Reality check: Banks before families
Another quarter, another round of staggering bank profits.
Royal Bank: $1.12 Billion
TD: $994 Million
Scotiabank: $1.1 Billion
CIBC: $500 million
In times of trouble – like a recession – the priorities of a government become crystal clear.
Stephen Harper’s Conservatives have decided to put the banks and their super rich friends ahead of helping Canada’s middle class make a full recovery.
Corporate tax giveaway:
Even in a time of fiscal constraint, the Harper government is hell-bent on implementing more tax cuts to the wealthiest and most profitable sectors of the Canadian economy. Corporate tax cut from now till 2013 will further reduce the federal fiscal capacity by $6.3 billion. (Budget 2010).
Living paycheque to paycheque:
According to a recent survey by the Canadian Payroll Association the majority of Canadian workers are living paycheque to paycheque.
They reported that 59% say they would be in financial trouble if their paycheque was delayed by only a week
(2010 National Payroll Week Employee Survey, Certified General Accountants).
Crushing household debt:
Certified General Accountants Association of Canada reported earlier this year that Canadian household debt in 2009 reached $1.41-trillion.
Canada also ranks the worst in terms of the consumer debt-to-financial assets ratio among 20 OECD countries, beating even Greece and the US.
(Where Is the Money Now, Certified General Accountants, May 2010).
Canadian Centre for Policy Alternatives reports that today’s ultra-rich are better off than have ever been. Canada’s richest 1% are taking more of the gains from economic growth than ever before in recorded history – while the middle class stagnates. (The Rise of Canada’s Richest 1%, CCPA, December 2010)