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Canadian
Corporate Profits
Reach Record
High
by Barry Weisleder / March 2007
When defenders of private enterprise tell you business cannot afford to pay
decent wages and benefits today, please tell them this: Canadian
corporations achieved record-high operating profits of $231.7 billion in
2006, according to Statistics Canada
data released on February 22.
Mind you, the 7.3 per cent profit surge last year was down
from the astounding double-digit growth in the previous two years. While
CEO’s cry the blues about allegedly low productivity and soaring pension
liability, they brutally slash wages (by imposing two-tier wage
structures). They vigorously oppose even pitiful increases in the
minimum wage and any rise in woeful welfare rates.
Corporate greed apparently knows no limits. So
tell me, why should Labour curb its aspirations?
Leading the way in the latest profit binge are the
wholesale, retail and construction industries, and a still hot oil and gas
sector. Retailers operating (i.e. pre-tax) profits rose to a record
high $14.3 billion, up 20.2 per cent over 2005, StatsCan reported.
Wholesalers “earned” $16.6 billion, up 15.1 per cent over 2005.
Construction in the West is booming. Oil and gas companies�
profits hit a record $31 billion in 2006 from $6.9 billion in 2005.
Chartered banks operating profits rose 14.3 per cent to $26.4 billion.
On the other hand, motor-vehicle and parts
manufacturers, concentrated in Ontario,
and wood and paper companies, saw their profits drop 15 and 16 per cent
respectively. Such sectoral results are often cited by bosses
demanding across the board concessions from working people. But that
doesn’t make sense even in those particular cases - regardless the twisted
logic of dog-eat-dog capitalism, because there is an alternative we ought
to consider.
A democratically planned, publicly owned economy would
pool the surplus to sustain jobs in troubled sectors and regions, and
ensure the production of useful things and their constant improvement in
harmony with nature, for the benefit of humanity.
Now that’s what we mean by 21st century
socialism - something worth fighting for.
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