March 24, 2023
Ontario Budget 2023
A very quick overview generated last night is available. It is not comprehensive, but it will work to get you started.
In many was, the budget was one for a different time. Tax cuts and tax credits right out of the peak of the neoliberal era dominate the spending along with grand aspirations for infrastructure projects.
The main critique is that there is no "plan" outlined for the budget. Just hopes that capital will see the pile of cash presented as enough profit subsidy to do something.
This is a policy program that has failed. Most governments around the world have recognized that. It means Ontario and other provinces following this budget recipe will lose out to competitor regions.
Corporate defaults
Banks are going bust, but out of the news is the rise in corporate defaults happening at the same time. And, probably for similar reasons.
As you can see, banks are doing terribly, but that S&P500 figure is still broadly negative this month.
Publicly traded retail, energy, office REITs, transport, and broad industrial production companies have all had a very bad month.
Tech, chip makers, and communications are doing well. Mostly because of the rise in new AI propaganda and tools.
The other thing few are talking about is that private capital funds seem to have a lot of cash on hand. Some have been able to weather the collapse in fictitious value better than most investors.
Look to these funds buying-out and buying-up companies in the near future.
This probably does not include Canada's banks:
Looking up this weekend
Asteroid 2023 DZ2 will pass very close to earth this weekend.
- 70m in diameter
- If it hit earth the explosion would destroy a large city
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It will pass 174,641 ± 30 km (108,517 ± 19 mi) from Earth on March 25, 2023.
- That's between the Earth and the Moon.
- You can see it on a clear night or follow it on the links below.
- It will be back again near Earth in 2026, but unlikely to hit then either.
