Yesterday, the federal government in Canada announced a $14 billion dollar surplus. It was also announced that the entire amount went into debt reduction. Not a penny went into improving (or even preserving) social programs, or perhaps even helping cities like Toronto. When asked about why no money went to help Toronto’s financial crisis, we were told there was no need.
In the meantime, lowering the debt merely helps strengthen the Canadian dollar, which may help the government’s friends in Alberta (where it is easier to qualify for unemployment insurance than in Toronto), but doesn’t do much for the manufacturing centre of Canada, namely Ontario.
Welcome to the new rust belt.
Tags: Toronto
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