Fiscal update, trucker testimony at Emergencies Act inquiry : In The News for Nov. 3

The update will include a new tax on corporate stock buybacks to encourage companies to invest in their own operations and introduce new or enhanced tax incentives to aid the growth of clean energy including hydrogen.

Both are part of the Inflation Reduction Act President Joe Biden negotiated and signed into law in August, which prompted industry players to warn the government Canada needs to match the U.S. investments.

The update will also shed light on federal finances and the government’s outlook for the economy.

The federal government is already further ahead financially than they expected as inflation and a stronger-than-expected economic recovery drove up government tax revenues.

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Also this …

Three organizers of the “Freedom Convoy” protests in Ottawa are to appear today at the public inquiry into the federal government’s use of the Emergencies Act.

Benjamin Dichter, James Bauder and Tamara Lich will testify at the Public Order Emergency Commission, which is examining the use of the emergency powers in mid-February to clear what had become a weeks-long occupation of downtown Ottawa.

Dichter was an early spokesperson of the protest and later helped co-ordinate a cryptocurrency fundraiser for the convoy.

Lich was responsible for creating one of the initial online fundraisers and soon became one of the movement’s most recognizable leaders.

Bauder created the Canada Unity group that helped develop the original convoy plan.

Ottawa residents, business associations, officials and police have already testified at the public hearings, which are to continue until Nov. 25 and culminate with testimony from federal leaders including Prime Minister Justin Trudeau.

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And this too …

A new survey says Canadian employers are concerned about employee burnout and high turnover amid the ongoing labour shortage.

The survey commissioned by the Healthcare of Ontario Pension Plan (HOOPP) found that more than four in five employers are worried about the competitive labour market, while almost two-thirds are worried about employee productivity.

HOOPP’s vice-president of client services Ivana Zanardo says employers are very worried about employee burnout, as most people have either seen it or experienced it firsthand over the past few years.

The survey found employers are concerned in particular with employees’ financial stress as interest rates rise and inflation remains persistent.

Amid a competitive labour market, Zanardo says employers are also concerned they will have a harder time than usual replacing employees who decide to leave.

Despite rising interest rates and persistent inflation, the Canadian labour market was still strong in September, with the unemployment rate falling to 5.2 per cent and the economy adding 21,000 jobs.

More than three-quarters of employers said they are concerned about high turnover among their employees. Almost four in five employers said they are worried about the labour shortage, and the same percentage are concerned about employee burnout.

Zanardo says almost one in five employers are introducing or improving retirement benefits this year, which she says may help with employee retention and morale.

Meanwhile, around half of the employers concerned about employee mental health say they are taking action to address it.

Employers feel responsible for providing adequate pension plans, the survey found, but the majority are focusing on short-term solutions like raising pay over improving benefits as a means of attracting and retaining workers.

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What we are watching in the U.S. …

WASHINGTON _ U.S. President Joe Biden’s travel plan for his last big campaign swing before Tuesday’s midterm elections reveals his defensive stance in the campaign’s closing days: He’s spending the bulk of his time trying to hang on to seats that his party already holds.

Biden is kicking off a four-state, three-day campaign swing on Thursday to support Democrats in competitive races in solidly blue California, Illinois and New Mexico as well as battleground Pennsylvania, where Biden has deep roots.

His itinerary illustrates the limited political clout of a president who has been held at arm’s length by most Democrats in tough races this cycle. It also suggests that the president, whose approval rating remains underwater, has concluded that he can be most effective using the waning days before polls close to shore up support for Democratic candidates in areas that he easily won in 2020.

“Democrats are clearly on the defensive and that’s bearing out as the campaign comes to a close,” said Christopher Borick, director of the Muhlenberg College Institute of Public Opinion. “Their chances for gains don’t look realistic, so now you look to what you can preserve. The president’s travel schedule is reflective of where they see this cycle going.”

The president’s party typically faces significant losses during midterm elections. Since 1934, only Franklin D. Roosevelt in 1934, Bill Clinton in 1998, and George W. Bush in 2002 saw their parties gain seats in the midterms.

Some recent presidents saw big losses in their first midterm races. Republicans under Donald Trump lost 40 House seats but gained two Senate seats in 2018; Democrats under Barack Obama lost 63 House seats and six Senate seats in 2010; and Democrats under Bill Clinton lost 52 House seats and eight Senate seats in 1994.

The decision to deploy Biden to areas where he won handily in 2020 is being made in part because of concern about voter energy in races that Democrats view as must-win. Party officials are also concerned about some candidates who have seen their races tighten in the final days of the campaign, according to a Democratic official who was not authorized to comment publicly and requested anonymity.

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What we are watching in the rest of the world …

MEXICO CITY _ Hurricane Lisa weakened into a tropical storm after making landfall near Belize City in the Central American nation of Belize, and moved inland.

The U.S. National Hurricane Center said Lisa had maximum sustained winds of 95 kilometres per hour at by Wednesday night. The storm’s centre was about 95 kilometres west of Belize City and moving west at 19 kilometres per hour.

Belize’s National Emergency Management Organization said the storm came ashore between the beach town of Dangriga and Belize City.

“Everyone at home or in shelters need to remain in place until the State of Emergency has been lifted,” the national emergency management organization said in a statement. “We have not been able to send teams to do damage assessments or record any hazardous areas. Please remain where you are, and please have patience.”

Lisa was forecast to weaken as it crossed Belize into northern Guatemala and then move into southeastern Mexico by Thursday.

The hurricane centre warned of the danger of flooding and mudslides from heavy rains. It said the storm could drop 10 to 15 centimetres of rain on Belize, the Bay Islands, northern Guatemala, the eastern portion of Mexico’s Chiapas state and the Mexican state of Tabasco.

A hurricane warning was posted for Roatan island and the other Bay Islands of Honduras as well as the coast of Belize north and the southern coast of Mexico’s Yucatan Peninsula from Chetumal to Puerto Costa Maya.

Lisa could re-emerge into the Gulf of Mexico, but as a tropical depression.

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On this day in 1978 …

Wayne Gretzky scored his first goal for the Edmonton Oilers in a 4-3 victory over the Winnipeg Jets. The 17-year-old had been sold to the Oilers by the Indianapolis Racers the previous day. In his first game with Edmonton, Gretzky wore number 20 instead of 99 for the only time in his pro hockey career.

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In entertainment …

Former CTV national news anchor Lisa LaFlamme is among the luminaries set to be invested into the Order of Canada.

Gov. Gen. Mary Simon will decorate 44 appointees at a ceremony at Rideau Hall this morning.

LaFlamme was named an officer of the order in 2019.

A citation for her investiture hails LaFlamme as one of Canada’s most recognizable journalists and an “inspirational role model in news broadcasting.”

LaFlamme’s abrupt dismissal from CTV’s flagship newscast in August prompted surprise and concern that she may have been ousted due to her appearance, which Bell Media has denied.

Other honourees expected to receive their insignia today include brewer John Sleeman, Cirque du Soleil co-founder Gilles Ste-Croix and race car driver Ron Fellows.

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Did you see this?

The Canadian Institute for Health Information says it has projected the total health spending to be 331-billion-dollars, an amount showing 0.8 per cent growth, the lowest since 2015.

In its annual report released Thursday, it says the growth significantly slowed down following two years of unprecedented increase in health expenditures due to COVID-19 which saw 13.2 per cent growth in 2020 and 7.6 per cent in 2021.

Chris Kuchciak, the manager of health expenditures at the Canadian Institute for Health Information, says the “structural issues” such as population growth, health care use, and population aging are “now taking over as the drivers of spending growth.”

The lower growth rate comes at a time when the health care system is facing unprecedented challenges as emergency department closures and staff shortages are reported from coast to coast across the country.

Kuchciak noted the health expenditure reflects the overall economic situation in the country, and that when the economy shrinks, it affects the government’s health budget which make up a large percentage of health spending.

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This report by The Canadian Press was first published Nov. 3, 2022.

The Canadian Press

by Canadian Press

Fiscal update, trucker testimony at Emergencies Act inquiry : In The News for Nov. 3

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