December 17, 2020: The Royal Society of Canada released Renewing the Social Contract: Economic Recovery in Canada from Covid-19. Authored by 11 leading Canadian academics in the fields of economics, law, environment and health, the report provides 16 recommendations in 4 key areas: (1) Renewing the social contract; (2) Reinvigorating the Canadian economy for Innovation and resilience; (3) Enabling innovation; and (4) Improving crisis policy response. Their #1 recommendation to renew the social contract is to establish a basic income guarantee. They also recommend ensuring paid sick leave, universal childcare that provides Early Childhood Education. To pay for these they recommend comprehensive tax reform that calls for taxing all income earned from capital gains the same way we tax earnings and also re-instituting an inheritance tax in order to address inequality.
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