We need a clear, honest and workable corona recovery plan
The Tyee reports the total wealth growth of Canada’s richest 20 billionaires has ballooned by $37 billion since the March COVID-19 lockdown at the same time as workers have borne the brunt of the pandemic. Data from Forbes’ annual billionaires list and their “real-time billionaires” reports shows that Canada’s top 20 billionaires have amassed an average of just under $2 billion in wealth gains during an economically catastrophic six months in Canadian history. Their gains reflect the increasingly clear decoupling of the stock market from the real economy. FULL REPORT.
There is zero analysis in this leftist hit piece. Certainly, billionaire wealth has increased, but there is no attempt to ascertain how. Most of the increased value is likely through acquiring smaller corporations, many driven to the wall by government lockdowns.
Many business owners have had to decide to accept an undervalued offer for their enterprise or face losing even more in bankruptcy. The purchased business continues to operate, and employees continue to be employed. That is reality, not evil.
Billionaires did not get listed by Forbes through a series of bad business decisions. They leave such antics to governments who are as deeply in debt.
Envious cries to tax the super-rich are old hat, and the tactic tried in other nations. That led to the establishment of tax havens. In all cases, attempts to separately tax the super-rich resulted in their wealth fleeing to more hospitable jurisdictions.
Most of the wealth consists of the ownership and control of private corporations. Canada has one of the most complex, bizarre and useless corporate tax systems in the world. The solution to having the super-rich pay a fair share of taxes is to rewrite the corporate tax structure and replace it with a sound, simple, suitable system of taxes on the corporations they own.
That would mean that the group of business owners who support the Liberals would have to pay a fair share of tax and is why the system is not changed. Collusion, greed and graft carry a price tag, and that falls on personal income tax. Salary and wage earners can’t fight back except through the ballot box.
These billionaires and a few dozen millionaires are entrepreneurs who have proven to be skilled at risk assessment, and sound investors will be critical players in any economic recovery. Along with smaller entrepreneurs, they will build and sustain corporations that employ people and produce tangible increases in our gross domestic product.
The idea that governments can increase or decrease unemployment is nonsense. They do not understand capitalists or how they operate. Governments that cannot control spending are deep in debt and fail to serve the public cannot manage our economy. They don’t have the skills.
Governments have to step back and allow those who have the skills to create businesses, employ people to generate goods and services, and pay a reasonable tax on their income. We need minimal regulations to protect worker and public health and our environment. Governments must not continue to micromanage businesses and industries. Their track record is awful. Get out of the road, and allow real leaders to lead.
Governments must get back to the dreary task of government for the good of the people and not try to rebuild capitalism and our economy when they are unqualified to do so. They cannot deal with homelessness, poverty, Indigenous reconciliation, corruption, illegal drugs, mental health, meaningful education, criminal justice, equality, discrimination, and our fundamental freedoms and rights and are unfit to deal with COVID, climate change and our economy.
The days of delusions and illusions are over. The fallout from COVID is real and harmful. We need a clear, honest and workable recovery plan that will bring out the best in our people and allow them to thrive with minimal interference.
Are our politicians up to it? I have doubts