakeholders alike come together to advocate for economic stability and financial resilience. By navigating the twists and turns of economic uncertainty with prudence and foresight, borrowers can steer towards a brighter, more equitable future for all.

 

Posted in: Canada Tagged: 2024-11, Bank of Canada, borrowing, Canada, cost of living, Interest rates, roller coaster

Saturday November 13, 2021

November 15, 2021 by Graeme MacKay

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Saturday November 13, 2021

Ontario COVID-19 modelling shows ICU numbers stable, but likely to rise

Ontario’s COVID-19 cases are rising in most public health units, with hospitalizations and intensive-care occupancy rates remaining stable but ICU admissions likely to increase, according to new modelling.

March 11, 2021

On Friday, the province’s COVID-19 science and modelling advisory tables released data showing that between Oct. 26 and Nov. 8, all but eight of the province’s 34 public health units saw an increase in cases. The sharpest rise occurred in the Sudbury public health unit, which reimposed local restrictions such as capacity limits this week.

The models also state that those with lower incomes, essential workers and minority groups are at highest risk of COVID-19-related mortality, citing “different exposures” and access to testing.

The data show vaccinations continue to be highly effective in combatting COVID-19, with unvaccinated people 11 times more likely to be hospitalized and having a 26-fold higher risk of being in the ICU compared with the fully vaccinated.

With case counts rising, “the immediate future is uncertain,” because the current surge is very recent, the document said. Colder weather causing people to spend more time indoors, the lifting of capacity limits in most venues across the province and indoor gatherings are cited as the sources of recent transmission. (The Globe & Mail) 

 

Posted in: Ontario Tagged: 2021-38, covid-19, infection, map, Ontario, pandemic, roller coaster

Wednesday November 17, 2020

November 25, 2020 by Graeme MacKay

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Wednesday November 17, 2020

As COVID-19 surges in Canada, ‘half-hearted’ measures leave ICU staff with sense of ‘dread’: doctor

An Edmonton ICU doctor says the lack of a “definitive, clear plan” has left him and his colleagues with a feeling of “dread” that rising COVID-19 cases could overwhelm hospital capacity.

October 21, 2020

“We knew this was coming forever; we predicted it,” said Dr. Darren Markland, an intensive care physician and nephrologist at the Royal Alexandra Hospital in Edmonton. 

“Our epidemiologists knew it was going to be an issue, and now it’s here and following the predicted curves — and yet the measures are half-hearted and not effective,” he told The Current’s Matt Galloway.

COVID-19 case numbers in Canada have risen sharply this fall. After flattening the curve of the first wave in spring, the country averaged just over 400 new cases a day from June to the end of August. For the first two weeks of November, that number has climbed to a daily average of more than 4,000.

July 10, 2020

The second wave has been led by case numbers in Ontario and Quebec, followed by surges in Alberta and Manitoba. Provinces have introduced targeted restrictions to try to curb the spread, but with the exception of Manitoba have so far resisted widescale shutdowns similar to what much of Canada experienced in spring.

Dr. Ann Collins, president of the Canadian Medical Association, said the problem is that there hasn’t “been a co-ordinated plan to address what we’re seeing now.”

November 5, 2020

The Public Health Agency of Canada has “been looking at evidence on a daily basis about where to go and how to manage this pandemic … but I think where the breakdown has occurred is that that information has not necessarily been brought together in a collaborative way with levels of government,” she said.

August 27, 2020

“And by that I mean federal, provincial, municipal — right out to the health authorities in the hospitals.”

She said her organization is calling for “all governments [to] come together to come up with the best path forward to protect the health of all Canadians.”

“We need to protect the health and the ability of our front-line health-care workers to care for these patients and for other patients,” she said. 

“Those people working in those emergency rooms, in those ICUs, they need to know that someone’s got their back, that they have hope.”

Markland said that Canada had already flattened the curve once, and could do it again.

The COVID-19 Pandemic

“If we don’t start doing the right thing and being civil and coming together on this, we will see deaths and loss of family members like we have never seen before, at least in the last several decades,” he said.

“It needs to be done now.” (CBC News) 

Around the world, new COVID-19 infections and deaths continue to mount. From Canada to South Korea, every country has responded differently — in some cases, quite significantly, resulting in vastly different outcomes. Curious how different countries are faring? You can chart and compare the progression for jurisdictions that have reported more than 100 cases using CTV’s interactive graphs through the link. (CTV News) 

 

Posted in: Canada Tagged: 2020-39, Canada, Coronavirus, covid-19, graph, pandemic, roller coaster, surge

Wednesday May 29, 2019

June 5, 2019 by Graeme MacKay

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Wednesday May 29, 2019

Doug Ford’s ‘government that listens’ is hearing the polls

Premier Doug Ford wants you to believe that his decision to postpone municipal budget cuts had absolutely nothing to do with successive polls showing a sharp drop in voter support for his party.

October 23, 2008

Ford insists he made his about-face because he heard loudly and clearly from mayors across the province

“They need more time,” he told a news conference Monday. “We’re a government that listens.”

There’s no doubt the mayors’ argument resonated at Queen’s Park, simply because it was rather reasonable: that it was completely unfair for the province to cut municipal funding for 2019 when cities were already part-way through their budgets for the year.

The sustained public-relations offensive from Toronto Mayor John Tory can’t help but have contributed to Ford’s polling numbers. The man who beat Ford in the 2014 mayoral race was also beating Ford in the realm of public opinion over budget 2019.

Tory’s tactics to keep the story alive included distributing leaflets to voters in PC-held ridings, gathering signatures on a petition and holding a news conference at a city-run daycare.

Tory’s conservative credentials as a former PC leader meant that Ford could not dismiss his critique as mere ideology. (CBC) 

Posted in: Ontario Tagged: 2019-20, crash, cuts, Doug Ford, Ontario, polls, roller coaster, surrender, white flag

Thursday October 23, 2008

October 22, 2008 by Graeme MacKay

Editorial Cartoon by Graeme MacKay, Editorial Cartoonist, The Hamilton Spectator – Thursday October 23, 2008

Ontario to fall $500M in the red

Ontario will run a deficit of $500 million this year rather than make steep spending cuts to cope with an uncertain economic future, Finance Minister Dwight Duncan said Wednesday.

He also downgraded economic growth to 0.1 per cent instead of the projected 1.1 per cent for the fiscal year 2008-2009.

“We are in the midst of a global economic crisis not imagined a few short weeks ago. It is spilling over into the real economy impacting Ontario families and businesses,” Duncan said at the legislature while delivering his fall economic outlook.

“For that, the McGuinty government is equipped, prepared and determined to get through the challenging economic times.”

The Liberals decided to protect health care and education funding and chose to run a deficit, Duncan told the legislature, adding it was a balanced response to challenging economic times.

Duncan also said Wednesday that the hiring of some 9,000 new nurses and 50 family health teams pledged in the March budget would be delayed.

“The McGuinty government will continue to implement its agenda, in a responsible and prudent manner, given the challenging economic environment,” Duncan said. “A deficit, followed by a plan for its elimination, represents a balanced response to today’s global reality.” (Source: CBC News) 

 

Posted in: Ontario Tagged: Dalton McGuinty, decline, Dwight Duncan, Economy, Ontario, roller coaster, snorkel, taxpayers
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