#clemens ottawa
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es ist schon faszinierend, wie viele werke unvollendet geblieben sind... ein interessantes cover, wunderbar gestaltet, doch bringt es die unvollendung nicht wirklich rüber... aber den schaffensprozess schon - da hat stefan hilden ganze arbeit geleistet. da kann man schon etwas verwirrt sein, was aber nicht die lektüre des buches stören sollte, denn die ist beachtenswert (rezension im vorigen beitrag).
#die unvollendeten#clemens ottawa#zu klampen#stefan hilden#zu klampen verlag#philosophenstreik#tobias bruns#Rezension#Sachbuch#literatur#kultur#coverdesign#umschlaggestaltung#cover design
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The Etymology of Finnish NHL Players a.k.a What Do Their Names Mean?
ATLANTIC DIVISION 2023-2024
BUFFALO SABRES
HENRI JOKIHARJU
HENRI /ˈhen.ri/
Derived from the Old High German name Haimirich, meaning “ruler of the home”.
JOKIHARJU /ˈjo.ki.hɑr.ju/
A topographic Finnish surname, meaning “river esker”.
UKKO-PEKKA LUUKKONEN
UKKO /ˈuk.ko/
The name of the Finnish and Karelian deity of weather, harvest and thunder. In modern Finnish, ukko means ”old man” and its diminutive form ukkonen means ”thunder”.
PEKKA /ˈpek.kɑ/
Derived from the Greek name Petros, meaning ”stone”.
LUUKKONEN /ˈluːk.ko.nen/
Based on a Savonian and Karelian given name derived from the Greek name Loukas, meaning ”from Lucania”.
DETROIT RED WINGS
OLLI MÄÄTTÄ
OLLI /ˈol.li/
Derived from the Old Norse name Áleifr, meaning “ancestor’s descendant”.
MÄÄTTÄ /ˈmæːt.tæ/
Possibly derived from the Late Latin name Clemens, meaning ”merciful”. Another possible origin is the ancient Finnish given name Lemmitty, meaning ”beloved”.
VILLE HUSSO
VILLE /ˈʋil.le/
Derived from the Old High German name Willihelm, meaning “will helmet”.
HUSSO /ˈhus.so/
Possibly derived from the Swedish word husse, meaning ”master”. Another possible origin is lake Huso in Northern Savonia, its meaning unknown.
FLORIDA PANTHERS
ALEKSANDER BARKOV
ALEKSANDER /ˈɑ.lek.sɑn.der/
Derived from the Greek name Alexandros, meaning ”defending men”.
BARKOV /ˈbɑr.koʋ/
A Russian surname possibly derived from the Russian word barka, meaning ”sloop”.
ANTON LUNDELL
ANTON /ˈɑn.ton/
Derived from the Roman family name Antonius, its meaning unknown.
LUNDELL /ˈlun.delː/
A Swedish surname derived from the Swedish word lund, meaning ”grove”.
EETU LUOSTARINEN
EETU /ˈeː.tu/
Derived from the Anglo-Saxon name Ēadweard, meaning ”wealth guard”.
LUOSTARINEN /ˈluo̯s.tɑ.ri.nen/
Derived from the Finnish word luostari, meaning ”cloister”.
NIKO MIKKOLA
NIKO /ˈni.ko/
Derived from the Greek name Nikolaos, meaning ”victory of the people”.
MIKKOLA /ˈmik.ko.lɑ/
Based on a Finnish given name derived from the Hebrew name Mikha’el, meaning ”who is like God?”.
MONTRÉAL CANADIENS
JOEL ARMIA
JOEL /ˈjo.el/
Derived from the Hebrew name Yo’el, meaning “Yahweh is God”.
ARMIA /ˈɑr.mi.ɑ/
Possibly derived from the Germanic name Herman, meaning ”army man”.
JESSE YLÖNEN
JESSE /ˈjes.se/
Derived from the Hebrew name Yishai, possibly meaning ”gift”.
YLÖNEN /ˈy.lø.nen/
A Savonian surname possibly derived from the Finnish word ylevä, meaning "noble". Another possible origin is the Finnish word yletön meaning ”excessive” or ” enormous”.
OTTAWA SENATORS
ROBY JÄRVENTIE
ROBY /ˈro.bi/
Derived from the German name Hrodebert, meaning ”bright fame”.
JÄRVENTIE /ˈjær.ʋen.tie̯/
A topographic Finnish surname meaning ”lake’s road.”
NIKOLAS MATINPALO
NIKOLAS /ˈni.ko.lɑs/
Derived from the Greek name Nikolaos, meaning ”victory of the people”.
MATINPALO /ˈmɑ.tin.pɑ.lo/
A topographic Finnish surname meaning ”Matti’s swidden”. The name Matti is derived from the Hebrew name ‘Mattityahu, meaning “gift of Yahweh”.
JOONAS KORPISALO
JOONAS /ˈjoː.nɑs/
Derived from the Hebrew name Yonah, meaning “dove”.
KORPISALO /ˈkor.pi.sɑ.lo/
A topographic Finnish surname, meaning ”deep forest”.
TAMPA BAY LIGHTNING
WALTTERI MERELÄ
WALTTERI /ˈʋɑlt.te.ri/
Derived from the Germanic name Waltheri, meaning ”power of the army”.
MERELÄ /ˈme.re.læ/
Derived from the Finnish word meri, meaning ”sea”.
NOTES:
During the 12th century, the tradition of Finnish given names was lost due to the Christianization of Finland under Sweden's rule. By the 16th century only Christian names were accepted, which is why Finnish forms of Christian names are still widely popular in Finland despite the society being fairly secular. The tradition of native Finnish given names wasn’t revived until the 19th century.
Most Finnish surnames end in suffixes -nen or -la/-lä. The collective suffix -nen, which is more common in Eastern Finnish surnames, indicates belonging to a certain family or clan. The suffix -la/-lä, which is more common in Western Finnish surnames, creates oikonyms from the names of places, farms or small villages.
Karelian can be used to refer to a geographical place, language, dialect or people. It is important to note that Karelian is its own language separate from Finnish. However, the Finnish language also has a Karelian dialect that is spoken in the Finnish Karelia. Finnish surnames originating from Karelia have likely been influenced by both Karelian and Finnish.
The IPA forms follow Finnish phonology even with foreign (Swedish, Russian etc.) names in approximation to how an average Finn pronounces them.
The source for most of the given names is Behind The Name. The topographic surnames are direct translations. The explanations for the rest of the surnames are either from Wiktionary or based on speculation by Finnish genealogy enthusiasts, hence the overuse of the word "possibly".
Feedback is welcome. If you have additions or notice any mistakes, please let me know!
#buffalo sabres#florida panthers#detroit red wings#montréal canadiens#ottawa senators#this is very self-indulgent but i just think names are neat#and i wanted to tell everyone how cool upi’s name is#also he was apparently named after the third president of finland pehr evind svinhufvud whose nickname was ukko-pekka. the more you know 💫#etymology
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An Alberta exit from Canada’s pension plan would cost the rest of the country big time
There’s a palpable rising frustration in western Canada, particularly in Alberta, regarding the give-and-take of national programs — a growing sense (again) that Ottawa just doesn’t understand the west. Unfortunately for the country, increased western alienation could impose significant costs on the rest of Canada that Ottawa should recognize.
Countries such as Canada and the United States were forged in part on a compact of compromises by each province or state in exchange for the benefits of belonging to a larger country. It’s difficult to criticize Albertan frustration with the current compact, given its disproportionate contributions to federal programs, when other provinces are doing little to assist Alberta during this challenging time. For example, the ongoing legal impediments to pipeline expansion imposed by British Columbia, the $1.4 billion increase in equalization for Quebec at a time when Ottawa is effectively providing Quebec a veto over a west-east pipeline that both Alberta and New Brunswick support, and the inability of successive federal governments to increase pipeline capacity in any meaningful way.
It seems clear that many provincial governments and the federal government are either unaware of frustration in Alberta or they simply choose to ignore it.
Jack Mintz: Why Alberta’s twin down under has had much better luck
Jack Mintz: Alberta has better reasons to Albexit than Britain did for Brexit
Terence Corcoran: Jason Kenney’s tax-cut plan could remake Alberta (and maybe Canada)
A new study documents the contributions of Albertans to the Canada Pension Plan (CPP) and provides specific, concrete information about what Alberta’s withdrawal from the CPP — though not recommended — would mean for the rest of the country.
It’s first important to understand why Albertans contribute disproportionately more to national programs such as the CPP. The province has a younger population (less retirees), a higher employment rate (less unemployment payments) and higher incomes than the rest of the country. For example, in 2017, despite a weak economy, Alberta’s employment rate (66.7 per cent) was more than five percentage points higher than the rest of the country. Similarly, in 2016, Alberta’s average income was more than $7,400 higher than the corresponding average for the remaining provinces.
The combination of a younger workforce and less retirees meant that in 2017, Alberta workers accounted for 16.5 per cent of the total contributions to the CPP while Alberta retirees consumed 10.8 per cent of CPP expenditures. The result was a net contribution by Albertans to the CPP of $2.9 billion in 2017 and $27.9 billion over the last decade (2008-2017)
For context, the net contribution over the same 10-year period by Ontario, which has a much larger population and workforce than Alberta, was $7.4 billion, slightly more than one-quarter of Albertans’ contribution.
To illustrate the importance of Albertans’ disproportionate contributions to the CPP, it’s helpful to imagine what would happen if the province withdrew from the program and administered its own parallel provincial plan (as Quebec decided originally in the mid-1960s).
Using the standard methodology employed by the Office of the Superintendent of Financial Institutions, which regulates and monitors the CPP’s finances, a recent analysis found that the basic CPP rate (9.9 per cent) would have to increase to 10.6 per cent if Alberta withdrew, resulting in up to $367 in additional contributions (in the form of payroll taxes) for workers outside of Alberta. Meanwhile, Albertans would pay just 5.85 per cent for a CPP-like program for the province.
This is not meant to promote Alberta’s withdrawal — though a re-evaluation of the expanded CPP that began in 2019 is well-warranted — but rather to clearly illustrate the disproportionate contributions of Albertans to national programs.
There will always be regional strains within federalist countries such as Canada. However, the status quo is increasingly unacceptable to Albertans, and the rest of Canada, including Ottawa and other key provinces, would be well-advised to understand the real and significant contributions Albertans make to national programs when denying them accommodation.
Jason Clemens, Joel Emes and Niels Veldhuis are economists at the Fraser Institute and authors of Alberta’s Disproportionate Contributions to National Programs: The Canada Pension Plan as a Case Study.
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Helps master company to build brand
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Vote below with where you think Vonleh end up on the depth chart to start next . Read that he is Garfield Vol. 1 the Vikings’ highest-paid receiver, Adam Thielen insists he won’t lose the desire that led to him to the NFL the first place.
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Mutter Tulpe, Vater Biene (Tageszeitung junge Welt)
Neuer Beitrag veröffentlicht bei https://melby.de/mutter-tulpe-vater-biene-tageszeitung-junge-welt/
Mutter Tulpe, Vater Biene (Tageszeitung junge Welt)
Damals war alles schlechter: Karikatur von Katharina Greve in Kassel
Foto: Katharina Greve
Ja, ja, viele 68er wurden zu den Menschen, vor denen sie einstmals gewarnt hatten. Zum 50. Jahrestag gräbt man Jockel Fischer wieder aus, oder Langhans’ Rainer mit und ohne Harem. Ganz anders beschäftigen sich der Lappan-Verlag aus Oldenburg und die Caricatura-Galerie Kassel mit dieser längst vergangenen Epoche. Lappan veröffentlichte »Die 68er Cartoons«, deren Originale derzeit in einer Ausstellung in der Caricatura zu sehen sind. Es sind politische und gesellschaftliche Cartoons, die die Protagonisten karikieren – die Pflastersteinwürfe, den Rock ’n’ Roll, die Drogen und die Blumen und das große Gerede. Sogar ungewaschene Haare gibt es. Der Karikaturist Mario Lars zeichnete, was davon noch übriggeblieben ist. Bei ihm fragt eine Frau auf der Parkbank einen Schnösel mit Schlips: »Ich bin ein Blumenkind, wissen Sie, was das bedeutet?« Darauf er: »Mutter Tulpe, Vater Biene.« Tja, nichts ist mehr übrig, oder man war noch nicht dabei, wie Stephan Rürup einen Mann ohne besondere Eigenschaften sagen lässt: »Die sexuelle Revolution der 68er ist komplett an mir vorbeigegangen. Ich war drei und hatte einen winzigen Pimmel.«
Viele der Zeichner sind zu jung, um diese Zeit bewusst erlebt zu haben, machen aber einen ordentlichen Witz, andere waren selbst vor Ort. Unvergessen ist der große Last-Exit-Sossenheimer Chlodwig Poth (1930–2004). Bevor er aussah wie ein Karl-Marx-Seibeiuns und nach dem Untergang des Realsozialismus zum »Zonenkönig Chlodwig« der Titanic wurde (»Die endgültige Teilung Deutschlands – das ist unser Auftrag«), berichtete er in den 70er Jahren von seinen verlorenen Illusionen als sogenannter 68er: »Mein progressiver Alltag« hieß seine regelmäßige Kolumne in Pardon, dem Vorläufer von Titanic. Ein meisterlicher Comicstrip. Ähnlich ikonographisch verewigte Gerhard Seyfried das etwas weniger akademisch ausgerichtete Spontimilieu mit all seinen Joints, alten Mercedes-Benz-Kisten und Antibullenwitzen. Bei ihm schießt ein Kämpfer mit der Steinschleuder eine Wanne um, und ein ehemaliger 68er brennt die Sonderschau zum Thema 68er ab, um seinem Sohn zu zeigen, dass er es immer noch kann.
Auch im ostthüringischen Greiz kümmert man sich um die Reste der Demokratie in Deutschland: »Lauter lupenreine Demokraten« heißt dort im Schloss die »9. Triennale der Karikatur«, für die 80 Künstler 250 Arbeiten ausstellen. Darunter sind Tageszeitungscartoons, bei denen die gezeichneten Dinge gerne eine Aufschrift bekommen. Auf dem Sprungbrett steht »Demokratie« und der Herr »Despot« springt in die Tonne mit der Aufschrift: »Diktatur«. Selten so gelacht.
Im begleitenden Buch, das man sich nach dem Museumsbesuch gönnen kann, steht sehr richtig geschrieben, was es mit so einem satirischen Bild auf sich hat: »Eine Karikatur kann nicht die Welt retten, sie kann aber den Blick schärfen, Ansichten auf den Punkt bringen, den Betrachter durch zunächst leicht erfassbare Pointen zum Nachdenken bringen«. So schreit bei Clemens Ottawa ein Nazi seinen Rechner an: »Nein, ich werde den Links nicht folgen!«, und bei Denis Metz wird alles zur traurigen Wirklichkeit, denn ein Schiffskapitän ruft vom stabilen und großen Schiff zu den Flüchtlingen, die auf einem übervollen Gummiboot nach Hilfe flehen: »Wir können euch nicht mehr helfen, sonst wählen noch mehr AfD«. Vielleicht findet das jemand in der Linkspartei ja lustig.
»Die 68er in Cartoons«, bis 12.8. in der Caricatura-Galerie Kassel; »Lauter lupenreine Demokraten«, bis 7. Oktober im Satiricum Greiz
Saskia Wagner (Hg.): Die 68er-Cartoons, Lappan-Verlag, Oldenburg 2018, 128 Seiten, 14 Euro
Staatliche Bücher- und Kupferstichsammlung Greiz (Hg.) Lauter lupenreine Demokraten, Lappan-Verlag, Oldenburg 2018, 164 Seiten, 12,99 Euro
Siehe auch die heutige Literaturbeilage, die mit 68er-Cartoons der Kasseler Ausstellung illustriert ist
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Canada’s private sector is in retreat, and Ottawa does seem to care Jason Clemens and Milagros are economists with the Fraser Institute. Evidence continues to mount that confidence in Canada as a destination for business investment and entrepreneurship is in steep decline.
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die unvollendeten
berühmte werke, die keinen abschluss fanden - bücher, bauten, symphonien
sachbuch von clemens ottawa
erschienen 2023
im zu klampen verlag
isbn: 978-3-86674-997-9
(von tobias bruns)
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clemens ottawa setzt sich mit unvollendeten werken aus den höhen menschlichen kulturschaffens auseinander - aus den bereichen musik, kunst, architektur, literatur und film. trotz wohl unzähliger beispiele beschränkt sich ottawa auf je vier prominente beispiele aus den fünf kategorien.
deutlich wird bei dem spaziergang durch die unvollendung, wie unterschiedlich in den verschiedenen bereichen mit unvollendeten werken umgegangen wird - unvollendete symphonien werden dennoch auf den konzertbühnen der welt zelebriert, unvollendete filme hingegen verschwinden - sie finden nicht den weg ins kino. unvollendete architektur wird entweder weitergebaut wie die sagrada familia in barcelona, die wohl in absehbarer zukunft doch noch fertiggestellt werden soll, während andere berühmte, ehrgeizige projekte als bauruine enden... kunst und literatur sind da ebenso ambivalent.
das interessante ist vor allem die geschichte, die hinter den unvollendeten werken steckt, die ottawa hier wirklich sehr schön erzählt. mal ist es tatsächlich der tod, der den künstler an der vollendung hindert, doch in anderen momenten ist nicht einmal der künstler schuld, sondern die gesellschaftlichen oder politischen begleitumstände bei der entstehung des werkes und manchmal kann es gar der wille des künstlers sein, der meint, sein werk sei unvollendet vollendeter.
ein wirklich tolles buch über unvollendete werke der kunst, architektur, literatur, film und musik und ob so ungewöhnlich vieler leerer seiten am ende dieses sachbuchs, könnte man fast meinen, auch dieses werk sei unvollendet - und tatsächlich: kann ein werk über unvollendetes jemals fertig werden? ein sehr aufschlussreiches und spannend zu lesendes sachbuch.
#die unvollendeten#clemens ottawa#zu klampen verlag#zu klampen#bücher#bauten#rezension#sachbuch#philosophenstreik#tobias bruns#kunst#literatur#unvollendet#sagrada familia#j.s. bach#anton bruckner#woyzeck#das schloss#kafka#orson welles
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It’s official: The Trudeau Liberals have zero interest in ever balancing a budget
On Tuesday, the federal Liberals released their fourth and last budget before facing the electorate this fall. While there are many competing analyses on aspects of the budget, one thing is certain: The Liberals have no plan to balance the budget.
The government under Prime Minister Justin Trudeau and Finance Minister Bill Morneau has had ample opportunities over the last three-and-a-half years to demonstrate its ability to and interest in balancing the budget. At every turn, however, this government has spent ever-higher amounts of money rather than plotting a route to balance.
Consider this. The Harper government’s final budget called for program spending in 2015–16 of $263.2 billion. In the spring of 2016, the newly elected Liberal government announced a 10.7-per-cent increase in spending for fiscal year 2016–17, to $291.4 billion (an increase of $28.2 billion in one year). This resulted in one of the highest levels of per person spending (adjusted for inflation) in Canadian history, outside of a recession or major war. It also meant moving from an essentially balanced budget for 2015–16 to an expected deficit of almost $30.0 billion in 2016–17.
Philip Cross: Another sprawling, unfocused budget, and so little to show for all the red ink
Kevin Carmichael: Liberals leave themselves little wiggle room in the event of a recession
Andrew Coyne: The federal budget is a testament to the pleasures of endless growth. Forget productivity, tax cuts or investment
The 2017 budget expected revenues to increase by $12.6 billion for 2017–18; when all was said and done, revenues increased by $20.1 billion. Unfortunately, the funds were spent nearly as fast as they were received. In fact, the deficit came in lower than planned in 2017–18 because the government wasn’t able to spend money on its much-heralded infrastructure initiative as fast as it might have liked. Since then, the government has repeatedly moved back the dates for infrastructure delivery, as it discovered the practical challenges of spending additional billions.
However, perhaps the most telling evidence of the federal government’s proclivity for spending occurred last year. In the spring budget, Ottawa announced spending for 2018–19 totalling $312.2 billion. By the fall when the government delivered its economic update, it discovered higher than anticipated revenues and spent an additional $8 billion. In other words, the projected deficit for 2018–19 ($18.1 billion) could have been reduced by more than 40 per cent had the government simply stuck to the spending plan presented that spring. Even though revenues were higher than expected, the overall deficit remained unchanged — every extra cent was spent. And 2018 brought the second-highest level of per person spending (adjusted for inflation) in Canadian history (again, outside of recession or major war).
Finally, the 2018 fall economic update indicated program spending this year (2019-20) would reach $328.3 billion, already $14.1 billion higher than the original 2016 plan. Tuesday’s budget calls for spending to reach $329.4 billion, an increase of $1.1 billion over the update released just five months ago. This also means the Liberals are now on track to record the three highest years of government program spending in Canadian history (outside of recessions or major wars).
The price of this additional spending is double-digit deficits, despite the 2015 Liberal campaign promise that deficits would be temporary and the budget would be balanced this year. This government’s record clearly shows its interest in spending as much as possible.
Worryingly, a slowdown in the economy or an outright recession will significantly increase the deficit. Indeed, without any additional discretionary spending from this government, the annual deficit could easily reach almost $35 billion. And there are already increasing signs the economy is weakening, further threatening the government’s finances.
This push for ever-higher levels of spending also comes at a time when the Liberals’ own Department of Finance projects that, on current plans, the federal government won’t balance its budget until at least 2040, when the federal debt will approach nearly $1 trillion.
While other aspects of Liberal fiscal policy can be debated, it’s hard to argue that the government is the least bit interested in balancing the budget while it spends as much as possible. The accumulating debt, and the risks of running deficits at a time of positive economic growth and low unemployment, means that should we slide into recession, federal finances will quickly deteriorate. The 2019 budget, upon which the Liberals will enter the election, does nothing to correct these policies.
Jason Clemens, Jake Fuss and Milagros Palacios are analysts at the Fraser Institute.
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41 not seem like great numbers – to people when thinking
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Hear Jenny Lewis Cover The McCoys’ “Sorrow” From Upcoming Paul Shaffer Album
May 20th will mark the second anniversary of David Letterman’s departure from the airwaves after 33 years as the king of late night TV. Over the past couple of years Dave has on occasion come down from the mountaintop like a bearded oracle spreading some goodwill along with his trademark snark before disappearing back into the magic forest. He is missed, but like ex-presidents, once talk show hosts are done, they tend to disappear.
On the other hand, Paul Shaffer, Dave’s trusty sidekick and bandleader all those years, is returning to showbiz with a vengeance in 2017 with a new album release and a North American tour. The album will be called Paul Shaffer & The World’s Most Dangerous Band, and it features the Letterman house band and a variety of guest vocalists performing an eclectic collection of songs, mostly covers.
Shaffer is a gifted and incredibly versatile musician and the band has always been solid tight, so it’s great they took the opportunity to lay some stuff down for posterity. In a statement Shaffer said that “getting to record with a band which has played together for several decades was magical. We’re so comfortable playing together, we finish each other’s licks! The wonderful friends, old and new, who guested on vocals were a dream come true for us. They poured their hearts and souls into our music, and we thank them profusely.”
The guest list is a pretty curious one, too, including Shaggy, Darius Rucker, Jenny Lewis, Dion, Bill Murray and Valerie Simpson. There’s more than one reclamation project among this bunch. Still, I can’t wait to hear Shaggy toasting to Allen Toussaint’s classic “Cast Your Fate To The Wind”, and Bill Murray doing an old Slim Whitman chestnut “Happy Street” promises plenty of hilarity.
And just this week they released the first audio from the project, Jenny Lewis and the band performing “Sorrow”, and it sounds great. What a life this song has had, written and first performed by Ohio’s own McCoys, turned into a British hit for the Merseys, and then made definitive by David Bowie. Jenny Lewis breathes new life into it, and that’s the real value of covers projects like this – helping great songs live forever.
Paul Shaffer & The World’s Most Dangerous Band will hit the shelves on March 17. Song list and tour dates listed below.
Paul Shaffer & The World’s Most Dangerous Band
Cast Your Fate To The Wind (featuring Shaggy)
Why Can’t We Live Together (featuring Darius Rucker)
Sorrow (featuring Jenny Lewis)
Yeh Yeh
Win Your Love For Me (featuring Dion)
Happy Street (featuring Bill Murray)
Some Kind Of Wonderful (featuring Felicia Collins)
Rhythm (featuring Leo Napier)
I Don’t Need No Doctor (featuring Valerie Simpson & Felicia Collins)
Enjoy The Ride (featuring Will Lee)
Just Because
Wigwam
Paul Shaffer & The World’s Most Dangerous Band tour dates
4/1—The Clemens Center—Elmira, NY
4/2—The Palace Theater—Greensburg, PA
4/8—The Borgata—Atlantic City, NJ
4/20—Fallsview Casino Resort—Niagara Falls, ONT
4/21—The Wellmont Theater—Montclair, NJ
4/22—Theater At Westbury—Westbury, NY
5/3—Centrepoint Theatre—Ottawa, ONT
5/4—Wilbur Theater—Boston, MA
5/6—Ridgefield Playhouse—Ridgefield, CT
6/9—Ryman Theater—Nashville, TN
6/10—Seminole Casino—Immokalle, FL
6/11—Cobb Energy PAC—Atlanta, GA
6/29—Kresge Auditorium—Interlochen, MI
6/30—Arcada Theater—St. Charles, IL
7/1—Ames Center—Minneapolis/St. Paul, MN
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Let SNC-Lavalin fail, if it must. Canada – and Quebec – will be fine
With new developments breaking daily in the SNC-Lavalin affair, the economic impact of the company’s decline (or demise) on Quebec is becoming increasingly obfuscated. This is a particularly sensitive issue in Ottawa, given that Quebec will likely determine the outcome of the federal election in October.
SNC-Lavalin is a global engineering and project-management company covering infrastructure, mining and energy, with operations in more than 50 countries and roughly 50,000 employees. The suggestion, indeed even the justification by some is that the alleged interventions by the PMO to save the company from criminal prosecution were to secure SNC-Lavalin’s future because of its pivotal role in the Quebec economy.
This conflates the fate of an individual firm with the economic activity and employment related to the firm. This was a common mistake during the debates in 2008 and 2009 about the potential failure of U.S. banks. Vested interests argued that the failure of individual banks could lead to the implosion of the entire global financial system, while not understanding that other successful banks and new entrants would absorb the assets and employees of failing banks. The real winners from the bank bailout were the owners (shareholders) of failing banks, who avoided the costs of bank failure.
Trudeau is making Canada safe for corruption again with the SNC-Lavalin case
Terence Corcoran: Trudeau’s inner circle was right to try sparing SNC-Lavalin’s life
William Watson: Scandals like SNC-Lavalin happen by letting unqualified politicians 'champion' businesses
The failure of a single firm, whether it’s a U.S. bank or a major engineering firm, doesn’t mean the end of the underlying economic activity or even the related employment. The reason is quite simple: customers still demand those services.
So long as the demand for those services remains genuine, there will continue to be economic opportunities. Those opportunities mean that existing firms will expand and/or new entrepreneurial firms will emerge to meet that demand. Such expansion and creation absorbs much, if not all, of the existing employment. That’s not to say, however, that employees don’t experience disruptions and costs of transition, but those consequences are significantly different and less costly than the demise of an industry.
What failure does mean, though, is that the executives and owners/shareholders of the firm incur losses. The shareholders of SNC-Lavalin, including its executives, stand to lose considerable sums if the firm continues to decline or even fails. But a market economy is based on both profits and losses. You can’t have one without the other.
Profits signal to other firms, entrepreneurs and potential investors that there are opportunities in a particular market or industry, which incentivizes investment and the allocation of capital and talent to that market. Equally as important, though, are the losses, which signal the decline of a firm or perhaps even an industry, and inform both workers and investors to shift their efforts, talent and capital elsewhere. This mechanism ensures that capital and labour are employed as efficiently as possible.
What’s being sold now is economic hyperbole designed to protect existing interests. If the engineering services of SNC-Lavalin are in legitimate demand, then those customers will still demand those services whether SNC-Lavalin continues to decline or fails. Other firms will expand and/or new firms will emerge to capture SNC-Lavalin’s market share. That’s how entrepreneurial capitalism works.
The very public discussion now is about nothing more than crony capitalism, which entails firms requesting and securing special treatment and privileges from government. In this case, it seems much more about protecting the wealth of the owners and executives of SNC-Lavalin, which again is essentially what happened in the bank bailout in the United States in 2009.
The legal process should proceed as it would with any other firm. And politicians, policymakers and Canadians more broadly should avoid conflating the interests of the owners of a specific firm with broader economic interests.
• Jason Clemens and Niels Veldhuis are economists with the Fraser Institute.
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Morneau said his fiscal update would fix our competitiveness problem. He was wrong
Federal Finance Minister Bill Morneau had signalled that the Trudeau government’s economic update on Wednesday would include measures to address Canada’s lack of competitiveness with the United States. While the update included accelerated capital cost write-off provisions for business, these measures barely scratch the surface of our competitiveness issues.
Canada previously enjoyed an overall business tax advantage over the U.S. and our marginal effective tax rate (METR) — a broad measure of tax competitiveness — last year was approximately 21 per cent compared to 34.6 per cent in the U.S.
But Congressional Republicans and the Trump administration introduced sweeping tax reform and reduced the U.S. METR on new investment in 2018 to 18.8 per cent, primarily by lowering business tax rates and introducing accelerated depreciation. The depreciation measure is often ignored in reporting on the tax reforms, but it remains critical since it significantly reduces the burden on business to invest in plants, machinery, equipment and new technologies. Combined with a concerted effort to reduce regulations, these reforms allowed the U.S. to become a much more attractive place for investment.
Despite major changes south of the border, Ottawa increased regulation, maintained its uncompetitive business tax rates and increased personal taxes on entrepreneurs, business owners and investors.
Jack Mintz: Who cares about competitiveness? Judging by Morneau's update, the Liberals don't
William Watson: The Liberals' latest fiscal update would definitely impress Kim Jong Un
Kevin Carmichael: Morneau’s regulation pledge is so audacious it might be unCanadian
An inability to attract investment reflects Canada’s lack of competitiveness. Foreign investment in Canada is down 50.7 per cent since 2014 — the year before the government took office. In contrast, Canadian investment abroad has increased by 54.2 per cent since 2014. Furthermore, business investment as a share of GDP dropped from 13.7 per cent in 2014 to 11.6 per cent early this year. Alarmingly, capital appears to be rapidly fleeing Canada.
Wednesday’s federal fiscal update did include an important measure that allows higher rates of depreciation to be claimed when firms invest in eligible capital including machinery and equipment. While this measure will make Canada more competitive when it comes to the cost of investing, it’s merely a temporary measure scheduled to be phased out starting in 2024. In addition, the government took no action to lower business tax rates. So while Canada is now more attractive to invest, we’re still not competitive on the results of those investments, which is profitability.
The Trudeau government should have broadly lowered business tax rates to enhance our competitiveness and boost investment in the economy. Earlier this month, Faisal Kazi, president and CEO of Siemens Canada, met with Prime Minister Trudeau and said our high business tax rates impede his business’s ability to invest more in Canada. Reducing business tax rates would have ultimately stimulated new investment in the economy, leading to job-creation, gains in productivity and ultimately wage growth for Canadian workers.
Furthermore, the Trudeau government glossed over Canada’s ever-increasing regulatory challenges, which have made the country a far less-attractive place to do business. Our regulatory systems remain a self-imposed barrier to economic growth due to increasing complexity, unpredictability and the time and costs associated with compliance. For example, Canada now ranks second last out of 35 OECD countries in the average time required for regulatory approval for construction projects. And we have fallen out of the top 20 countries on the Ease of Doing Business Index compiled by the World Bank.
In the long-run, the measures introduced Wednesday by Minister Morneau will have a small, perhaps even negligible, impact on our competitiveness. Wide-ranging regulatory and tax reforms were required to actually make meaningful change. Despite all the hype, this economic update did not live up to its billing, and we are not much closer to improving our competitiveness than we were yesterday.
Jake Fuss, Milagros Palacios and Jason Clemens are economists with the Fraser Institute.
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How Canada’s finances could seriously spiral out of control when the recession hits
In an interview this week with Global News, federal Finance Minister Bill Morneau tried to assure Canadians that the federal government has the financial “capacity” to handle a recession. “The Canadian government is carrying the lowest amount of debt to those comparable economies so that puts us in a position where should we find ourselves for whatever reason to need to demonstrate that resilience, we have the capacity,” he said. Polling continues to show that Canadians are concerned — and increasingly so — about federal finances and more specifically deficits. The minister’s glib response to concerns about the worrying state of federal finances is disconcerting and reveals a lack of historical understanding.
The federal government’s latest report showed last year’s deficit at $19 billion, despite continued economic growth and low unemployment. The current budget has no plan to return to balance and projects a deficit this year of roughly $15 billion. In fact, the most recent long-term estimate indicates the government won’t achieve a balanced budget until 2045.
Morneau seems unaware of the risks of running deficits during periods of economic growth. Specifically, running deficits outside of recessions (or pronounced slowdowns) risks a permanent imbalance between spending and revenues, like what happened in Canada throughout the 1970s, ’80s and early ’90s. Simply put, it didn’t matter if the economy was growing, slowing or in recession. Ottawa could not balance its budget.
The accumulation of debt during this period led to the fiscal crisis of the early 1990s when the deficit and debt were out of control. At one point, the federal government was spending almost 40 cents of every dollar solely on interest costs. To get a handle on federal finances, the Chrétien government implemented large-scale reforms, including reducing program spending by nearly 10 per cent over two years.
Despite Morneau’s latest assurances, Canada may be at the front end of another downward 1970s-1990s deficit cycle, which starts with deficit spending during a period of economic growth (like we’ve seen with the current government). The government then relies on continual economic growth to try to balance the budget. Then, when the inevitable recession arrives, federal finances are thrown back into deficit, sometimes deep deficits. Debt accumulates throughout with mounting interest costs, and federal finances spiral out of control.
In our recent history, a recession — or at minimum, an economic slowdown — has occurred roughly every eight years. Given that the last recession took place a decade ago in 2008–09, Canada is due for another slowdown. Economic slowdowns or recessions automatically increase the deficit. As the economy slows, government revenues decline while certain types of spending increase. For instance, in the last recession, spending on employment insurance increased from $14.1 billion in 2006–07 to $21.6 billion in 2009–10.
In addition to these “automatic stabilizers,” governments often also introduce discretionary stimulus spending and/or tax cuts that further exacerbate the deficit. A recent paper from the Fraser Institute examined what could happen to the federal deficit if the conditions of past economic slowdowns or recessions were repeated. Take the economic slowdown of 2000–01, for instance. If the circumstances of that period repeat next year, revenues will decline by $27.5 billion while spending will increase by $6.7 billion, resulting in a deficit of $48.7 billion. The numbers are significantly worse if a more serious recession like 2008–09 occurs.
Canadians are right to be concerned about deficits. Minister Morneau’s dismissive assurances notwithstanding, the federal government should take immediate action to place federal finances back on a path towards balance and sustainability.
Jason Clemens, Jake Fuss and Milagros Palacios are analysts with the Fraser Institute.
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