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By A Smith (anonymous) | Posted February 12, 2012 at 15:45:34 in reply to Comment 73807
>> Part of the problem is that we don't have enough private sector involvement downtown.
In 1969, household debt/GDP in Canada was 30%. Today, that number is over 90%.
In 1969, there was no GST and the PST was only 5%, up from 3% in 1966. Today, people pay 13% on not only goods, but also services.
In the past decade, corporations have accumulated $500 billion in cash on their balance sheets. In contrast, from 1961-1999, corporations were net borrowers.
Hamilton does need a subsidy, but it should not go to supermarkets, it should go to average people. We should scrap the GST, scrap payroll taxes and scrap federal income taxes under $30K income.
Oh, sorry, we can't cut taxes for the little guy, we have too much debt.
Well, when former P.M. Paul Martin told Canadians that we were almost bankrupt in 1993, he was either ignorant, or was lying to Canadians.
According to the Bank of Canada Act...
BUSINESS AND POWERS OF THE BANK
Powers and business
18. The Bank may
(c) buy and sell securities issued or guaranteed by Canada or any province;
In other words, even if the bond market doesn't want Canadian denominated debt, our central bank can act as buyer of last resort. Therefore, it is IMPOSSSIBLE for us to not be able to pay our debts.
Canadians are being told that we just can't afford things like OAS, basic welfare (food/shelter), yet somehow we have $500 billion for corporations to pad their balance sheets.
The truth is we can afford what we decide we can afford. If we spend too much, or tax too little, our dollar will simply fall and force us to export more and import less.
In other words, by being generous to "little" people, we will actually create the conditions that most Canadians want to see anyway, jobs, jobs, jobs.
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