Poverty is endemic in the 'Third World", as everyone knows. It is just as evident in the rich First World. According to http://www.commondreams.org/view/2011/02/21-5, in the US, the richest nation, six million lost their jobs in the recent recession, 25 million are underemployed, $8 trillion was lost in the housing/mortgage crisis, one quarter of all mortgages are underwater (owe more than the value of the house), 50 million live in poverty, one eighth of the population are on food stamps, one half of all children will be in food stamps sometime in their lifetime.
In Canada, three million live in poverty and the latest blueprint to reduce the problem produced by the House of Commons, was dismissed outright by Tory minister of Human Resources, Diane Finlay, as the party's strategy of growing the economy will take care of it. A rising tide lifts all boats, trickle down effect etc. etc. etc. and on forever.
In China, that land of endless booming economy, have the boats been lifted? The Toronto Star reported (6/March/2011) that seventy Chinese congressional deputies (out of 2 990) have a combined fortune of $75 billion. Five hundred million Chinese live on less than $2 a day. They must be in a sinking boat!
Meanwhile, Canada's top banks reported first quarter earnings of Toronto-Dominion Bank, $154 billion (taxes $343 million) Royal Bank of Canada, $1.84 billion (taxes $612 million)
CIBC, $799 million (Taxes $268 million) National Bank, $465 million (Taxes $129 million).
That's for a quarter year! They were expecting, and got, big tax concessions in the recent budget. Unfortunately for them, it was defeated and the government fell. Steadily falling corporate tax rates and the used of tax havens (how patriotic these banks are!) has saved billions in unpaid taxes. "That's a lot of schools, a lot of hospitals." Said Toby Sanger, economist for The Canadian Union of Public Employees. Time to wake up! John Ayers
In Canada, three million live in poverty and the latest blueprint to reduce the problem produced by the House of Commons, was dismissed outright by Tory minister of Human Resources, Diane Finlay, as the party's strategy of growing the economy will take care of it. A rising tide lifts all boats, trickle down effect etc. etc. etc. and on forever.
In China, that land of endless booming economy, have the boats been lifted? The Toronto Star reported (6/March/2011) that seventy Chinese congressional deputies (out of 2 990) have a combined fortune of $75 billion. Five hundred million Chinese live on less than $2 a day. They must be in a sinking boat!
Meanwhile, Canada's top banks reported first quarter earnings of Toronto-Dominion Bank, $154 billion (taxes $343 million) Royal Bank of Canada, $1.84 billion (taxes $612 million)
CIBC, $799 million (Taxes $268 million) National Bank, $465 million (Taxes $129 million).
That's for a quarter year! They were expecting, and got, big tax concessions in the recent budget. Unfortunately for them, it was defeated and the government fell. Steadily falling corporate tax rates and the used of tax havens (how patriotic these banks are!) has saved billions in unpaid taxes. "That's a lot of schools, a lot of hospitals." Said Toby Sanger, economist for The Canadian Union of Public Employees. Time to wake up! John Ayers
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