Monday, August 23, 2010

Cutting Corporate welfare

We should eliminate corporate welfare and electoral welfare. They achieve very little and cutting them will help cut the deficit. I agree with Tasha. In the case of social assistance we need to make it a short term thing to allow people to get back on their feet. We need to give more longterm support to those who actually can't work, but the able bodied should be encouraged to regain their dignity and get a job.

And the pork barrel fills again….

Back in April of this year, the Frontier Centre for Public Policy released a report chronicling the abysmal loan repayment record of Industry Canada. The report found that since 1982,

Industry Canada has authorized almost $21-billion in “assistance” to various recipients, paid out $18-billion, and collected under $1.9-billion under all past and present assistance programs, or just over 10%.

Fast-forward to August 2010. According to data obtained by the Canadian Press through an access-to-information request, the 10% rule appears to now also apply to the Atlantic Canadian Opportunities Agency (ACOA). In 2000, former Prime Minister Jean Chr├ętien announced a raft of provisional loans by ACOA, totalling $33.2-million, to be disbursed to 17 companies. As of April 2010, only $3.2-million of those loans has been repaid, mostly by two businesses; $4.7-million in loans has been written off, because the three recipients went bankrupt. Another four companies are in default. Of the 10 remaining businesses, five have not made any payments as of April 20, 2010.

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