The P.E.I. government’s decision to invest $25 million into for-profit long-term care facilities is raising concerns about the further privatization of the health-care system.
Currently, there is a mix of private and public long-term care facilities on P.E.I. The province said it needed to add 54 new long-term care beds as soon as possible, and the private sector could get the job done faster.
Pat Armstrong, a member of the Canadian Health Coalition who has written cautionary books on the privatization of health care, said the province should have invested in the public beds rather than turning to the private sector.
“Their objective is to make a profit and the money going to profit is not going to care,” Armstrong said.
Three years ago, an internal government report on long-term care found private homes paid workers less and provided fewer care options than public manors.
P.E.I. NDP leader calls for transparency in long-term care funding
4 hours ago
Duration 1:01
Michelle Neill, leader of the P.E.I. New Democratic Party, says the recent funding for long-term care beds is good, but could be better. She’s pushing for more financial transparency from both private providers of long-term care in P.E.I. and from the government itself.
The same report said P.E.I. needed hundreds more long-term care beds.
Other examples of the privatization of health care include:
The Maple app, owned in part by Loblaws and Shoppers Drug Mart.
Private agency nurses.
There’s a proposal in the works for a private clinic to address chronic delays with cataract surgery in P.E.I.
NDP Leader Michelle Neill is also raising concerns about the increasing reliance on private, for-profit health care in P.E.I.
“We want to make sure that any kind of expansion goes through the public health-care system and the public long-term care system,” she said. “That way there’s full accountability for all of those funds.”
Pat Armstrong, who has written cautionary books on the privatization of health care, will be speaking at a lecture on April 23 titled Profiting from Care; What’s the Problem. (CBC/Zoom)
In a statement, Health P.E.I. said it’s doing what it can to deal with staff shortages, and that “it is crucial to maintain publicly funded services that are high quality, accessible, and provide value for money.”
But the statement didn’t say if it matters whether that public funding goes to a public or private facility.
Armstrong said it does matter.
“If [private care homes] are no longer making a profit, then it makes sense for them to close down, especially if … they are on valuable property that would be attractive to other investors.”
Armstrong will be speaking at a lecture April 23 at Colonel Gray High School in Charlottetown titled Profiting from Care; What’s the Problem. It is hosted by the P.E.I. Health Coalition.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
