Whatever economic movement we've had has been fuelled by essentially personal debt, an astonishing 516.7 billion increase since 2006, at a staggering 165% debt to disposable income ratio. Only #banksters and the investor class benefit from such a financialization of the economy. And we’re 140 billion deeper in federal financial debt since Flaherty took over with a net debt balance of 650 billion and a stagnating global economy - the effects of which will be hard to escape since, lacking a diversified domestic economy, all our economic growth eggs are in export markets and in particular commodities - namely oil and mining. The classic neoliberal agenda has failed miserably. Time for Drummond, Hyder, O’Leary and Co. to wake up from the dream.
Where is the $14-billion from the GST rate cut now? #cdnpolisoa.li/MOQwOlB
— barrie mckenna (@barriemckenna) March 25, 2013
Note: We might also want to remember the wasted revenue opportunities - namely, the 2% HST and several corporate tax cuts - and the fact that he inherited a sizable 13 billion surplus. Flaherty has presided over 9 budgets, 8 of them deficit budgets. Yet a hoodwinked and hoodwinkedtoo electorate still thinks he’s a good economic manager. Go figure.
ReplyDeleteI remain convinced that a neoliberal plutocracy/oligarchy by way of its control of corporate institutions served by cooperative governments- the investor class - is still the source of all our woe.