Unpublished letter submitted to the Toronto Star
Re: Days of whine and $15 billion in bonuses for our bankers, December 19, 2019.
Linda McQuaig’s article paints a bleak picture. In these dystopian media times with wealth and opportunity apparently everywhere vast inequities, ridiculous unfairness and scurrilous behaviour have become the accepted norm. As banks give out $15 billion in bonuses making a staggering $46.6 billion in profits, 2600 GM workers are idled by the multi-billion dollar gargantuan General Motors brought back from the dead by a $650 million bailout from Ontario and SNC Lavalin pleads guilty to what amounts to a financial slap on the wrist of $280 million dollars for bribery the bitter and bitingly arrogant realities of capitalism are on full display. And no one seems to care. 2019 looks more like 1819.
In sharp contrast, the contemporary working poor (and I include the middle and even the upper class given the ballooning relativity of corporate profits) are saddled with an 8% tax increase by Toronto Council to pay for critically needed infrastructure updates, affordable housing and transit to name only a few at a cost of a mere $10-15 billion. This is chump change for the banks who take no responsibility for the society they live in. The banks’ bonuses could fund the full cost without batting an eye. And that’s only the banks. But capitalism doesn’t allow this. Clearly we need profit controls.
Corporate Canada daily cozies up to government and makes billions in profits and benefits while paying miniscule taxes. Amazon pays negative tax in the U.S. The working poor on the other hand get a languishing standard of living, unstable work, wage stagnation, crushing taxes relatively and a snarly response from government when they ask like Oliver Twist ‘Please sir, can I have some more.’ Corporate taxes have plummeted over the past fifty years while profits skyrocketed and work was stripped to the bone. Corporations also divested pensions, healthcare, full-time work and benefits. The losses and degradation of middle and lower class incomes is staggering as are the continually rising enormous profits. Taxes pay for the civil society that we live in but everyone is not taxed equally. The private sector takes all the profits, the public bears all the costs. The 99% support the 1%.
What is most concerning about this is how willingly society at all levels passively accepts this corrupt system of capitalism and free markets, the private sector, government and society without question. This is the real tragedy of modern society. Like the indigenous people long ago we’re being tricked with a few techno baubles.
The corruption of corporate Canada, Canadian politics and Canadian society is complete. Beware of bigots in suits with smiles on their faces.