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Tuesday March 20, 2018

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Tuesday March 20, 2018

Ontario Liberals use throne speech to make big spending promises for health care, child care

Ontario’s Liberal government teased what voters should expect in its upcoming pre-election budget in a speech from the throne on Monday, promising significant new spending on a wide range of programs and issues.

The address comes as the province prepares for a June 7 election.

The speech comes a week before the government is set to table its 2018 budget, which is expected to include a deficit of about $8 billion the Liberals say is necessary to beef up spending on health care, child care and support for students.

“After delivering a balanced budget this year, your government has made a deliberate choice to make more investments in the care and the services that the people of this province rely on,” Dowdeswell said.

“As a result, the 2018 budget will show a modest deficit next year of less than one per cent of our GDP, and outline a path back to a balanced budget.”

Health care is clearly emerging as a central theme in the run-up to the official start of campaign season.

Ontario NDP Leader Andrea Horwath was at Queen’s Park on Monday morning to provide more details on her party’s $1.2-billion proposal to provide dental care coverage for everyone in the province.

Speaking to reporters, Horwath said that an NDP government would “absolutely” run a deficit, but she said it was necessary because of Liberal fiscal mismanagement. (Source: CBC News) 

 

Wednesday December 20, 2017

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Wednesday December 20, 2017

Payday lenders squeezed by new regulations

After more than two decades in the payday-loan industry, Anthony Piet faces his most difficult year in the business.

February 16, 2017

Mr. Piet operates eight Money Mart franchises sprinkled across Canada, located in small towns such as Banff, Alta., and Timmins, Ont. Legislative changes in numerous provinces – including Ontario, to take effect on Jan. 1 – have squeezed payday lenders, in particular smaller players such as Hamilton-based Mr. Piet. New rules reduce how much they can charge and put restrictions on lending.

“Tough,” says Mr. Piet of his 2018 outlook. “Really tough.”

December 11, 2015

The much-maligned payday-loan industry sells short-term loans at a high cost, mostly to lower-income Canadians. If a person doesn’t have access to credit, but is short on money in between paycheques and needs to cover something essential, such as the hydro bill, a lender such as Money Mart is an easy and fast place to get cash. The loans are generally repaid quickly, but the fees, which long stood at more than $20 for every $100 borrowed, added up to an annual interest rate of 500 per cent and more.

December 6, 2014

Provinces across Canada have tightened the rules that govern the industry. Payday lenders insist they provide an essential service, but they have been widely criticized for exploiting vulnerable customers and charging too much. Now they say their margins are being squeezed so badly that they’re fighting for survival.

September 11, 2015

The number of payday lenders operating in Canada has been on a downward trend for several years, in part because of the new legislation. In 2017, there are an estimated 1,360, down 5 per cent from 1,434 in 2015.

For Mr. Piet, with one Money Mart in Alberta, he has taken pragmatic measures. He has reduced hours of operation, cut advertising and pulled back on community contributions. He called his Banff store’s future “tenuous.”

In Ontario, where his Money Marts are in Timmins and Simcoe, Mr. Piet doesn’t feel the new rules in the province foretell looming closures but feels like he is in a vise as he draws up budgets for the coming year. “Everything is under the microscope,” he said. (Source: Globe & Mail) 

 

Wednesday July 26, 2017

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Wednesday July 26, 2017

Rising loonie: The Winners

Buoyed by strong sentiment about the state of the Canadian economy, and getting the benefit of general weakness in the U.S. greenback, the Canadian dollar is now flying in territory it hasn’t seen in two years.

A recent interest rate increase by the Bank of Canada, and the expectation of more to come, has the loonie up about 10 per cent over the past six weeks.  The Canadian dollar rose above 80 cents US on Monday before closing at 79.97 cents US.

January 14, 2016

“The obvious winner would be the average Canadian, just in terms of their travel plans or in terms of what they buy from the U.S.,” said Doug Porter, chief economist at Bank of Montreal.

The recent loftiness of the loonie makes it cheaper for Canadians to travel when they buy vacations priced in U.S. dollars.

For example, a one-week cruise out of Fort Lauderdale, Fla., priced at $878 US would have cost $1,203 Cdn when the loonie was trading at 73 cents US. With the loonie at 80 cents, that same cruise would cost $1,097 Cdn — meaning a consumer would save $106.

Similar to consumers, Canadian businesses that buy goods or services in U.S. dollars would wind up paying less for those items after factoring in the effects of our fluctuating currency.

For example, professional sports teams often pay player contracts in U.S. dollars.  A stronger loonie means the revenue earned in Canadian dollar goes further when it comes to paying players in greenbacks. (Source: CBC News) 

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Tuesday May 16, 2017

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Tuesday May 16, 2017

Cultural appropriation: at its base, it’s all about money

The debate over cultural appropriation is complicated. At one level it is about the legitimacy of telling the stories of others. At base, it is about money.

It became front-page recently when the editor of a little-known literary magazine created a firestorm by daring to support the idea.

“Anyone anywhere should be encouraged to imagine other peoples, other cultures, other identities,” Hal Niedzviecki said in Write, the journal of the Writers’ Union of Canada. He went on to suggest, tongue-in-cheek, that an “appropriation prize” be created for writers who managed to accomplish this task.

For that, he was denounced by his employer and a number of authors. He quickly resigned.

Those living happily outside the hothouse of Canadian literature might be surprised that this is even an issue. By definition, fiction writers write fiction. In that sense, everything is borrowed. (Continued: Hamilton Spectator)