Wednesday, August 16, 2006

Corporate Welfare Bums

File this under Liberal, Tory same old story. Along with subsidies and tax cuts Canadian workers fund the corporate sector with our hard earned tax dollars to the tune of $20 billion. This is just a portion of the Corporate Welfare big business gets. And why would they pay us back, when they fail to reinvest their tax cuts in their own businesses in the first place. Captialists say they hate state regulations but they do love the states handouts.

Following the winter election, the new Conservative Industry Minister, Maxime Bernier, quietly cut off Pratt & Whitney -- the biggest TPC deadbeat -- from the subsidy trough. Furthermore, he helped to discredit the program by making TPC repayments records public. Despite assurances made by the Liberal government that TPC loans were generally in good standing, the data revealed the opposite. A group of 42 recipient companies had yet to submit any reimbursements whatsoever, repayment records for 88 others totaled a paltry $149-million, and another 78 companies had repaid a total of $7.4-million but refused to make their exact repayments known to the public. The data confirmed what critics of Ottawa's corporate welfare program have been stating for years: These programs are a sinkhole for tax dollars.TPC was established to replace the old Defence Industries Productivity Program (DIPP), a corporate welfare plan that paid out $2.15-billion in grants and contributions to businesses over a 20-year period. DIPP was also cancelled by the Liberals because fewer than one in four dollars was repaid to the government. TECHNOLOGY PARTNERSHIPS CANADA A SUBSIDY SINKHOLE

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Larry Gambone said...

As I have long said, "Capitalism is the state socialism of the rich!"


Great quote.