4570 replies to this topic

[VIResident]

Meanwhile in the US there's no cerb and the economy and employment numbers are looking pretty good. We're going to be absolutely screwed for years.

 

Economic Outlook: COVID-19 stalls trend of growing financial optimism in Canada: Low-income households least optimistic about coming year

 

https://sooke.pocket...YHi1P-zGfPVCg4g

[VIResident]

Meanwhile in the US there's no cerb and the economy and employment numbers are looking pretty good. We're going to be absolutely screwed for years.

 

Bankruptcy filings among large companies spiked 244% in July and August compared with the same period last year, and CNN Business reports "that's just the tip of the iceberg."  https://www.cnn.com/...nomy/index.html

Edited by VIResident, 13 September 2020 - 05:57 AM.

[Victoria Watcher]

april 30:

 

Coronavirus: Federal deficit will likely hit $252B this year, budget watchdog says

https://globalnews.c...al-aid-costing/

 

 

 

july 8:

 

Ottawa to post $343B deficit as spending hits levels not seen since Second World War

https://www.cbc.ca/n...ficit-1.5641864

 

 

 

 

 

 

 

https://www.canada.c...ims-report.html

Edited by Victoria Watcher, 13 September 2020 - 06:03 AM.

[UDeMan]

Economic Outlook: COVID-19 stalls trend of growing financial optimism in Canada: Low-income households least optimistic about coming year

 

https://sooke.pocket...YHi1P-zGfPVCg4g

 

I think low income households have more money now than before the pandemic.  with all the increase in assistance payments, CERB, deferrals or waivers of some expenses, rent subsidies, no need to pay for day care. There seem to be lots of job postings out there too.

[spanky123]

^ I think that low income households always feel less optimistic than wealthy ones.

[spanky123]

No surprise that the #1 recommendation from the Liberal convention is to implement a UBI. https://www.cbc.ca/n...erals-1.5721943

 

“When the people find that they can vote themselves money that will herald the end of the republic.”

― Benjamin Franklin

[Victoria Watcher]

for the rest of the century?

 

come on.

 

 

 

COVID-19 skill loss will hurt global economic output for rest of century: survey

 

https://www.vicnews....century-survey/

[Victoria Watcher]

Unemployment in Greater Victoria dropped in August, according to the latest figures from Statistics Canada.

 

The Victoria Census Metropolitan Area (CMA) recorded an unemployment rate of 10.3 per cent in August, down from 11.3 per cent in July. While an improvement, the latest figures nonetheless mean that regional unemployment remains near a historic high, certainly since the post-war period, with COVID-19 bearing the blame.

 

Before the pandemic, the regional unemployment rate stood at 3.4 per cent in February, with Greater Victoria consistently ranking among the regions with the lowest unemployment rates in Canada.

 

https://www.vicnews....historic-highs/

Edited by Victoria Watcher, 14 September 2020 - 04:36 AM.

[dasmo]

As we sign off from our five months of activism, there can be no doubt that we fell very short of our goal. The rent relief we fought for helped a small portion of the businesses that qualified. We weren’t able to force banks into meaningful action on debt relief. And many businesses were left out of the CEBA loan and CEWS wage subsidy.
Nevertheless, our admiration and affection for the entrepreneurs of this country grew even as we watched their ranks shrink as one more restaurant, one more salon, one more retail shop closed forever.
We started this campaign because of the power of their stories and the pain we felt for their desperation. Because it’s about “business,” this conversation can get technical and unemotional. But this is very much a story about people. When local businesses go under there’s often a family behind it, with a story and a history with their neighbourhood. These risk-taking entrepreneurs are not common. There’s no one waiting in the wings to take the same risk. Our economy can’t simply replace them. We hope our politicians understand that saving small businesses devastated by events completely out of their control is both an economic and a moral imperative.

https://medium.com/@...ve-216bdfc85259

[A Girl is No one]

As we sign off from our five months of activism, there can be no doubt that we fell very short of our goal. The rent relief we fought for helped a small portion of the businesses that qualified. We weren’t able to force banks into meaningful action on debt relief. And many businesses were left out of the CEBA loan and CEWS wage subsidy.
Nevertheless, our admiration and affection for the entrepreneurs of this country grew even as we watched their ranks shrink as one more restaurant, one more salon, one more retail shop closed forever.
We started this campaign because of the power of their stories and the pain we felt for their desperation. Because it’s about “business,” this conversation can get technical and unemotional. But this is very much a story about people. When local businesses go under there’s often a family behind it, with a story and a history with their neighbourhood. These risk-taking entrepreneurs are not common. There’s no one waiting in the wings to take the same risk. Our economy can’t simply replace them. We hope our politicians understand that saving small businesses devastated by events completely out of their control is both an economic and a moral imperative.

https://medium.com/@...ve-216bdfc85259

Heartbreaking.... but so admirable that some regular folks (ie not professional activists getting paid to do the work) took this upon themselves. Leave it to the small entrepreneurs! Amazing people.

[spanky123]

Heartbreaking.... but so admirable that some regular folks (ie not professional activists getting paid to do the work) took this upon themselves. Leave it to the small entrepreneurs! Amazing people.

 

The CERB has kept the lights on for many employees and businesses although it hasn't played out evenly. Walking through Uptown yesterday I noted that most of the retail stores on 'main street' are now out of business yet Walmart was so busy that there was a line up just to get a shopping cart.

[TwilightZoneVictoria]

The CERB has kept the lights on for many employees and businesses although it hasn't played out evenly. Walking through Uptown yesterday I noted that most of the retail stores on 'main street' are now out of business yet Walmart was so busy that there was a line up just to get a shopping cart.

That the thing about the buy local/anti-large corp movement. For those who are lower income they're going to shop where they can stretch their dollars. Even those who maybe aren't but "house-poor" or even just being frugal do that. Add in something like COVID and you'll get people who perhaps weren't as price-sensitive a year ago and today they're trying to save as much as possible right now due to fear and feeling of scarcity.

 

Lots of local shops too deal more in discretionary products, not groceries, shampoo and socks.

[TwilightZoneVictoria]

Does anyone know how much government funding would have theoretically been necessary in order to save the businesses? This is something I thought about when biz owners were 1st getting antsy about paying for April rent. 

 

As we sign off from our five months of activism, there can be no doubt that we fell very short of our goal. The rent relief we fought for helped a small portion of the businesses that qualified. We weren’t able to force banks into meaningful action on debt relief. And many businesses were left out of the CEBA loan and CEWS wage subsidy.
Nevertheless, our admiration and affection for the entrepreneurs of this country grew even as we watched their ranks shrink as one more restaurant, one more salon, one more retail shop closed forever.
We started this campaign because of the power of their stories and the pain we felt for their desperation. Because it’s about “business,” this conversation can get technical and unemotional. But this is very much a story about people. When local businesses go under there’s often a family behind it, with a story and a history with their neighbourhood. These risk-taking entrepreneurs are not common. There’s no one waiting in the wings to take the same risk. Our economy can’t simply replace them. We hope our politicians understand that saving small businesses devastated by events completely out of their control is both an economic and a moral imperative.

https://medium.com/@...ve-216bdfc85259

[Victoria Watcher]

so do we assume that the Uptown landlord was not big on the commercial rent relief idea? if most/many stores have closed permanently?

[TwilightZoneVictoria]

Did they make enough to cover the reduced rent, etc...? Are people out shopping much these days?

[spanky123]

so do we assume that the Uptown landlord was not big on the commercial rent relief idea? if most/many stores have closed permanently?

 

Uptown and Mayfair both invested heavily in attracting clothing and fashion stores. Many of those have gone bankrupt.

[jsan]

Island Savings is closing its Pender Island and Ladysmith branches.

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[Victoria Watcher]

that's a tough commute for pender residents to update their bankbooks.

[exc911ence]

If a bank is losing money, you know times are tough.

[sebberry]

Local IT company Smart Dolphins IT Solutions has produced a series of podcasts with local business leaders discussing the opportunities and challenges facing organizations in Victoria amidst the COVID pandemic.  Some interesting perspectives.

https://www.smartdol...m/islandthrive/