States of public health emergency were declared in Ontario, Alberta, BC, and PEI yesterday, and no doubt more to come, while Justin Trudeau mused that there could be situations where the government may have to invoke the Emergencies Act, so things got pretty serious yesterday. Mind you, his ministers who also were facing the media yesterday also stated that they wouldn’t invoke the Emergencies Act without provincial consultation, and there was some explanation on one of the political shows that it would likely only be invoked because there was some kind of gap in the powers available to one level of government or another if the situation worsens. We’ll see. (Here’s more on what invoking it would mean). Trudeau also said that they may need to temporarily recall Parliament (almost certainly with a minimum quorum of 20 MPs) to pass this or any other particular EI or tax measures, so we’ll have to keep an eye out for that in the coming days. Also announced was up to $5000 loans for those who need help returning to Canada or who need assistance if they can’t get back (and some travel insurance is facing restrictions if people don’t return ASAP).
We’re also expecting the first tranche of stabilization or bridge funding today (not “stimulus”), which is expected to be in the range of some $25 billion. As well, the National Post is reporting that CRA will extend the tax filing deadline by a month, which should be also announced later today.
Meanwhile, Heather Scoffield says that Trudeau needs to act fast to help vulnerable workers, and that today’s aid package will determine just how serious he is about his pledge to have Canadians’ backs. Kevin Carmichael looks into the Bank of Canada’s rationale for the emergency rate cut, and the fact that they have thus far been carrying the weight of trying to reassure the markets while we wait for Bill Morneau’s aid package.
Dear pundits/politicians using the pandemic to push *any* agenda beyond short-term measures to get us past this:
Go isolate yourself.
— Stephen Gordon (@stephenfgordon) March 18, 2020
OH FOR PETE'S SAKE
USING THE PANDEMIC TO ADVOCATE THE REMOVAL OF THE CARBON TAX MARKS YOU AS "TOO GODDAM STUPID TO LIVE" https://t.co/AojhptFhqU
— Stephen Gordon (@stephenfgordon) March 18, 2020