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This has led to disturbingly high household debt ratios.Meanwhile the corporate sector has run large surpluses, thanks to record profits, corporate tax cuts and low rates of business investment.

While some factors are beyond the purview of government (such as a drop in commodity prices), policy decisions also matter.

On this front, governments—both federal and provincial—in recent years have not helped by pursuing policies that increase uncertainty and the cost of doing business.

These became seriously unbalanced from 2000 onwards.

Slow income growth and high housing prices have meant households have run persistently large annual deficits—income less expenses including capital spending—borrowing an average of billion annually since 2002.

Overall, the reform, especially on the business side, will have a significant impact on American competitiveness if the Republicans, desperate for a big win, ultimately adopt the a tax package for 2018." "While exports of goods and services have been growing recently, sales by Canadian-owned foreign affiliates have grown even faster. will foreign affiliate sales exceed exports (as they did in 2015) in the future?

This opens a debate on how we should measure Canada’s international success.While the rate of increase subsequently slowed, workers are still much more efficient today than two decades ago (just ask any economist no longer waiting around the fax machine).Further, we are possibly on the cusp of another productivity revival if rapidly-advancing AI technology can help humans work faster, more accurately and more creatively." "Lots of attention is given to government deficits, but little to the balances of the other sectors of the economy, including the household and corporate sectors.Let’s hope 2018 delivers that." "The Credit Gap is defined as the difference between the credit-to-GDP ratio and its long-term trend.This chart shows Canada's total household plus business credit gap.From what I have been told, the plan is for the Senate to pass legislation perhaps by December 1. federal-state tax on new investment will plummet by almost a half with the new House and Senate corporate tax provisions. Both Canada and the US would be above the simple average OECD effective tax rate on new investment of only 17.3%.