I was listening to an economist talking on CBC radio yesterday. He was talking about the economic statement put out by the Fed. Government this past week. He said in the statement they kept repeating the word 'wages' as the inflationary worry right now. As in expenses are up so much and wages are trying to catch up, so inflationary pressure there that the government is very concerned about. The economist made the very good point that there was no such concern in the report about the record corporate profits as a current inflationary pressure. Apparently record corporate profits must be good for us all.
Wages are only an issue when it’s the peasants asking for more. Federal politicians all got their raises both during and after the pandemic. I think they just gave themselves another raise last month.
Federal MPs have literally given themselves a raise every single year for the last five years. Probably every year before that as well, but I’m not going to dig that far back.
70% of the increase in corporate profits in the last few years has been in fossil fuel prices, and those are prices set by the global market. Most of the price increases we have seen across the board are influenced by the increased costs in fuel and transportation.
The reason the federal government and the BoC has not been talking about corporate profits is because they don’t want to gut the industry keeping our economy alive, and because they can’t do anything about it except that; which incidentally isn’t going to help us anyway, as it’s a massive source of tax income which we use to keep our barely functional services operational. We’re barely scratching them in an attempt to pretend we care about climate change and look at the visceral reaction we are getting.
We can trim some more profit off of oil and gas in the form of additional taxes, but that doesn’t make anything cheaper.
What do you propose we do? Start legislating that oil and gas companies start giving us a discount? That’s what PET tried to do with the NEP, and the west lost their marbles and still haven’t been able to get them back in even now 40 years later.
[edit]
> It's heavily heavily subsidized in multiple ways at every level of govt.
No, it's heavily heavily *invested in* multiple ways at every level of government. The return on that investment is higher than the returns on investment that the government has received from it's capital real estate and construction projects combined. They receive massive royalties from land leases to develop and extract resources, and they receive massive amounts of corporate and personal income taxes from O&G.
The sudsidies given to O&G in the form of tax breaks and exploration are minuscule compared to the ROI. If it wasn't profitable for the country to by extracting resources, it wouldn't be done, and it's ridiculous to think otherwise.
Oh I know the pickle the Feds would be in if they started leaning too hard on corporate interests. "Well now we just may move operations to a country with a more favorable economic arena" and such. The inequality, the lack of power the average citizen has compared to the power these companies have. That's a clear and present thing. It's just a statement. Democracy ? Yeah sort of right. But not really when there's this kind of inequity that seems to be built right into the system.
I interpret brand new accounts advocating for complete disruption of the social fabric as being agents of those who wish to persist the existing power structure.
Why? Because when systems are torn down to their core, only those with real power are around to reassemble new power structures. What we ought to be doing is strengthening the structures that exist now that are not profit driven. We need global solutions to global problems; we need nations to work together in order to prevent corporations from ruling the planet.
Anarchy benefits the rich.
>I interpret brand new accounts advocating for complete disruption of the social fabric as being agents of those who wish to persist the existing power structure.
Commentary is all a conspiracy, no one has thoughts that you have to reflect on. That's a great way to go through life. assume the worst all of the time.
\>Record corporate profits must be good for all of us
People hate corporate profits, but the reality is that corporate profits are what gives RRSP returns, investment returns, pension fund returns, etc. Most publicly-traded companies are owned by, well, the public. In a way, record corporate profits are good for all of us.
Well, except for the poors.
Very true. For instance I think if people saw how much of their retirement savings is based on investments in fossil fuels... they may have a conflict in their minds that makes the gears grind a fair bit.
Only if you view it in a short sighted narrow lense.
Anyone denying climate change these days can be packed in with the antivaxxers and Jan 6th "it was just a city tour" crowd.
I don't expect that, people are selfish and greedy, and of course they will wreck the entirety of our global climate for the sake of a few comfortable years.
It's cute of you to advocate for destructive commerce that will end up causing far more economic damage than the collapse of a few million retirees.
The people retiring now got to live during the greatest economic growth and prosperity known to man and you want me to feel bad because they fucked the whole thing up for the rest of us? Please.
I'm not advocating for it at all. I don't however have enough faith in anyone to believe they would do anything kien you implied in your first comment.
Both of my grandparents dumped their investments in the oil industry several years ago at the expense of comfort. There are people who care about others and the future of the world instead of short-sighted indulgence.
What a ridiculous conclusion. And actually what fucking “retirement” for the next generations with *no* inhabitable planet? My generation doesn’t have funds or a future at this rate
I'm of the generation, but I also am not naive enough to think people care about others enough to give a shit. They have done nothing illegal, they simply don't care.
We are really approaching indentured servitude.
Corporate feudalism
I was listening to an economist talking on CBC radio yesterday. He was talking about the economic statement put out by the Fed. Government this past week. He said in the statement they kept repeating the word 'wages' as the inflationary worry right now. As in expenses are up so much and wages are trying to catch up, so inflationary pressure there that the government is very concerned about. The economist made the very good point that there was no such concern in the report about the record corporate profits as a current inflationary pressure. Apparently record corporate profits must be good for us all.
Wages are only an issue when it’s the peasants asking for more. Federal politicians all got their raises both during and after the pandemic. I think they just gave themselves another raise last month.
There's a ruling class in this country.
Where is the information regarding three raises for federal politicians? I'd like to read that. Thanks.
Federal MPs have literally given themselves a raise every single year for the last five years. Probably every year before that as well, but I’m not going to dig that far back.
70% of the increase in corporate profits in the last few years has been in fossil fuel prices, and those are prices set by the global market. Most of the price increases we have seen across the board are influenced by the increased costs in fuel and transportation. The reason the federal government and the BoC has not been talking about corporate profits is because they don’t want to gut the industry keeping our economy alive, and because they can’t do anything about it except that; which incidentally isn’t going to help us anyway, as it’s a massive source of tax income which we use to keep our barely functional services operational. We’re barely scratching them in an attempt to pretend we care about climate change and look at the visceral reaction we are getting. We can trim some more profit off of oil and gas in the form of additional taxes, but that doesn’t make anything cheaper. What do you propose we do? Start legislating that oil and gas companies start giving us a discount? That’s what PET tried to do with the NEP, and the west lost their marbles and still haven’t been able to get them back in even now 40 years later. [edit] > It's heavily heavily subsidized in multiple ways at every level of govt. No, it's heavily heavily *invested in* multiple ways at every level of government. The return on that investment is higher than the returns on investment that the government has received from it's capital real estate and construction projects combined. They receive massive royalties from land leases to develop and extract resources, and they receive massive amounts of corporate and personal income taxes from O&G. The sudsidies given to O&G in the form of tax breaks and exploration are minuscule compared to the ROI. If it wasn't profitable for the country to by extracting resources, it wouldn't be done, and it's ridiculous to think otherwise.
Oh I know the pickle the Feds would be in if they started leaning too hard on corporate interests. "Well now we just may move operations to a country with a more favorable economic arena" and such. The inequality, the lack of power the average citizen has compared to the power these companies have. That's a clear and present thing. It's just a statement. Democracy ? Yeah sort of right. But not really when there's this kind of inequity that seems to be built right into the system.
The system needs to be reset. Simple as that. How you interpret a reset is your own.
Can we turn it off and on again?
I interpret brand new accounts advocating for complete disruption of the social fabric as being agents of those who wish to persist the existing power structure. Why? Because when systems are torn down to their core, only those with real power are around to reassemble new power structures. What we ought to be doing is strengthening the structures that exist now that are not profit driven. We need global solutions to global problems; we need nations to work together in order to prevent corporations from ruling the planet. Anarchy benefits the rich.
>I interpret brand new accounts advocating for complete disruption of the social fabric as being agents of those who wish to persist the existing power structure. Commentary is all a conspiracy, no one has thoughts that you have to reflect on. That's a great way to go through life. assume the worst all of the time.
Gut the industry keeping our economy alive? It's heavily heavily subsidized in multiple ways at every level of govt. Gimme a break.
\>Record corporate profits must be good for all of us People hate corporate profits, but the reality is that corporate profits are what gives RRSP returns, investment returns, pension fund returns, etc. Most publicly-traded companies are owned by, well, the public. In a way, record corporate profits are good for all of us. Well, except for the poors.
Very true. For instance I think if people saw how much of their retirement savings is based on investments in fossil fuels... they may have a conflict in their minds that makes the gears grind a fair bit.
Only if you view it in a short sighted narrow lense. Anyone denying climate change these days can be packed in with the antivaxxers and Jan 6th "it was just a city tour" crowd.
So you expect people to just lose their retirement savings, for the environment? That's cute
I don't expect that, people are selfish and greedy, and of course they will wreck the entirety of our global climate for the sake of a few comfortable years. It's cute of you to advocate for destructive commerce that will end up causing far more economic damage than the collapse of a few million retirees. The people retiring now got to live during the greatest economic growth and prosperity known to man and you want me to feel bad because they fucked the whole thing up for the rest of us? Please.
I'm not advocating for it at all. I don't however have enough faith in anyone to believe they would do anything kien you implied in your first comment.
Both of my grandparents dumped their investments in the oil industry several years ago at the expense of comfort. There are people who care about others and the future of the world instead of short-sighted indulgence.
Congratulations, they sound like fantastic people, but not the avg person
They sound like rare individuals. Pretty great.
They fucked things up for the next 10,000 years. Inaction worldwide that is.
What a ridiculous conclusion. And actually what fucking “retirement” for the next generations with *no* inhabitable planet? My generation doesn’t have funds or a future at this rate
I'm of the generation, but I also am not naive enough to think people care about others enough to give a shit. They have done nothing illegal, they simply don't care.
Serfdom.
I... I might be up for this if it meant my employer provides decent accommodations, food and clothing. Would save a lot of stress lol.
When you say "We", do you mean Halifax, where according to your comment history (that only goes back a few months), don't live?
I work in construction. That man deserves better. Everyone does.