Thursday, May 7, 2009

Shattered dreams, caused by Canada’s broken democracy, negligent media.

Steven Chase (a reporter I have great respect for) of the Globe and Mail ( a paper I have zero respect for ) reported "We're going to have a lot of Canadians with shattered dreams when they come to their retirement. They're going to suffer an unexpected drop in their income," Toronto Dominion chief economist Don Drummond said.

$35 billion of these shattered dreams were caused by Stephen Harper and Jim Flaherty’s income trust tax. A tax that TD Bank said was good because it brought “certainty” to the market, which completely ignores the fact that certainty is not derived from uncertainty and complete eludes the fact that Canadians were quite happy with the brief era of “certainty” that followed Stephen Harper’s election as Prime Minister of Canada under a platform in which he “would NEVER raid seniors’ nest eggs by taxing income trusts.

A solemn promise that was broken on the false pretense that income trusts cause tax leakage. A premise that is complete;y and patently false.

As such, the resultant taxation of income trusts represents a complete abrogation of Canada’s democracy as undermined by the Press and as undermined by our PAID ELECTED Members of Parliament.

For a policy to be advanced on the basis of a construct that is numerically derivable with great precisions (i.e. Tax leakage) and to be taken for granted on the basis of mere supposition and/or 18 pages of blacked out documents is a complete and utter farce and represents a complete dumbing down of our entire democracy and our economy.

It is GROSSLY INCOMPETENT AND NEGLIGENT, not to speak of remiss and callous for PAID ELECTED Members of Parliament, like Judy Wasylycia-Leis, who at the time was the NDP’s finance critic to be cited in letters by NDP MPs who were writing to concerned constituents stating:

“Dear constituent: I have spoken with Judy Wasylycia-Leis, our party’s Finance Critic, she is confident that the government’s estimates of future tax leakage are accurate.”?

Worse however than that, is the gross incompetence and negligence on the part of Canada’s media, who with the exception of Diane Francis and William Stanbury, have been promulgating Harper’s BS about tax leakage in the way that Jimmy Jones was serving Kool Aid to his followers and religious zealots. Representatives of that gross negligence on the part of the press is this damning admission by Carol Goar of the Sycophant Toronto Star, who are grossly commercially and editorially conflicted on the income trust issue, for reasons that I have well defined for you in the past:

“I didn't explore the possibility that [Flaherty] was lying [about tax leakage] Perhaps I should have.”

My one word condemnation of Canada’s PAID elected members of Parliament and the media is simply this...........DUH? in Do Ur Homework, before putting mouth into gear or pen to paper, since it is YOU who are individually and collectively responsible for shattering Canadians’ dreams during retirement. You have much work to do to correct your gross negligence and incompetence on the income trust matter. You can do so with impunity, since you were all lied to by the conniving and intellectually corrupt Mark Carney. Nothing is stopping you from reporting on the truth, except perhaps pure vanity and an unwillingness to accept the truth. Truth has no greater absolute than the truth about numbers, since 2 plus 2 can only equal 4, and not the 3 that all of you have been assuming and/or reporting on and/or legislating into law.

We face small pensions unless savings boosted, economist says
Globe and Mail
May 6, 2009

OTTAWA — Canadians should be forced to save more for retirement because their RRSPs and private-sector pension plans are in tatters, a leading economist said yesterday.

Many Canadians are unaware of how little their retirement investments will yield, so the Harper government should consider a new mandatory savings plan that goes beyond the modest payouts of the Canada Pension Plan, Toronto Dominion chief economist Don Drummond said.

"We're going to have a lot of Canadians with shattered dreams when they come to their retirement. They're going to suffer an unexpected drop in their income," he warned.


Dr Mike said...

What amazes me is the fact that if there is even a possibility that this tax is a fraud , why is parliament not looking into this.

If this is only a fraction as bad as it looks then uncovering the facts could lead the country to a better piece of legislation which could return higher tax revenues , bulk investor compensation , increase consumer spending & make for a lot of happy people.

If the remotest possibility exists that the hidden facts are false , then our wholly paid & funded representatives must get off of their collective butts & do something about it.

If not they should all be fired.

What do you mean they can`t be fired.

Dr Mike Popovich

Anonymous said...

Interesting to note that I believe using "complex" numbers, where the square root of 1 can equal negative one (-1) - see Mandelbrot - see also

No doubt this is the sort of math that Carney used to justify his income trust treachery.