More Economic Action Fail


mentalfloss
#1
Economy loses 28,900 jobs, jobless rate stays at 6.9 per cent

OTTAWA -- The latest labour-market data says the Canadian economy unexpectedly lost 28,900 net jobs in April, suffering its biggest employment drop since December 2013.
Statistics Canada's Labour Force Survey found the unemployment rate remained at 6.9 per cent for the second straight month, suggesting that some Canadians had given up looking for work.

Economists had anticipated an increase of 12,000 jobs for April, according to Thomson Reuters. The last time the Canadian economy saw such a drop was December 2013, when it lost 44,000 jobs.

The report also showed that 30,900 full-time jobs were lost in April, compared with the addition of 2,000 positions in part-time employment.

The Statistics Canada data says the employment drop struck Quebec, New Brunswick, Newfoundland and Labrador and Prince Edward Island.

The report found there were 27,100 fewer jobs held by young Canadians aged 15-24, while the youth unemployment rate stayed put at 13.4 per cent.

The biggest April loss struck the accommodation and food services industry, where 32,200 fewer people found work.

Employment in finance, insurance, real estate and leasing dropped by 19,400, while jobs were created for the second consecutive month in business, building and other support services, which saw an increase of 26,100.

Economy loses 28,900 jobs, jobless rate stays at 6.9 per cent | CTV News (external - login to view)
 
taxslave
No Party Affiliation
+2
#2
And yet we can't get enough people here in Kitamat to fill the vacancies. Camp and airfare are even part of the deal.
 
mentalfloss
#3
Quote: Originally Posted by taxslaveView Post

And yet we can't get enough people here in Kitamat to fill the vacancies. Camp and airfare are even part of the deal.

It's a free market man.
 
captain morgan
Bloc Québécois
#4
.. And the Free Market has spoken in terms of the economy as opposed to the cop-out solution of assessing blame on a whipping-boy

Guess you missed that day in Econ 101
 
mentalfloss
#5
You must have missed the part where government subsidies into your 'free market' are at an all time high.
 
captain morgan
Bloc Québécois
#6
Um, yeah, when a major recession hits, you have a couple of options.

Not support the economy and hope that it doesn't go down the crapper

Or

Support the economy and stand a lower chance that it goes down the crapper.

Missed that class in Econ 201?
 
petros
+1
#7
Quote: Originally Posted by mentalflossView Post

You must have missed the part where government subsidies into your 'free market' are at an all time high.

What subsidies?
 
mentalfloss
#8
Quote: Originally Posted by captain morganView Post

Um, yeah, when a major recession hits, you have a couple of options.

Not support the economy and hope that it doesn't go down the crapper

Or

Support the economy and stand a lower chance that it goes down the crapper.

Missed that class in Econ 201?


I never knew that huge amounts of stimulus result in your prior assertion that the free market has spoken.

That's some incredible economic goal post shifting you got there!

Quote: Originally Posted by petrosView Post

What subsidies?

Canada's oilpatch subsidies said to total $2.8B | CTV News (external - login to view)
 
petros
#9
Sherman, is stimulus going to business or infrastructure ?
 
damngrumpy
No Party Affiliation
#10
Subsidies are alright for some but not for others always been that way.
If agriculture gets something its a subsidy if the auto industry gets one
its economic investment. What it says is we will ensure you have a
nice car and people will pay to own one. Food it has to be cheap and
they don't want to pay for it.
The economy is in serious trouble and has been since 2008 we just keep
propping it up and sooner or later it has to go down
 
petros
+2
#11
Some people confuse tax credits with subsidies.
 
mentalfloss
#12
Quote: Originally Posted by petrosView Post

Some people confuse tax credits with subsidies.

Didn't care to read that link on $2 Billion in oil subsidies I see.

Why would you?

It makes too much sense.
 
petros
#13
I read the article.

Quote: Originally Posted by petrosView Post

Some people confuse tax credits with subsidies.

 
mentalfloss
#14
And yet you have not posted any evidence of this confusion.

Huh.

Funny that.
 
petros
#15
Why do I have to? You're making the false claim.
 
mentalfloss
#16
Canada's oilpatch subsidies said to total $2.8B | CTV News (external - login to view)
 
petros
#17
Quote: Originally Posted by petrosView Post

Some people confuse tax credits with subsidies.

Read it. It says we subsidize when we don't. There are tax credits but no subsidies.

Here is a loser making the same claim: Brad Wall’s Wonderful World of Laissez-Faire (external - login to view) in SK

They link to IISD too who list tax credits but list no subsidies.

Oil and gas, the economic powerhouse of the province and awash in profits must be a model of laissez-faire integrity. Surely it doesn’t need government handouts to make a go of it in Saskatchewan? Let’s take a look:

Drilling royalty relief deductions are provided to companies to encourage new drilling in the form of drilling incentives. The royalty tax rate is reduced for an initial volume of production.

The “Oil Well Reactivation Program” is designed to encourage oil wells that are currently shut-in or suspended to be reactivated. Oil produced from these wells is reclassified as new oil for production tax purposes resulting in a lower tax royalty rate.

The “Workover Reclassification Program” encourages investments to increase oil production from existing wells by performing “workovers” (wells that require significant repairs or modifications). Incremental oil produced from these wells is reclassified as new oil for production tax purposes resulting in a lower tax royalty rate.

The “Royalty Tax Rebate” is designed to offset the provincial portion of income taxes that are payable as a result of the federal government’s decision to disallow provincial royalties and similar taxes as deductions in determining taxable income.

Saskatchewan oil producers are allowed to deduct arm’s length transportation expenses incurred in transporting clean oil from the well-head to the point at which the oil is sold. This is deducted for royalty calculation purposes.

Enhanced Oil Recovery Royalty Regime lowers royalty rates to allow EOR projects to recover investment and operating costs including a 5 per cent annual gross return and is based on project profitability and investment payout.

Enhanced Oil Recovery Tax Exemption. Chemicals and agents used for injection to enhance oil recovery are exempted from provincial sales and fuel taxes.

This is just a sampling of the many subsidy programs offered to the oil and gas industry in Saskatchewan. In total, the International Institute for Sustainable Development estimates total government subsidies to the industry in the area of 327 million per year

All tax credits.
 
Walter
#18
Quote: Originally Posted by mentalflossView Post

Canada's oilpatch subsidies said to total $2.8B | CTV News (external - login to view)

So says some hack, left-wing think-tank.
 
mentalfloss
#19
I guess the IMF is also a left wing think tank.

Fossil Fuel Subsidies Cost some Trillion Annually, According To IMF | Informed Comment (external - login to view)
 
petros
#20
I guess you are one of the brain dead who call a tax credit a subsidy.

It's okay though, you're far from alone.
 
mentalfloss
#21
Sorry you were wrong on this one.

Mebbe next time eh?
 
Cliffy
Free Thinker
#22
For all you capitalist union haters:

 
relic
Free Thinker
#23
You can call it feces, or dung or scat, but it's still ****, like the stuff between your ears petros
 
petros
+1
#24
Quote: Originally Posted by relicView Post

You can call it feces, or dung or scat, but it's still ****, like the stuff between your ears petros

Is that so? Tax credits are now subsidies? Is up down now too?

Poor, brain dead bastards.
 
Tonington
+1
#25
Eliminating Fossil Fuel Subsidies | Canada's Economic Action Plan (external - login to view)
Through Canada’s Economic Action Plan, the Government is committed to improving the fairness and neutrality of the tax system across sectors of the economy and to supporting the commitment by G-20 Leaders to rationalize and phase out over the medium term inefficient fossil fuel subsidies.

About the Initiative
With the oil sands sector vibrant and growing, Budget 2007 announced the phase-out of the accelerated capital cost allowance for tangible capital assets in the sector. Budget 2011 built on this change by announcing a reduction in the deduction rates for tax purposes for intangible capital expenses in oil sands projects to align them with the rates applicable in the conventional oil & gas sector:

The costs of oil sands leases or other oil sands resource property, which could previously be treated as Canadian Development Expense (deductible at a rate of 30% per year on a declining balance basis) are now treated as Canadian Oil and Gas Property Expense (deductible at a rate of 10% per year on a declining balance basis).

Pre-production development expenses incurred for the purpose of bringing a new oil sands mine into production are treated as Canadian Exploration Expense (100% deductible in the year incurred). These expenses will start to be treated as Canadian Development Expense on a gradual basis over the 2013 to 2016 period. In recognition of the long time frames involved in developing oil sands mining projects, transitional relief is provided and the Canadian Exploration Expense treatment will be maintained for expenditures incurred before 2015 on grandfathered projects.

Initiative Update

Bill C-13, the Keeping Canada’s Economy and Jobs Growing Act, which implemented these legislative changes, received Royal Assent on December 15, 2011.

Find Out More
For more information, please visit the Department of Finance Canada website.
Some days this forum just oozes derp.

A subsidy is financial support...grants, tax breaks, there's all sorts of methods to give financial assistance. Even on the Economic Action Plan page they describe tax deductions as subsidies. A rose by any other name...

I think Derpy has a crush on you MF.
 
petros
#26
More tax credits? That's the smoking gun.
 
JLM
No Party Affiliation
#27
I really question the ability to count the # of jobs at any given time in the country. Do those include the # of "under the table" jobs? I'd bet not!
 
petros
#28
sub·si·dy
ˈsəbsidē/
noun
noun: subsidy; plural noun: subsidies
1.
a sum of money granted by the government or a public body to assist an industry or business so that the price of a commodity or service may remain low or competitive.
"a farm subsidy"
a sum of money granted to support an arts organization or other undertaking held to be in the public interest.
a grant or contribution of money.
synonyms: grant, allowance, endowment, contribution, donation, bursary, handout; More
2.
historical
a parliamentary grant to the sovereign for state needs.
a tax levied on a particular occasion.

tax cred·it
noun
noun: tax credit; plural noun: tax credits
an amount of money that can be offset against a tax liability.

Brain dead.

brain-dead
adjective
adjective: brain-dead; adjective: braindead
having suffered brain death.
"brain-dead patients
 
taxslave
No Party Affiliation
+1
#29
Quote: Originally Posted by petrosView Post

What subsidies?

Transfer payments to Ontario and Quebec and EI so their citizens do not have to go where the jobs are but can live off the workers inthe west.
 
mentalfloss
#30
Quote: Originally Posted by ToningtonView Post

Eliminating Fossil Fuel Subsidies | Canada's Economic Action PlanThrough Canada’s Economic Action Plan, the Government is committed to improving the fairness and neutrality of the tax system across sectors of the economy and to supporting the commitment by G-20 Leaders to rationalize and phase out over the medium term inefficient fossil fuel subsidies.
About the Initiative
With the oil sands sector vibrant and growing, Budget 2007 announced the phase-out of the accelerated capital cost allowance for tangible capital assets in the sector. Budget 2011 built on this change by announcing a reduction in the deduction rates for tax purposes for intangible capital expenses in oil sands projects to align them with the rates applicable in the conventional oil & gas sector:
The costs of oil sands leases or other oil sands resource property, which could previously be treated as Canadian Development Expense (deductible at a rate of 30% per year on a declining balance basis) are now treated as Canadian Oil and Gas Property Expense (deductible at a rate of 10% per year on a declining balance basis).
Pre-production development expenses incurred for the purpose of bringing a new oil sands mine into production are treated as Canadian Exploration Expense (100% deductible in the year incurred). These expenses will...

Quote has been trimmed, See full post: View Post

He truly is a sore loser.

Considering we've been spending like a gravy train, yet making cuts to things that are actually important, you can clearly see where the money is going here.


Every free market, anti-government, capitalist thug in this country is a massive hypocrite.
 
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