Federal Government's Economic and Fiscal "Snapshot"

Exaltation of Corruption and Fraud

The federal government's economic and fiscal "snapshot" delivered on July 8 provides a good example of disinformation. In this case the aim is to remain silent about the substantive issues of where the money which has been borrowed to weather the pandemic comes from so that Canadians cannot form an opinion about it which serves them. Far from informing Canadians, the federal government's economic and fiscal "snapshot" exalts corruption and fraud; it raises them to an art in the name of high ideals.

Trudeau set the stage for this disinformation in a press conference just prior to the Finance Minister's presentation in Parliament. Referring to what has now become a $343.2 billion federal deficit to be covered through government borrowing from the private financial institutions of the global oligarchy, Trudeau said, "We took on debt so Canadians wouldn't have to." Clearly the Prime Minister thinks Canadians have no intelligence; that they cannot see through his unfortunate obsession with the word "we."

The debt the government "we" has taken on is to the richest and most powerful institutions within the U.S.-led imperialist system of states. The people "we" will owe this money to private moneylenders and be forced to pay it back with interest. The interest rate the people "we" will be paying is also going up as one of the three major U.S. credit rating agencies, Fitch, recently downgraded Canada's credit rating from AAA to AA+, making borrowing more expensive.

The "we" who will be responsible for this new debt of $343.2 billion, driving the federal debt from $765 billion to $1.2 trillion in one year, is essentially Canadian working people. Workers who produce the value through their work and pay the vast majority of taxes will be saddled with this debt to the global vultures. The beneficiaries of this pay-the-rich scheme are the private industrial and financial global cartels of the imperialists.

The people have had no say in the matter and no control over what has been done. Convenient and disingenuous indeed to have we Canadians, we the government and, as Trudeau likes to say, "We are all in this together."

The fact is: No, we are not in this together. We, the working people, work and produce value and you the ruling imperialist oligarchy and your courtiers expropriate the value we produce; you own and control the economy, and you have usurped the authority of the state to pay the rich and to defend and sustain your privilege and private wealth and the great divide between you and us. You rule and we are excluded from economic and political affairs.

The skyrocketing government deficits and debts to the rich will unleash even greater attacks on Canadians and a further deterioration of social programs and public services and an increase in personal, sales and other individual taxes. The federal, Quebec and provincial governments, the neo-liberal think tanks and mass media are preparing an even more intensive round of the anti-social offensive using the current crisis and "massive debts and deficits" of all levels of government as the excuse. This has already begun in Alberta with the anti-worker anti-social attacks of the Jason Kenney United Conservative Party government against the people, as well as in Quebec, Ontario and other provinces.

Governments declare they have no choice but to borrow from the rich to deal with the economic crisis. This is disinformation of the highest order. It is corruption and fraud. As a part of the U.S.-led imperialist system of states and serving the privilege and private interests of the global financial oligarchy, the ruling elite in government do not want the people to see what they do not want them to see -- that government debts to the global moneylenders are not cast in stone but a deliberate policy to pay the rich.

Despite the efforts of the Trudeau government and the opposition cartel parties and media to hide the corruption and fraud, their exaltation has become obvious to the people who are working hard and demand a new direction for the economy. The alternative begins by demanding that governments stop paying the rich and increase investments in social programs.

The people will have to demand that a moratorium be declared on servicing existing debt and make illegal public borrowing from private interests. Instead, governments should borrow from themselves as a public debt to themselves to be settled without interest as the economy grows and workers produce greater social product. Such a new direction would prohibit the global oligarchs from taking value out of the economy and prohibit all levels of government from going into debt to private interests.

This article was published in

Volume 50 Number 25 - July 11, 2020

Article Link:
Federal Government's Economic and Fiscal "Snapshot": Exaltation of Corruption and Fraud


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