His ability to go straight to the heart of an issue is truly amazing. As good of an economist as he was, his true greatness was his ability to communicate.
Showing posts with label Economics. Show all posts
Showing posts with label Economics. Show all posts
Where There's A Gas Tank, There's A Way...
A message for the many voices trying to end the Keystone and Kitimat pipelines; you can kill the pipelines, but you can't stop the flow of oil. We have substantial oil reserves and the world has an insatiable appetite for the substance. Short of the NDP forming government and making it illegal to harvest oil, it will continue to travel by the old reliable methods, tankers, roads, rail, etc. Do you think that a fleet of tankers is safer and cleaner than a pipeline? Seriously? That is today's poll question.
The people who are fighting to kill the pipeline from Edmonton to northern BC, the alternative is the status quo, an aged pipeline that runs under metro Vancouver. Do you think that is cleaner or safer? Pipeline to Kitimat, or pipeline under greater Vancouver that carries oil to Vancouver harbour? It is a no brainer. And if you kill the existing pipeline that will just mean more trucks and trains traveling through the mountain passes. Great, that never turns out badly...
You can't stop the flow. Your best hope is diminishing demand through technological innovations, but that won't stop demand to the developing world anytime soon. Perhaps we could put an electric car in every Canadian driveway (though watch what that would do to the price of electricity), but you can't deliver that to the whole world within a plausible timeline. Demand will continue, and even if it slowly diminishes, as supply diminishes prices will remain profitable.
We have trillions of dollars worth of this stuff under the ground. That value leads to jobs, which leads to economic activity which supports countless supporting businesses. It also funds billions of dollars in tax revenue for the government. The oil sands in Alberta helps pay for health care in Quebec and Ontario. How much money does the Canada Pension fund have invested in Canadian Natural Resources? Billions. How many Canadians collect cheques from CPP?
Should Canada build more oil refineries? Yes, absolutely. But if you shut down oil production, the economic consequences would be catastrophic. Come on people; give your heads a good shake!
The people who are fighting to kill the pipeline from Edmonton to northern BC, the alternative is the status quo, an aged pipeline that runs under metro Vancouver. Do you think that is cleaner or safer? Pipeline to Kitimat, or pipeline under greater Vancouver that carries oil to Vancouver harbour? It is a no brainer. And if you kill the existing pipeline that will just mean more trucks and trains traveling through the mountain passes. Great, that never turns out badly...
You can't stop the flow. Your best hope is diminishing demand through technological innovations, but that won't stop demand to the developing world anytime soon. Perhaps we could put an electric car in every Canadian driveway (though watch what that would do to the price of electricity), but you can't deliver that to the whole world within a plausible timeline. Demand will continue, and even if it slowly diminishes, as supply diminishes prices will remain profitable.
We have trillions of dollars worth of this stuff under the ground. That value leads to jobs, which leads to economic activity which supports countless supporting businesses. It also funds billions of dollars in tax revenue for the government. The oil sands in Alberta helps pay for health care in Quebec and Ontario. How much money does the Canada Pension fund have invested in Canadian Natural Resources? Billions. How many Canadians collect cheques from CPP?
Should Canada build more oil refineries? Yes, absolutely. But if you shut down oil production, the economic consequences would be catastrophic. Come on people; give your heads a good shake!
In America the rich is not a closed caste
Pundits and Occupiers talk about the rich or the “super rich” as if they were a closed caste. They seem to think that the wealthy in America are the product of generation after generation of rich families. It is true that some of the wealthy members of American society can trace their wealthy ancestors to the 19th century, but this is actually really rare.
In a recent op-Ed Michael Tanner of the Cato Institute pointed out that 80% of America’s millionaires come from families that are not rich.
So the vast majority of the wealthiest came about their wealth by moving up the income scale. I would also point out that it is not uncommon for the children of millionaires to lose all their parent’s money after inheriting.
What we have here is a society where people are rising and falling to the top of the economic/social scale as fortune and skill dictates. This is incredibly rare in the history of humanity and it should be celebrated more.
In a recent op-Ed Michael Tanner of the Cato Institute pointed out that 80% of America’s millionaires come from families that are not rich.
So the vast majority of the wealthiest came about their wealth by moving up the income scale. I would also point out that it is not uncommon for the children of millionaires to lose all their parent’s money after inheriting.
What we have here is a society where people are rising and falling to the top of the economic/social scale as fortune and skill dictates. This is incredibly rare in the history of humanity and it should be celebrated more.
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Economics,
US politics
The Death Of Occupy Vancouver
While I can't speak for all Occupy camps near you, judging by what's been going on at Occupy Vancouver, this so called "movement" is dying and will soon be at an end. This downward spiral of childish imbecility was entirely predictable when the decision was made right from day one to make it a permanent live in protest. You were sure to get big crowds on opening weekend with people of various left wing associations supporting any number of complaints against "the system", but you knew the people pitching tents would not be the sane and rational people from the original group. Some might call them the lunatic fringe, I prefer to call them clowns. In Vancouver it tends to be the same people, and I've seen their protests before.
Then, when the normal people went home to their jobs after their symbolic appearance on opening weekend, the people left speaking for the entire movement were the least desirable spokespeople you could possibly leave in charge. The inmates took over the asylum, and the tent city protests got substantial media coverage. Here's an idea, let's start a protest movement and leave the craziest among us in charge of it when we go home and see what happens! Now it has degraded to the point where they damned near need a mobile safe heroin injection site just to keep the protesters alive! There are a number of left wingers who are now frustrated, even angry, with the Occupy Vancouver protesters for taking legitimacy away from the original movement. People like my friend who initially supported the protest, but now believe it needs to be shut down because it has started hurting the cause.
If they won't leave peacefully. Make them leave. If the nuts throw temper tantrums, then deal with them accordingly. That's what tasers are for.
Then, when the normal people went home to their jobs after their symbolic appearance on opening weekend, the people left speaking for the entire movement were the least desirable spokespeople you could possibly leave in charge. The inmates took over the asylum, and the tent city protests got substantial media coverage. Here's an idea, let's start a protest movement and leave the craziest among us in charge of it when we go home and see what happens! Now it has degraded to the point where they damned near need a mobile safe heroin injection site just to keep the protesters alive! There are a number of left wingers who are now frustrated, even angry, with the Occupy Vancouver protesters for taking legitimacy away from the original movement. People like my friend who initially supported the protest, but now believe it needs to be shut down because it has started hurting the cause.
If they won't leave peacefully. Make them leave. If the nuts throw temper tantrums, then deal with them accordingly. That's what tasers are for.
Occupy Heroin
It would appear that the Occupy Vancouver movement has developed a bit of a drug problem, as a woman died today of an alleged drug overdose. This comes two days after another person was rushed away by paramedics for overdosing on heroin. I'm not sure these are the kind of people we want dictating how our economy should function. At their next "general assembly", they should pool their collective minds to write the manifesto "economics for junkies" about the "evils" of capitalism. It is unfortunate that it takes the death of a young woman to expose what's really going on in tent city; getting stoned while being sanctimonious regarding something the protesters are ignorant about, our economy.
They need to shut this place down before more people die. They have proven unable to shoot heroin responsibly while deciding the future of the Canadian financial system.
They need to shut this place down before more people die. They have proven unable to shoot heroin responsibly while deciding the future of the Canadian financial system.
Occupy Vancouver's "Run On The Banks"
On Saturday the Occupy Vancouver protest spilled into downtown banks so that protesters could close their accounts in what they called their "run on the banks". Miraculously, our banks and our entire financial system did not collapse as a result of this loss of wealth. I'd be interested to know just how much money the banks lost during this run on the banks. Are you even allowed to close your account if you have a negative balance?
Have fun living your lives without bank accounts guys and gals. I'm sure they'll all be back re-opening their accounts in the very near future so their parents have an easy way to send them money. It is unlikely that any of these clowns who went in and closed their accounts get direct deposit pay from an employer, if they even have jobs at all. The few people left camping out downtown seem to have a lot of free time on their hands. Occupy Vancouver does have a paypal account and are accepting donations. They are not a registered non-profit so they do not count as a charity.
Today's poll question; should banks be allowed to earn profit?
Have fun living your lives without bank accounts guys and gals. I'm sure they'll all be back re-opening their accounts in the very near future so their parents have an easy way to send them money. It is unlikely that any of these clowns who went in and closed their accounts get direct deposit pay from an employer, if they even have jobs at all. The few people left camping out downtown seem to have a lot of free time on their hands. Occupy Vancouver does have a paypal account and are accepting donations. They are not a registered non-profit so they do not count as a charity.
Today's poll question; should banks be allowed to earn profit?
NDP Using Occupy Protests To Justify Higher Taxes
It is becoming clear why the leading NDP leadership hopeful came out so quickly to support the Occupy protests, because it is going to become his corner stone to justify increased taxation. It is the same reason that CUPE is paying to bus its membership to the protests, to keep taxes high so there's plenty of money to go around when it comes time to extort a better deal. If Brian Topp wants to run for office promising to raise taxes, have fun with that. In Canada the top 1% cutoff is around $180K per year. If his policy is to raise income taxes on the top 10%, you'll have many unionized workers taking a hit. He's going to find this tough sledding.
The problem for Topp is that the income gap is substantially smaller in Canada than the United States, despite what Topp said Friday on CTV news. He just kept blaming Conservatives, never mentioning the Obama administration, and then made the ridiculous claim that we have a larger income disparity. That's just not true. There's no reason for Occupy protesters to gather in downtown Vancouver banks because there's nothing fundamentally wrong with Canadian banks. Ours received no bailouts because they didn't need them. There were no CEOs getting fat bonus checks financed by tax payers. The Occupy Canada protests are coming from the same clowns who rioted at the G20 Summit and orchestrated those silly anti-prorogation protests.
The problem for Topp is that the income gap is substantially smaller in Canada than the United States, despite what Topp said Friday on CTV news. He just kept blaming Conservatives, never mentioning the Obama administration, and then made the ridiculous claim that we have a larger income disparity. That's just not true. There's no reason for Occupy protesters to gather in downtown Vancouver banks because there's nothing fundamentally wrong with Canadian banks. Ours received no bailouts because they didn't need them. There were no CEOs getting fat bonus checks financed by tax payers. The Occupy Canada protests are coming from the same clowns who rioted at the G20 Summit and orchestrated those silly anti-prorogation protests.
I Am The 99%...
Judging by some of the hate mail I've received lately, I should probably clarify that I am not in the top 1% of wage earners in Canada. I am part of the bottom 99%, which entitles me to speak on behalf of all Canadians. All my complaints and everything I write is a representative sample of 99% of the country. I'm angry that I make less money than those fat cats at CUPE who are gorging themselves on tax payer dollars, and I want to go down to their nearest office, pitch a tent, and occupy their lobby until they are decertified. 99% of Canadians agree with me because I make less money than the top 1%.
Also, I have one "dedicated follower" in Toronto who keeps insulting me for being a security guard. Just to keep everyone current, I haven't worked security since 2009 and currently have a really cool job that I enjoy a great deal. It's pretty funny to have an Occupy supporter attack you for NOT being rich. Perhaps I'm just not allowed to have an opinion because I am a blue collar worker.
Also, I have one "dedicated follower" in Toronto who keeps insulting me for being a security guard. Just to keep everyone current, I haven't worked security since 2009 and currently have a really cool job that I enjoy a great deal. It's pretty funny to have an Occupy supporter attack you for NOT being rich. Perhaps I'm just not allowed to have an opinion because I am a blue collar worker.
New Canadian Ship Building Contracts
Today's poll question; should the government spend $33 billion to upgrade the Canadian navy and coast guard? This morning it was announced that Halifax was awarded the bulk of this massive contract, with British Columbia getting the consolation prize and Quebec being awarded nothing (though they will surely see some of the money through parts manufacturing). This was not awarded by the Harper government, but rather an independent group that had support from opposition parties. It was not a partisan decision, though I'm sure you'll hear accusations that Nova Scotia won the contracts to get Peter MacKay re-elected. Canada requires a larger navy than most countries because we have a substantially larger coast line than any other country in the world.
Frankly I don't care which province won the contracts, just so long as they were the best bids. John Ivison is already upset that we did not accept foreign bids, which could have produced better vessels at a lower price. It is a fair argument, and perhaps will be my next poll question. If we sent the contract to Germany we could get boats that are 20% better for 20% cheaper, but would not receive the benefit of domestic economic activity (and the tax revenue it brings). Let's just hope that we don't end up with a bunch of Bricklins and Fast Ferries...
This has to be BC's largest ship building contract since the Pacificat Fast Ferry fiasco, so hopefully our local ship builders are able to do a better job this time. Christy Clark was really jazzed up at the press conference with over the top enthusiasm that was bordering on comical. You will rarely see that level of excitement for finishing in 2nd place, but this is the first good news of her tenure as Premier, so I'm not shocked by her outpouring of emotion.
The pundits were saying that this will cost the Tories more support in Quebec, even though they were not involved in the decision. Quebec deserved their fair share, even if their bid was lousy...
Frankly I don't care which province won the contracts, just so long as they were the best bids. John Ivison is already upset that we did not accept foreign bids, which could have produced better vessels at a lower price. It is a fair argument, and perhaps will be my next poll question. If we sent the contract to Germany we could get boats that are 20% better for 20% cheaper, but would not receive the benefit of domestic economic activity (and the tax revenue it brings). Let's just hope that we don't end up with a bunch of Bricklins and Fast Ferries...
This has to be BC's largest ship building contract since the Pacificat Fast Ferry fiasco, so hopefully our local ship builders are able to do a better job this time. Christy Clark was really jazzed up at the press conference with over the top enthusiasm that was bordering on comical. You will rarely see that level of excitement for finishing in 2nd place, but this is the first good news of her tenure as Premier, so I'm not shocked by her outpouring of emotion.
The pundits were saying that this will cost the Tories more support in Quebec, even though they were not involved in the decision. Quebec deserved their fair share, even if their bid was lousy...
Federal government can't spend money on infastructure, it has no money
As pressure continues for the federal government to introduce another round of new spending, the Federation of Canadian Municipalities are adding its voice and suggesting that commuter infrastructure would be a good way to spend all that money that the federal government doesn’t have.
The first thing that comes to my mind is that even among Keynesians the usefulness of government infrastructure spending as a way to improve the short term economy is disputed. The effects on the job market are too narrow when you consider that it only employs people with specific skills, and usually it takes too long for these projects to be launched. So even if you do think that boosting aggregate demand is the thing to do (which I don’t) you have to wonder if infrastructure spending is the best way to do that.
The next thing that comes to my mind is that Toronto desperately needs a better system for commuters. I spent two weeks commuting from the Newmarket area to midtown Toronto and I vowed never to do it again. “Stimulating” the economy may just be a convenient excuse to tackle the problem. Although I would think that even if there is disagreement on what should be done and how it should be done, pretty much everyone agrees that something needs to be done.
The third thing that comes to my mind is something that I mentioned in the first paragraph: the federal government has no money. The Government of Canada has been in deficit since the 2009/2010 budget and the Minister of Finance was betting a return to surplus on a fast growing economy, which is a dubious prospect at best. So if the federal government has to borrow money without even having to take on new projects, you have to wonder where this new spending is going to come from. How much more money do we really want our government borrowing? Also, if you have to borrow just to pay your day to day bills, is that really the best financial moment to invest in a large capital project?
Back in 2007 the Government of Canada may have been able to afford the cost of improving commuter infrastructure, but over the last few years the gluttony of spending has made it impossible. It would be incredibly financially prohibitive to spend the billions it would require.
Fortunately there are things that governments can do to take pressure off the system, if they have the political will. But at some point governments will have to spend money to address the problem and that money has already been wasted away.
The first thing that comes to my mind is that even among Keynesians the usefulness of government infrastructure spending as a way to improve the short term economy is disputed. The effects on the job market are too narrow when you consider that it only employs people with specific skills, and usually it takes too long for these projects to be launched. So even if you do think that boosting aggregate demand is the thing to do (which I don’t) you have to wonder if infrastructure spending is the best way to do that.
The next thing that comes to my mind is that Toronto desperately needs a better system for commuters. I spent two weeks commuting from the Newmarket area to midtown Toronto and I vowed never to do it again. “Stimulating” the economy may just be a convenient excuse to tackle the problem. Although I would think that even if there is disagreement on what should be done and how it should be done, pretty much everyone agrees that something needs to be done.
The third thing that comes to my mind is something that I mentioned in the first paragraph: the federal government has no money. The Government of Canada has been in deficit since the 2009/2010 budget and the Minister of Finance was betting a return to surplus on a fast growing economy, which is a dubious prospect at best. So if the federal government has to borrow money without even having to take on new projects, you have to wonder where this new spending is going to come from. How much more money do we really want our government borrowing? Also, if you have to borrow just to pay your day to day bills, is that really the best financial moment to invest in a large capital project?
Back in 2007 the Government of Canada may have been able to afford the cost of improving commuter infrastructure, but over the last few years the gluttony of spending has made it impossible. It would be incredibly financially prohibitive to spend the billions it would require.
Fortunately there are things that governments can do to take pressure off the system, if they have the political will. But at some point governments will have to spend money to address the problem and that money has already been wasted away.
Does The Far Left Represent 99% Of People?
Surely I can't be the only one who finds it ridiculous that the far left are engaging in anti capitalism protests claiming to represent 99% of the population. In reality, the poeple doing this are in the fringes likely representing 5% - 15% of the population. Listen guys, if you want to set up permanent protests in major cities that's your business, but can you please stop claiming to represent 99% of society? Of course now every special interest group is trying to hitch their trailer to the gravy train to raise money.
When the Tea Party started, the left went nutty with homophobic jokes and ridicule. Now they are doing something eerily similar to those they scorned and expect respect or even reverence? Did you just get jealous and want your own party? That's fine, just stop saying that you are the 99% because you're not.
When the Tea Party started, the left went nutty with homophobic jokes and ridicule. Now they are doing something eerily similar to those they scorned and expect respect or even reverence? Did you just get jealous and want your own party? That's fine, just stop saying that you are the 99% because you're not.
Occupy Protests Prepare Demands
Now that the Occupy Canada protests have begun, we can expect these clowns to start making demands in the near future. Today's poll question; what demand do you most expect to emerge from the Occupy protests? There are plenty of options to choose from. It could be changing the retirement age to 40, or even 25. They could demand bigger government, or they could demand no government at all. Perhaps they want to revive the soviet union? How does a 3 day work week sound to you? Should we shut down our stock exchanges and nationalize the banks? Maybe the government should pay off all your debt? What about guaranteeing every citizen at least $30,000 per year even if they choose not to work?
Have you noticed that the Occupy Wall street people are not protesting Obama's government? Obama has an election coming up soon and how long do you think it will take before the Occupy demands become Obama's election promises? Canada is in a safer position with the Conservatives holding a majority government, with the next election a few years away.
Have you noticed that the Occupy Wall street people are not protesting Obama's government? Obama has an election coming up soon and how long do you think it will take before the Occupy demands become Obama's election promises? Canada is in a safer position with the Conservatives holding a majority government, with the next election a few years away.
What Do Occupy Canada Protests Hope To Accomplish?
This weekend will see the "occupy" protests move north of the border into Canada, despite this "movement" being unable to clarify exactly what their complaints are or propose solutions to fix any of the "problems" they're complaining about. It's coming to Canada despite the Canadian financial system being far more stable and reliable than the United States, with lower debt and better employment numbers. I'm trying to figure out exactly what these people are trying to accomplish, and how those objectives change with big labour jumping into the game. When the protesters start demanding massive increases in government spending, then you know the union leaders are pulling the strings. The last demand you can expect to see emerge from these demonstrations is reducing government spending. That's not why CUPE is paying to shuttle members to the protests by the bus load.
One activist on CTV news today was complaining that a major problem is too many people having an unsustainable debt load. Canada is becoming wealthier, and yet too many Canadians have more debt than they can afford. Clearly the cause of this problem is banks extending too much credit to people who wont be able to pay it back. What's the solution? No more credit cards for low income people. If people can't pay their mortgage, then they should not be issued a mortgage. Banks need to be more uptight about who they loan money to, because regular people can't be trusted to balance their own finances. Should the government pay off everyone's loans? Then you are only shifting debt from people to the state, where sovereign debt is already threatening to collapse the global financial system.
There is a healthy dose of irony in people protesting a financial system that loaned them more money than they could responsibly afford to pay back. I'm mad at you bank! You loaned me too much money and I spent it! As @Dfildebrandt wrote on Twitter "If these freeloaders want free tuition, wealth redistribution, big bureaucracy, and earlier retirement, they should #OccupyGreece"
What demands do you expect to see emerge from the Canadian version of Occupy Wallstreet? This will make for a great weekend poll question; your suggestions (and sarcasm) are encouraged. So far possible demands are income redistribution, government pays off everyone's credit card bills, close the Toronto Stock Exchange, more government spending, retirement at age 40, work less get paid more, 3 day work week, minimum guaranteed incomes, arrest George Bush for ordering 9/11 attacks, etc, etc...
One activist on CTV news today was complaining that a major problem is too many people having an unsustainable debt load. Canada is becoming wealthier, and yet too many Canadians have more debt than they can afford. Clearly the cause of this problem is banks extending too much credit to people who wont be able to pay it back. What's the solution? No more credit cards for low income people. If people can't pay their mortgage, then they should not be issued a mortgage. Banks need to be more uptight about who they loan money to, because regular people can't be trusted to balance their own finances. Should the government pay off everyone's loans? Then you are only shifting debt from people to the state, where sovereign debt is already threatening to collapse the global financial system.
There is a healthy dose of irony in people protesting a financial system that loaned them more money than they could responsibly afford to pay back. I'm mad at you bank! You loaned me too much money and I spent it! As @Dfildebrandt wrote on Twitter "If these freeloaders want free tuition, wealth redistribution, big bureaucracy, and earlier retirement, they should #OccupyGreece"
What demands do you expect to see emerge from the Canadian version of Occupy Wallstreet? This will make for a great weekend poll question; your suggestions (and sarcasm) are encouraged. So far possible demands are income redistribution, government pays off everyone's credit card bills, close the Toronto Stock Exchange, more government spending, retirement at age 40, work less get paid more, 3 day work week, minimum guaranteed incomes, arrest George Bush for ordering 9/11 attacks, etc, etc...
Supporting The Right To Strike
Since winning a majority government government in the spring, the Conservative government has twice intervened in labour disputes to end or prevent work stoppages. First it was the post office, now Air Canada. Personally I support the right of workers to strike, just as I support the right of the employer to hire replacement workers. Let them strike and allow them to exercise their democratic right to walk away from their jobs. Then hire new workers at a significantly lower price to replace them. The "essential service" continues and we don't deny the workers their right to strike. Let the collective bargaining process take as many years as needed to reach a fair contract. Problem solved.
Niall Ferguson: 6 killer apps for prosperity
Niall Ferguson lectures on the importance of certain ideas and institutions for prosperity.
I don't share Mr. Ferguson's optimism regarding the progress of some of the emerging countries in Asia. I get the impression that they are trying to download half the app and it won't work like that.
I don't share Mr. Ferguson's optimism regarding the progress of some of the emerging countries in Asia. I get the impression that they are trying to download half the app and it won't work like that.
Government Spending Doesn't Create Jobs
Well it does create jobs, but it doesn't create wealth. And as the video points out wealth is what needs to be created for a more prosperous society.
Economic Freedom of the World Index shows decline in Canada
The Fraser Institute has released its new Economic Freedom of the World Index, and for the first time the United States ranks below Canada in terms of economic freedom. Not just below but significantly below. The United States ranks tenth in the world and Canada ranks a comfortable 6th. But before you get too smug you should take a moment to compare the scores of Canada this year to last year.
In the 2010 EFW Index (which is based on 2008 data) Canada scored 7.95 and came in 7th place. In the 2011 EFW Index (based on 2009 data) Canada scored 7.81 and came in 6th place. So we improved relative to the rest of the world but we declined relative to our past results. In fact all this really shows is that economic freedom is declining in Canada at a slightly slower rate.
Canada can’t even claim the prize for being the slowest to decline in the top ten. That prize goes to Singapore, which declined by only .02 points.
Australia deserves special mention as the only country to gain any points in economic freedom. They went from 7.90 to 7.98. The bulk of that gain came from increases in sound money and the freedom to trade internationally.
The bottom line is that when you look at Canada in isolation we are declining and when you compare Canada to our cadre of top economically free countries we aren’t doing that well either.
In the 2010 EFW Index (which is based on 2008 data) Canada scored 7.95 and came in 7th place. In the 2011 EFW Index (based on 2009 data) Canada scored 7.81 and came in 6th place. So we improved relative to the rest of the world but we declined relative to our past results. In fact all this really shows is that economic freedom is declining in Canada at a slightly slower rate.
Canada can’t even claim the prize for being the slowest to decline in the top ten. That prize goes to Singapore, which declined by only .02 points.
Australia deserves special mention as the only country to gain any points in economic freedom. They went from 7.90 to 7.98. The bulk of that gain came from increases in sound money and the freedom to trade internationally.
The bottom line is that when you look at Canada in isolation we are declining and when you compare Canada to our cadre of top economically free countries we aren’t doing that well either.
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