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A Senior Citizens response to the Finance Ministers speciai appeal to ali Seniors By E Holvvell PENSION FUNDS & THE NATIONAL DEBT Writing in the Toronto Star of January 985 Ruben Bellan an Economics Professor had this to say:- - "Weil over 90% of the National Debt consists of bonds sold by the Government of Canada to its ovvn citizens Practically ali the interest payments vvhich Ottawa makes each year are to Canadian individuals and Canadian ovvned business firms" On this basis therefore and with a deficit in the range of $190 billion $171 billion re-mai- ns vvith Canadians in the form of Canadian Securities No doubt investment funds of this magnitude come from the Massive Pension Funds con-tribut- ed via payroll deductions by the hundreds of thousands of people in the work force and I exclude the Canada Pension The term Canadian ovvned business firms obviouuusly re-fe- rs to the Pension Fund Ad-ministrat-ors Trust Companies play an important roll in this connection Banks and Insu-rance Companies vvould also be involved Pension Funds are one of the fastcst grovving pools of capital funds in the country Therefore of the estimated debt charges of over $17 billion some $15 billion vvill be dis-tribut- ed as interest to ali bond-holde- rs THIS WILL PUT $15 BIL-LION PURCHASING POWER IN THE HANDS OF THE CA-NADIAN PUBLIC The Gross National Pro-du- ct vvill also record this as part of Canadians Investment In-co- me (GNP) separate and apart from Salaries and Wages CONTINUING DEFICIT ' AN OBSTACLE TO GROWTH Why does the Minister of Fi-nance express alarm in the follovving terms? (quote) - "the alarming fact is that the mo-unta- in of debt inherited as a result of the string of deficits over the past 10 years requires ever-increasi- ng interest charges 12 on the debt And these rising debt service charges are the driving force behind the con-tinue- d pattern of high deficits and rising levels of debt This means that vvith each year more and more government money must be diverted from productive uses just to pay the interest charges (unquote) The fact that the Minister uses the term "mountain of debt inherited" indicates that his go-vernment vvill use every means possible to blame the precious administration for its ovvn in-abil- ity to improve our economic future or to reduce unemploy-men- t One vvonders also has Mr Wilson follovved the pernicious activities of the Tory Govern-ment in Ontario? They have been "borrovving" from the funds of the Canada Pension Pian - The Municipal Emp-loye- es Retirement Fund and Teachers Superanuation fund for a number of years This borrovving novv totals more than $25 billion and the actual in-terest vvhich the Province pays for this borrovving is not made public although it is touted as being very lovv The CPP vvas set up Federally vvith the collaboration of the Provinces and the Act permitted ali Pro-vinces to borrovv according to contributions received The first interest payment vvill not become due until 1986 The Canadian Provinces have milk-e- d the CPP to date of a total of $225 billion And Principle payments vvill not be due until 1 99 1 In the meantime Pension payouts vvill necessarily be W P- - '' ti' vi] rl 'fr' adjusted accordingly HIGH LEVELS OF DEBT — POTENTIAL THREAT says Wilson What is the real reason for the high level of debt? Here is evpmple 1 From the Toronto S t ii uf January 1 185 we get the follovving The Federal Government plans to fuel an economic re-cove- ry vvith defence spending that vvill rebuild the Canadian Armed Forces Defence Mi-nister Robert Coates says The defence dollar can be "invest-ed- " to increase economic acti-vit- y and create jobs VVith 1 12 million unemployed this government is thinking in terms of VVARH to solve Canada's problems Remember 1939 vvhen hundreds of thousands of the unemployed vvere recruited into the armed forces and so many of them did not return Quoting again from the Finance Ministers published documents Example 2 "as much as tvvo-thir- ds of recent economic grovvth has been attributed to technological change and there is every to believe that its influence vvill grovv" "Federal financial com-mitme- nts to Research & De-velopment are exstensive some $26 billion this year alone apart from tax incentives vvithin the federal government there are 37 programmes con-cern- ed vvith technology in-novatio-ns and diffusion" Therefore billions of dollars are used to increase pro-ductiv- ity for the private sector This is one of the major causes of the current unemployment Once again a project by Gov-ernment to assist private en-terpr- ise forces to increase productiviiy ai the expense of manpovver Again quoting the Finance Minister:- - "there is little point in accelerating the development of new technology in Canada if they do noi quickly spread throughout the economy" Mr Wilson and his gover-nment seem intent on trying to force an issue vvhich is being1 resisted The question is WHY? The current deficit repre-sen- ts ali the unpaid corporate taxes numerous tax breaks and outrieht hand-out- s encouraged and permitted over the years by Governments It is not a debt ovved by the Canadian People i#s~— JÄI y )'JAnS(m w hi VMlVH ihc U S (Jciiitnst! ation oi Nrengtl in il" fi'i:tral America 1§85 Peacelovinpr policy Washington slyle ERILAISET TILAISUUDET TORONTO Finn Centre 465-898- 1 Ikinuorten kerhon toiminta-paikka Finn Centre 217 Danforth Ave on auki kello 10 jälkeen jo-kaisen viikon torstaiaamuna Ter-vetuloa rentoutumaan juodaan kahvia ja pelataan bingoa! Toronton ikinuorten laulu- - ja voimisteluharjoitukset torstaisin kello 10 laulu ja iltapäivällä voi-mistelu Entiset ja uudet harras-tajat tervetuloa! CANADA NL-SEUR- A 977-581- 9 CANADA NL-SEURA- N matkatoimisto: CANSOV 596-132- 3 280 Queen St W Toronto On-tario THUNDER BAY Ikinuorten kokoukset haalilla 316 Bay St joka kuukauden en-simmäinen ja kolmas keskiviikko alkaen kello 130 ip Ikinuorten voimisteluharjoituk-set joka keskiviikko alkaen kello 1 1 ap Lauluharjoitukset ensim-mäinen ja kolmas keskiviikko kello 12 kunnes toisin määrätään Järjestön kuukausikokous toi-nen lauantai kuukaudesta alkaen kello 1 iltapäivällä SUDBURY CSJ:n Sudburyn osaston koko-ukset joka kuukauden toisena maa-nantaina klo 1 1 aamupäivällä Pos-tiosoite: PO Box 354 Station 'B' Sudbury Ontario P3E 4P2 Sudburyn Seurakerhon viikot-taiset harjoitukset-j- a ajanvietetilai-suud- et Jubilee Centre (entinen Finnish haali) joka tiistai alkaen kello 10 ap Uudet jäsenet tervetuloa ker-homme toimintaan! WANUP CSJ:n VVanupin osaston No 9:n kokoukset ovat kuukauden ensimmäisenä maanantaina Osaston osoite: RR3 Site 13 Box 6 Sudbury Ontario P3E 4N I Jospeh U Kaksonen Dearer Crime Insurance In Britain rising crime has placed insurance firms in a quandary Prudential Assurance the largest do-mes- tic insurance company has been obliged to increase its premium by 50-1- 00 per cent depending on neigh-bourho- od burglary statis-tic- s Announcing the rise one of its managers John Powell iaid burglary had assumed "epidemic Over the Hill We sometimes hear the 'smarties' say About Seniors: "over the hill" Oh sure we're gone but like to stay Our health is good and strong our vvill So many more are trying their best By striving hard and climbing still To reach the top — the very crest — To join us Seniors over the hill Here we may linger in the sun Lead life in peace vvith mind at ease Can vvork can play may love have fun We're free to be just as we please In paints and arts and crafts we find Real joy even leam in our schools We stay in shape in body and mind How can one think we are old fools? We exercise we bovvl and dance We go on tours we sk or skate And who's too old for some romance? True love can sometimes blossom late M
Object Description
Rating | |
Title | Viikkosanomat, January 21, 1985 |
Language | fi |
Subject | Finland -- Newspapers; Newspapers -- Finland; Finnish Canadians Newspapers |
Date | 1985-01-21 |
Type | application/pdf |
Format | text |
Rights | Licenced under section 77(1) of the Copyright Act. For detailed information visit: http://www.connectingcanadians.org/en/content/copyright |
Identifier | VikkoD7000436 |
Description
Title | 000036 |
OCR text | A Senior Citizens response to the Finance Ministers speciai appeal to ali Seniors By E Holvvell PENSION FUNDS & THE NATIONAL DEBT Writing in the Toronto Star of January 985 Ruben Bellan an Economics Professor had this to say:- - "Weil over 90% of the National Debt consists of bonds sold by the Government of Canada to its ovvn citizens Practically ali the interest payments vvhich Ottawa makes each year are to Canadian individuals and Canadian ovvned business firms" On this basis therefore and with a deficit in the range of $190 billion $171 billion re-mai- ns vvith Canadians in the form of Canadian Securities No doubt investment funds of this magnitude come from the Massive Pension Funds con-tribut- ed via payroll deductions by the hundreds of thousands of people in the work force and I exclude the Canada Pension The term Canadian ovvned business firms obviouuusly re-fe- rs to the Pension Fund Ad-ministrat-ors Trust Companies play an important roll in this connection Banks and Insu-rance Companies vvould also be involved Pension Funds are one of the fastcst grovving pools of capital funds in the country Therefore of the estimated debt charges of over $17 billion some $15 billion vvill be dis-tribut- ed as interest to ali bond-holde- rs THIS WILL PUT $15 BIL-LION PURCHASING POWER IN THE HANDS OF THE CA-NADIAN PUBLIC The Gross National Pro-du- ct vvill also record this as part of Canadians Investment In-co- me (GNP) separate and apart from Salaries and Wages CONTINUING DEFICIT ' AN OBSTACLE TO GROWTH Why does the Minister of Fi-nance express alarm in the follovving terms? (quote) - "the alarming fact is that the mo-unta- in of debt inherited as a result of the string of deficits over the past 10 years requires ever-increasi- ng interest charges 12 on the debt And these rising debt service charges are the driving force behind the con-tinue- d pattern of high deficits and rising levels of debt This means that vvith each year more and more government money must be diverted from productive uses just to pay the interest charges (unquote) The fact that the Minister uses the term "mountain of debt inherited" indicates that his go-vernment vvill use every means possible to blame the precious administration for its ovvn in-abil- ity to improve our economic future or to reduce unemploy-men- t One vvonders also has Mr Wilson follovved the pernicious activities of the Tory Govern-ment in Ontario? They have been "borrovving" from the funds of the Canada Pension Pian - The Municipal Emp-loye- es Retirement Fund and Teachers Superanuation fund for a number of years This borrovving novv totals more than $25 billion and the actual in-terest vvhich the Province pays for this borrovving is not made public although it is touted as being very lovv The CPP vvas set up Federally vvith the collaboration of the Provinces and the Act permitted ali Pro-vinces to borrovv according to contributions received The first interest payment vvill not become due until 1986 The Canadian Provinces have milk-e- d the CPP to date of a total of $225 billion And Principle payments vvill not be due until 1 99 1 In the meantime Pension payouts vvill necessarily be W P- - '' ti' vi] rl 'fr' adjusted accordingly HIGH LEVELS OF DEBT — POTENTIAL THREAT says Wilson What is the real reason for the high level of debt? Here is evpmple 1 From the Toronto S t ii uf January 1 185 we get the follovving The Federal Government plans to fuel an economic re-cove- ry vvith defence spending that vvill rebuild the Canadian Armed Forces Defence Mi-nister Robert Coates says The defence dollar can be "invest-ed- " to increase economic acti-vit- y and create jobs VVith 1 12 million unemployed this government is thinking in terms of VVARH to solve Canada's problems Remember 1939 vvhen hundreds of thousands of the unemployed vvere recruited into the armed forces and so many of them did not return Quoting again from the Finance Ministers published documents Example 2 "as much as tvvo-thir- ds of recent economic grovvth has been attributed to technological change and there is every to believe that its influence vvill grovv" "Federal financial com-mitme- nts to Research & De-velopment are exstensive some $26 billion this year alone apart from tax incentives vvithin the federal government there are 37 programmes con-cern- ed vvith technology in-novatio-ns and diffusion" Therefore billions of dollars are used to increase pro-ductiv- ity for the private sector This is one of the major causes of the current unemployment Once again a project by Gov-ernment to assist private en-terpr- ise forces to increase productiviiy ai the expense of manpovver Again quoting the Finance Minister:- - "there is little point in accelerating the development of new technology in Canada if they do noi quickly spread throughout the economy" Mr Wilson and his gover-nment seem intent on trying to force an issue vvhich is being1 resisted The question is WHY? The current deficit repre-sen- ts ali the unpaid corporate taxes numerous tax breaks and outrieht hand-out- s encouraged and permitted over the years by Governments It is not a debt ovved by the Canadian People i#s~— JÄI y )'JAnS(m w hi VMlVH ihc U S (Jciiitnst! ation oi Nrengtl in il" fi'i:tral America 1§85 Peacelovinpr policy Washington slyle ERILAISET TILAISUUDET TORONTO Finn Centre 465-898- 1 Ikinuorten kerhon toiminta-paikka Finn Centre 217 Danforth Ave on auki kello 10 jälkeen jo-kaisen viikon torstaiaamuna Ter-vetuloa rentoutumaan juodaan kahvia ja pelataan bingoa! Toronton ikinuorten laulu- - ja voimisteluharjoitukset torstaisin kello 10 laulu ja iltapäivällä voi-mistelu Entiset ja uudet harras-tajat tervetuloa! CANADA NL-SEUR- A 977-581- 9 CANADA NL-SEURA- N matkatoimisto: CANSOV 596-132- 3 280 Queen St W Toronto On-tario THUNDER BAY Ikinuorten kokoukset haalilla 316 Bay St joka kuukauden en-simmäinen ja kolmas keskiviikko alkaen kello 130 ip Ikinuorten voimisteluharjoituk-set joka keskiviikko alkaen kello 1 1 ap Lauluharjoitukset ensim-mäinen ja kolmas keskiviikko kello 12 kunnes toisin määrätään Järjestön kuukausikokous toi-nen lauantai kuukaudesta alkaen kello 1 iltapäivällä SUDBURY CSJ:n Sudburyn osaston koko-ukset joka kuukauden toisena maa-nantaina klo 1 1 aamupäivällä Pos-tiosoite: PO Box 354 Station 'B' Sudbury Ontario P3E 4P2 Sudburyn Seurakerhon viikot-taiset harjoitukset-j- a ajanvietetilai-suud- et Jubilee Centre (entinen Finnish haali) joka tiistai alkaen kello 10 ap Uudet jäsenet tervetuloa ker-homme toimintaan! WANUP CSJ:n VVanupin osaston No 9:n kokoukset ovat kuukauden ensimmäisenä maanantaina Osaston osoite: RR3 Site 13 Box 6 Sudbury Ontario P3E 4N I Jospeh U Kaksonen Dearer Crime Insurance In Britain rising crime has placed insurance firms in a quandary Prudential Assurance the largest do-mes- tic insurance company has been obliged to increase its premium by 50-1- 00 per cent depending on neigh-bourho- od burglary statis-tic- s Announcing the rise one of its managers John Powell iaid burglary had assumed "epidemic Over the Hill We sometimes hear the 'smarties' say About Seniors: "over the hill" Oh sure we're gone but like to stay Our health is good and strong our vvill So many more are trying their best By striving hard and climbing still To reach the top — the very crest — To join us Seniors over the hill Here we may linger in the sun Lead life in peace vvith mind at ease Can vvork can play may love have fun We're free to be just as we please In paints and arts and crafts we find Real joy even leam in our schools We stay in shape in body and mind How can one think we are old fools? We exercise we bovvl and dance We go on tours we sk or skate And who's too old for some romance? True love can sometimes blossom late M |
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