Chrysler gets loans written off by Ontario
Ontario just wrote off more than $400 million of a loan Chrysler had secured from the Ontario Government some years back. And we learn that the Federal Government wrote off more than $2 billion of the same loan package last year.
This tidbit was on page B3 of the Globe and Mail’s Report on Business.
Not front page —perish the thought.
I am sure Alberta and other provinces are not amused to see this perpetual gravy train continue. And taxpayers should be outraged. Don’t hold your breath.
This is just par for the course these days. Canadians expect it given that it has been happening for many years now. The auto industry and Ontario never seem to loose in government largesse.
Now if that was the Atlantic Provinces or Western Canada there would be far greater coverage of such things with central Canadian columnists and opinion writers clambering for Constitutional change to reduce the number of provinces or other like solutions.
And by the way, Ontario has also received $16 billion in special aid from Ottawa called equalization over this loan period to Chrysler via have provinces like B.C., Alberta, Saskatchewan and Newfoundland and Labrador have – mainly because of oil and gas – those dirty fossil fuels.
Sure, Quebec won’t agree to an oil and gas pipeline going through their province while they took over $80 billion in equalization, special aid, a lot coming from oil and gas revenue of the have provinces.
Many people, therefore many seats — presto lots of money to hold those seats.
That’s your Canadian lesson for today.