Thursday, December 27, 2012

An Insatiable Appetite

I couldn't think of a single hole to punch in this letter-writer's logic, but then, of course, I am not part of the 1%:

Re: Bonuses at Canadian banks hit $10.3B on record profit, Dec. 11

Canada’s Big Five banks combined to report $7.8 billion in profits in the third quarter. Undoubtedly they benefited from the ongoing corporate welfare system of tax cuts, granted them by the federal government.

It seems hard to understand why the Conservatives would choose to increase already excessive bank profits through corporate tax cuts, which have eliminated funds that could have been used to reduce the need for some 900,000 people having to rely on food banks.

This pathetic situation requires a reallocation of government assistance away from the banks, to needy people who would actually spend their assistance and benefit the economy.

I wonder if those bank executives would have a more difficult time enjoying their absurd profit-based bonuses if they actually thought about how much good those lost tax revenues could have done to assist the most disadvantaged in our society.

Steve Griffiths, Meaford


  1. If you follow the money, Lorne, it's quite clear for whom this government is working.

    1. And as you pointed out in a comment on your blog yesterday, Owen, a change in the ruling party will not automatically alter that fact.