Food for thought

Thomas Walkom of The Toronto Star in writing about the current recession, quotes Bank of Canada governor, Stephen Poloz, referring to Austrian economist Joseph Schumpeter who famously called boom and bust capitalism a process of creative destruction, "We've certainly had the destruction. But the creative side of the equation has been delayed" Agreed, but whose destruction are we talking about? The same article gives us a clue, " Employment insurance has become
particularly irrelevant. A new study by the Canadian Labour Congress calculates that only 35% of the jobless now qualify for EI. In Ontario, the percentage is 25, in Toronto 20." (although everyone and their employers contribute!). John Ayers