The year began badly for taxpayers all across Canada and it will certainly end that way.
But if you’re a crony capitalist and think government should be doling out the grants to companies both minor and massive, then you had reason to be full with Christmas cheer this year.
On Jan. 4, Stephen Harper committed $250 million to fund research and development by major automakers. This was a re-issue of a 2008 five-year fund. The excuse back then was the economic crisis. What’s the excuse this time around? After all, the fund goes until 2018.
To close off the year, on Dec. 13 Ontario Premier Kathleen Wynne delivered a big corporate kiss under the mistletoe to Cisco System’s Canada division. Taxpayers will dole out $220 million to a company that, worldwide, had revenues of $49 billion in fiscal 2013.
“Cisco profit soars 56%” is the headline of an August 2012 CNN story. Huh. I wonder if Ontario taxpayers will see their incomes soar by the same amount.
You’ve also got to love the wording of the government’s press release. The grant will create “up to” 1,700 jobs. Cisco is investing “up to” $2.2 billion in salaries.
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You can read the rest of it at: http://www.sunnewsnetwork.ca/sunnews/straighttalk/archives/2013/12/20131228-073825.html
But if you’re a crony capitalist and think government should be doling out the grants to companies both minor and massive, then you had reason to be full with Christmas cheer this year.
On Jan. 4, Stephen Harper committed $250 million to fund research and development by major automakers. This was a re-issue of a 2008 five-year fund. The excuse back then was the economic crisis. What’s the excuse this time around? After all, the fund goes until 2018.
To close off the year, on Dec. 13 Ontario Premier Kathleen Wynne delivered a big corporate kiss under the mistletoe to Cisco System’s Canada division. Taxpayers will dole out $220 million to a company that, worldwide, had revenues of $49 billion in fiscal 2013.
“Cisco profit soars 56%” is the headline of an August 2012 CNN story. Huh. I wonder if Ontario taxpayers will see their incomes soar by the same amount.
You’ve also got to love the wording of the government’s press release. The grant will create “up to” 1,700 jobs. Cisco is investing “up to” $2.2 billion in salaries.
_____________________
You can read the rest of it at: http://www.sunnewsnetwork.ca/sunnews/straighttalk/archives/2013/12/20131228-073825.html
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