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COVID ECONOMICS


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#1041 Mike K.

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Posted 17 September 2020 - 03:02 PM

From the UBCM:

Canada & BC to deliver $540 million for local government operations

Sept. 17, 2020

The Government of Canada and the Province of British Columbia are working together to contribute close to $540 million in funding to support local government operations. Today’s announcement also includes details on an additional $418 million for community infrastructure, along with $1 billion in provincial and federal investments to help keep people moving, whether by transit, TransLink or BC Ferries.

Local governments in British Columbia have seen a significant decline in revenues from a number of variable sources, including transit fares, parking, recreation fees and others.

“The pandemic has blown a hole in local government budgets, particularly large and mid-size communities with public transit services,” said Mayor Maja Tait, Union of B.C. Municipalities president. “This funding will provide some needed relief to sustain the delivery of service and is good news for B.C.’s communities.”

UBCM was consulted by the Ministry of Municipal Affairs and Housing as it developed the design for the local government portion of today’s announcement. The funding was announced by Premier John Horgan and Finance Minister Carole James earlier today. A backgrounder is attached to the provincial announcement.

This funding is provided as part of the Canada-BC Safe Restart Agreement and will be allocated as follows:

$425 million for local governments - to address local government facility reopening and operating costs, emergency response costs, lost revenues and other COVID-related impacts;
$100 million for strengthening communities – to support local governments in addressing the needs of vulnerable populations, the challenges posed in local communities by homelessness, and community concerns with street disorder and safety; and
$15 million for development services – to continue the work identified through the Development Approvals Process Review (DAPR) and support innovative local government efforts to improve the efficiency of development approval processes.
The funding streams for Development Services and Strengthening Communities will be application-based. All local governments will be eligible to apply, and further details about the application process and eligible costs will be provided this fall.

Today’s announcement also includes details on the following:

An additional $418 million to revitalize community infrastructure, enhance connections between communities and get people back to work. Within this stream, $100 million in infrastructure grants for shovel-ready projects in a new Community Economic Recovery Infrastructure Program.
Local governments are encouraged to read the Stronger BC backgrounders for details.

UBCM will provide further details to local governments once the province has completed the program design for these funds.

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#1042 TFord

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Posted 20 September 2020 - 11:33 AM

We have a lot to be worried about in Victoria, this post on New York is very shocking. 

 

https://jamesaltuche...ever-heres-why/

 

are we headed in the same direction?

 

TFord



#1043 Victoria Watcher

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Posted 20 September 2020 - 11:57 AM

We have a lot to be worried about in Victoria, this post on New York is very shocking. 

 

https://jamesaltuche...ever-heres-why/

 

are we headed in the same direction?

 

TFord

 

 

this all broke 4 weeks ago.

 

 

 

 

"There's an old saying about arguments: when you resort to ad hominem attacks, you've already lost." That's what Matt Tillotson wrote in his essay analyzing entrepreneur/gadfly James Altucher's blog post about the end of New York City and Jerry Seinfeld's weak, hypocritical rebuttal in the NY Times.

 

 

 

https://boingboing.n...ers-new-yo.html

 

 

 

 

I don't care that Seinfeld insults me in another paper. Hey, for all the grimness of the moment, at least I inspired a once-great ­comedian to finally write some new jokes. By the way, my local business, StandupNY, is doing 50 free shows in Central Park this week. You're welcome to perform, Jerry, but I don't think you're in town.

 

 

 

 

i think we have yet to see if people go back to cities.  certainly some won't.  but maybe that means others will go there for their first time and stay.

 

 

 

 

here is the analysis of who won the writing match (but not who is right about NYC):

 

 

 

https://www.matttill.../jerry-vs-james


Edited by Victoria Watcher, 20 September 2020 - 12:04 PM.


#1044 spanky123

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Posted 20 September 2020 - 12:06 PM

We have a lot to be worried about in Victoria, this post on New York is very shocking. 

 

are we headed in the same direction?

 

TFord

 

I think that the question we should be asking ourselves is what happens when only 1/2 of the social experiment comes to pass?  What happens when we fill thousands of zero barrier and low income housing units when the business and economic growth anticipated to support them doesn't materialize?

 

It is possible that things may change in the next 9-12 months but at the moment I am hearing stories that office leases are not being renewed as they mature, employees (especially those in professional services and tech) are leaving the downtown core in droves, and that development projects are quietly being postponed or cancelled as owners are seeing a sharp change to the landscape.


Edited by spanky123, 20 September 2020 - 12:08 PM.


#1045 TFord

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Posted 20 September 2020 - 09:58 PM

this all broke 4 weeks ago.

 

 

 

 

"There's an old saying about arguments: when you resort to ad hominem attacks, you've already lost." That's what Matt Tillotson wrote in his essay analyzing entrepreneur/gadfly James Altucher's blog post about the end of New York City and Jerry Seinfeld's weak, hypocritical rebuttal in the NY Times.

 

 

 

https://boingboing.n...ers-new-yo.html

 

 

 

 

I don't care that Seinfeld insults me in another paper. Hey, for all the grimness of the moment, at least I inspired a once-great ­comedian to finally write some new jokes. By the way, my local business, StandupNY, is doing 50 free shows in Central Park this week. You're welcome to perform, Jerry, but I don't think you're in town.

 

 

 

 

i think we have yet to see if people go back to cities.  certainly some won't.  but maybe that means others will go there for their first time and stay.

 

 

 

 

here is the analysis of who won the writing match (but not who is right about NYC):

 

 

 

https://www.matttill.../jerry-vs-james

thanks for the follow up VW very interesting  

 

TFord



#1046 VIResident

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Posted 21 September 2020 - 05:46 AM

Working in office buildings, in a 'city centre', it's a-way-of-life;  All the 'shops', lunch spots, the water cooler and a parking spot supplied by the employer were perks.  Many people enjoyed that culture however many (most) people do not wish to return to that way of life.

 

Perhaps it will return, I am doubtful, however, any level of gov. sitting around waiting for something to happen (which many seem to be doing) is a government that will be replaced.

 

Discussing the situation with the public is key.  Get the facts, the stats, then anticipate the future in various ways;  what will it look like without offices?  Foster ideas about repurposing empty office buildings/commercial space.  Include Jane and Joe in gathering information, people who do not own these buildings.  

 

The future will look very different from a year ago and a community that anticipates, forecasts, plans and then pulls it off will likely not experience heavy losses and high taxes as the next city. 

 

This forecasting, future planning, must include the addicted, the mentally ill, and the homeless and cannot be a repeat of what we are witnessing today.  It is inhumane and counter to creating an area that anyone would want to be in including the homeless. 

 

We have many organizations (Chamber of Commerce, SIPP, Business Associations etc. etc. etc.) that can assist municipal, provincial and fed. gov with moving ahead, and in our region we are also blessed with several higher level educational institutions, everyone working together can craft the way forward.  We are blessed with a wealth of organizations and educational institutions and should be 10 steps ahead so why aren't we?  Why isn't there a plan to pull everyone together, roll up shirt sleeves and get this work done?  



#1047 Mike K.

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Posted 21 September 2020 - 06:06 AM

It likely comes down to this. What’s best for the greater good may not be best for an organization or a business that is part of such an effort.

And that’s what we’re seeing now. Organizations like SIPP or very core-centric, but the action is on the West Shore. As the museum announces a new Colwood facility the mayor goes off on some nebulous ocean hub plan she has for the harbour, as Seaspan announces play a for a major warehouse near the Royal Bay waterfront, and the Maritime Museum announces it is moving to Langford and wants to lease 90,000 square feet of office space.

Meanwhile office workers are hoping their employers decide to relocate to the West Shore, and while paying lip service to helping downtown recover quietly hope they’ll never have to pay $300 for downtown parking again, and deal with Victoria’s traffic congestion.

Scenarios like this are many.

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#1048 Victoria Watcher

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Posted 22 September 2020 - 07:35 AM

Nearly 90% of New York City bar and restaurant owners couldn’t pay their rent in August, heightening the continued crush the coronavirus shutdown has inflicted on Gotham’s economy.


https://www.foxbusin...mp=hp1r_19,hp1r

Edited by Victoria Watcher, 22 September 2020 - 07:36 AM.


#1049 Victoria Watcher

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Posted 23 September 2020 - 11:31 AM

Federal government promises national child care system in throne speech

 

The Liberals also commit to extending the Canada Emergency Wage Subsidy until next summer and creating one million jobs, as well as national long-term care standards and accelerating the creation of a national pharmacare program. Over the next two years, the government also plans to invest in infrastructure, such as public transit, energy efficient retrofits, clean energy, rural broadband, and affordable housing.


Edited by Victoria Watcher, 23 September 2020 - 11:32 AM.


#1050 Mike K.

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Posted 23 September 2020 - 11:34 AM

Ok, wage subsidy is better. No mention of basic income?

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#1051 spanky123

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Posted 23 September 2020 - 12:26 PM

Ok, wage subsidy is better. No mention of basic income?

 

They did indirectly. They referred to an expansion of the EI system to include people who would not normally qualify.


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#1052 Mike K.

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Posted 23 September 2020 - 01:10 PM

Trudeau has asked the tv networks for national air time this evening. It’s an unprecedented move, and normally comes amid a serious crisis or a message that MUST get out.

But the feeling this time is Trudeau wants to use it for a political grandstand. Or confirm he really is dating that Francophone actress.

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#1053 Victoria Watcher

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Posted 23 September 2020 - 01:35 PM

Instead of extending the CERB, the Liberal government says they’ll create over 1 million jobs in Canada.

 

This will be done by “investments in the social sector and infrastructure, immediate training to quickly skill up workers, and incentives for employers to hire and retain workers."

 

https://www.narcity....l-end-this-week


Edited by Victoria Watcher, 23 September 2020 - 01:35 PM.


#1054 spanky123

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Posted 23 September 2020 - 02:34 PM

 

Instead of extending the CERB, the Liberal government says they’ll create over 1 million jobs in Canada

 

 

8.4M on CERB - 1M who get jobs = ???


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#1055 A Girl is No one

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Posted 23 September 2020 - 06:20 PM

8.4M on CERB - 1M who get jobs = ???

7.4M on EI
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#1056 Wayne

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Posted 23 September 2020 - 06:28 PM

8.4M on CERB - 1M who get jobs = ???

 

Ontario and Quebec.


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#1057 exc911ence

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Posted 24 September 2020 - 07:43 AM

Mostly Quebec.



#1058 spanky123

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Posted 24 September 2020 - 09:43 AM

Sounds like Trudeau just bowed to NDP pressure and the CRB payment amounts (replacement for CERB) are going to be boosted 25%. Small businesses can kiss goodbye to hiring employees for another 6 months+. Folks sitting at home refusing to work can now make $26K a year.

 

https://www.theglobe...s-increase-new/


Edited by spanky123, 24 September 2020 - 09:44 AM.


#1059 Victoria Watcher

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Posted 24 September 2020 - 09:55 AM

Sounds like Trudeau just bowed to NDP pressure and the CRB payment amounts (replacement for CERB) are going to be boosted 25%. Small businesses can kiss goodbye to hiring employees for another 6 months+. Folks sitting at home refusing to work can now make $26K a year.

 

https://www.theglobe...s-increase-new/

 

 

The new $500 a week Canada Recovery Benefit is available to individuals 15 and over and who had earned at least $5,000 in employment income during the 12-month period prior to their application. If a claimant earns more than $38,000 in income for the 2020 or 2021 tax year, they must repay 50 per cent of every dollar earned above that threshold in that year, up to the total amount of recovery benefits received.

 

That aspect of the program is in response to criticism of the original CERB, which was viewed by some as creating a disincentive for claimants to accept available work.



#1060 spanky123

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Posted 24 September 2020 - 10:03 AM

 

The new $500 a week Canada Recovery Benefit is available to individuals 15 and over and who had earned at least $5,000 in employment income during the 12-month period prior to their application. If a claimant earns more than $38,000 in income for the 2020 or 2021 tax year, they must repay 50 per cent of every dollar earned above that threshold in that year, up to the total amount of recovery benefits received.

 

That aspect of the program is in response to criticism of the original CERB, which was viewed by some as creating a disincentive for claimants to accept available work.

 

 

The wording is different but this exactly the same as the CERB. You will get $26K for doing nothing and you can earn up to $1,000 a month working before it starts to get clawed back. Perhaps a few people will view the $1,000 a month as being significant enough that they want to pick up a few shifts a week but that doesn't help small business owners that want to try and revive their business. 

 

As many of us have been saying for months, this is what UBI looks like. 8.5M Canadians (40% of workforce) sitting at home collecting money because it is preferable to working. Universal pharmacare will now be added to even further disincent people from taking a full time job. Exactly what the Liberals and NDP want, an entire generation of people completely reliant on Government largess.

 

The longer this goes on the more and more dependent people will be as their skills become dated and their resume shows a large gap. No way the support will ever be rolled back. Only question will be how long the Feds can run up $350B+ annuals deficits before investors pull the plug.


Edited by spanky123, 24 September 2020 - 10:09 AM.

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