
3 minute read
Benns’ Belief
Billionaires equate to failed public policy RODERICK BENNS, PUBLISHER
As our people and small businesses hold on for their lives and livelihoods, many are wondering what happened to the grand promise of unfettered capitalism. What happened to the promise of endless growth? Of the greatness of the free market?
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The sheer inadequacy of the market to respond to this pandemic, the utter inability of big business to pull us out of this mess is itself a master lesson in economics. It’s also an indictment of extreme capitalism.
It’s not the markets that are saving us now; it’s our governments, led by a prime minister and premiers and talented bureaucrats who have learned that they have the tools at their disposal to chart a course for the public good. And how silly we ever once thought that hundreds of corporations, all working in their own self-interest, could a country make.
Governments must demonstrate they can also imagine a new path forward and think bigger (and differently), as my colleague Mike Perry writes on page 26.
Thinking bigger will require governments to put people ahead of profits. It will require reimagining long-term care; creating meaningful jobs; ensuring these jobs pay a living wage; establishing single-payer pharmacare; enhancing interprovincial supply chains and establishing more manufacturing here; rewarding the growth of small, local economies; developing a basic income guarantees for citizens; and much more.
We will pay for this transformation of our society by reconsidering what we value. Do we value, for instance, the federal government’s tax loopholes, which the Broadbent Institute recently shone a light on? (These include a capital gains loophole, an employee stock option loophole, and offshore tax havens for corporations.) Just closing these loopholes alone would provide the federal government with up to $12 billion annually. That’s only the tip of the iceberg in what tax reform could do.
Do we value the behaviour of Canada’s Bombardier, which awarded $32.6 million US in 2017 to senior executives (a shocking 50 per cent increase) while simultaneously laying off thousands of workers and seeking government aid? The money to those five executives alone could have funded more than 800 nurses. Examples like this are common; action is rare.
Do we value Amazon’s Jeff Bezos’ right to become a trillionaire by 2026? Or do we value something more human and more important to life in our communities?
Every billionaire is a symbol of failed public policy. Let’s commit to undoing extreme capitalism in favour of social democratic reforms. There couldn’t be a better moment in time to do so.
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A special thank you to all the amazing residents, families and team members at Adelaide Place for their patience, understanding and flexibility during this difficult time. Everyone is so supportive, and we are grateful to have such a wonderful group of people surrounding us at Adelaide Place. Our number one goal is to keep both our residents and team safe, healthy and happy. We would also like to give a shout out to all the other retirement communities, long term care homes, hospital teams and essential service workers who are working tirelessly to keep our community safe. JUNE/JULY 201 9 JUNE/JULY 201 9 1 7 Start living the retirement you deserve! Lindsay’s Newest Concept in Senior Living is now taking “deposits” Contact us today for more information: Tish Black (705)340-4000 or tish@adelaideplace.com 84 Adelaide St. S., Lindsay www.adelaideplace.com Adelaide Place Senior Living Community scheduled to open in mid, 2020 • Ninety independent rental suites • One and two bedroom options (710-1160 sq. ft.) • Suites will feature full kitchens and in-suite laundry • Amenities include a large outdoor terrace, dining room, billiards and party room, garage parking • Residents will have access to amenities and services at the existing retirement community ONE BEDROOM SAMPLE LAYOUT *Suite layouts may vary and furniture is not included Heartfelt THANK YOU

Keep up the great work everyone and we will see you on the other side! Team Adelaide xx
