What a disgrace.
The progressive Justin Trudeau and liberal-left cabal he leads is going to prop up a corporation to the tune of 373 MILLION taxpayer dollars. A private corporation.
“Ottawa helps shore up Bombardier with $372.5-million cash infusion” — Globe & Mail
Canadians should understand this for what it is. Governments with this sort of political ideology don’t have to own, outright, the means of production or individual corporations — they merely need to regulate them to the hilt, control them through bailouts and financing and sundry other cronyism, cause them to become completely reliant upon the government, and generally force them to suck up to government for their very survival. When government thus controls corporations, they don’t have to be the controlling shareholder. They nonetheless own them. Full control is ownership by another name. And this isn’t called capitalism. This isn’t free markets. This is socialism.
Soon there will be few corporations and few individual Canadians that aren’t partly or completely reliant upon the government. It is a very dangerous trajectory, and a bad ideology, as history proves.
And it’s not just a left-wing agenda at work — it’s political pandering at its worst. You’ll only read this here since the Globe & Mail reserved space for only about 13 words for any Conservative reaction to this calamity, but Conservative Party leadership candidate Maxime Bernier says it like it is in his newsletter: “The Liberals are giving Bombardier $372 MILLION. And why are they giving Bombardier a massive bailout? To win votes in Quebec!”
That pandering is actually the least offensive part of it, as egregious as it is.
Bernier goes on:
…The massive Bombardier bailout is against the FREE market. It’s unfair for other businesses. It’s disrespectful to taxpayers. It’s irresponsible government.
In other words, it’s everything I oppose.
This type of pandering is the worst kind — it’s not just stupid, it’s wasting millions of dollars. … And as Prime Minister, I will end ALL corporate welfare.
For her part, interim leader Rona Ambrose chimed in with this, in her newsletter:
…We can all agree Bombardier is a world class leader in its field.
In fact, business is booming. Orders for the company have picked up significantly in recent months.
That’s what makes this decision so puzzling. Why bail them out when Bombardier already said last year that they don’t even need the money?
“We have secured all the funding required to ramp up the CSeries program and also for the rest of aerospace. Really, the federal funding would just be … an extra bonus that would be helpful but is very clearly not required.” –Rob Dewar, vice-president of Bombardier
As the voice of taxpayers, we have serious concerns about this handout. Bombardier still has outstanding government loans which have yet to be fully repaid! …
… Justin Trudeau is handing a giant corporation another $327 million of your money with one hand, and then forcing you to pay for it via a massive new carbon tax with the other hand.
He is making life easier for multi-billion dollar corporations, while making life harder for ordinary taxpayers.
This sets a horrible example for other Canadian corporations to follow, and for Canadians generally. And it bodes very poorly for how Canada’s business and economic climate is viewed both here and around the world, especially insofar as trade. The world — and America in particular under the new Trump administration — will have a very dim view of this sort of government interference in the free market, and this sort of government/corporate cronyism and unfair trade practice.
This is horrible for Canada. Another major blunder from the Justin Trudeau Liberals.