RMR: New Barbecue Sauce

"Inside Job" Director Charles Ferguson: Wall Street Has Turned the U.S. into a "Predatory Nation" - Democracy NOW!

Inside Job, Narrated by Matt Damon (Full Length HD)

Inside Job, Narrated by Matt Damon (Full Length HD) on Vimeo.

"'Inside Job' provides a comprehensive analysis of the global financial crisis of 2008, which at a cost over $20 trillion, caused millions of people to lose their jobs and homes in the worst recession since the Great Depression, and nearly resulted in a global financial collapse. Through exhaustive research and extensive interviews with key financial insiders, politicians, journalists, and academics, the film traces the rise of a rogue industry which has corrupted politics, regulation, and academia. It was made on location in the United States, Iceland, England, France, Singapore, and China"

Having Their Cake and Eating It Too: Stanford - CCPA

CAW Economist Jim Stanford exposes the Big Conservative/Corporate Lie.  The truth and the facts are that corporate tax cuts do not stimulate the economy and do not generate jobs and investment.

Corporate tax cuts economically ineffective

National Office          News Release

April 13, 2011

OTTAWA—The Conservatives’ proposed 3-point reduction in corporate tax rates would cost the public purse $6 billion per year, yet only stimulate about $600 million of new business investment annually, says a study released today by the Canadian Centre for Policy Alternatives (CCPA).

The study, by economist Jim Stanford, examines historical data on business investment and cash flow from 1961 through 2010. Using econometric techniques, the study finds no evidence in the historical data that lower taxes have directly stimulated more investment. Moreover, the indirect impact of tax cuts on investment (experienced through corporate cash flow) has become much weaker over time.

“Business fixed capital spending has declined notably as a share of GDP and as a share of corporate cash flow since the early 1980s—despite repeated tax cuts that have reduced the combined federal-provincial corporate tax rate from 50% to just 29.5% in 2010,” says Stanford.

After adjusting for other determinants of investment spending, incremental cash flow has elicited only small amounts of business investment in recent years: about 10 cents in new investment for each dollar in extra cash flow.

“Given this statistical evidence, the federal government would have a far more powerful impact on both public and private investment by investing directly in public infrastructure, rather than providing additional tax reductions for businesses,” Stanford says.

If the federal government spent $6 billion on public infrastructure instead of corporate tax cuts, the total increase in investment would be more than ten times as great as the increase in private investment from tax cuts alone. This includes the new public investment itself ($6 billion), as well as an additional $520 million in private business investment that would be stimulated through the positive spin-off effects of the resulting economic growth.

According to the study, Canadian corporations have received $745 billion in excess, uninvested after-tax cash flow since 2001: cash flow that was not reinvested in real capital projects in Canada. This excess corporate saving reduces expenditure and purchasing power in the Canadian economy. A lack of business investment spending was the major source of Canada’s recent downturn, and the sluggish rebound in business spending is a key reason why Canada’s recovery from the recession has been uncertain, sluggish, and incomplete.

“Corporate Canada has been consistently receiving far more after-tax cash flow than it is reinvesting in Canadian capital spending—to the tune of $745 billion since 2001,” Stanford says. “Supplementing that cash flow through further tax cuts is like pushing on a string. Those tax savings would only add to the large sums of uninvested cash flow Canadian businesses already possess.”

–30–

For more information contact Kerri-Anne Finn, CCPA Senior Communications Officer, at 613-563-1341 x306.

Download the full report and analysis here.....

PotashCorp’s Annual Report: The Fine Print

The following article by Erin Weir is reproduced from the Progressive Economics Forum:

PotashCorp’s Annual Report: The Fine Print

by Erin Weir
February 26th, 2011

The Potash Corporation of Saskatchewan posted its 2010 annual report yesterday. It’s always worth taking a closer look at documents released on a Friday afternoon.

Those interested in public revenues should see pages 109, 110 and 111. Note 19’s breakdown of “Provincial Mining and Other Taxes” confirms something that I had suspected.

PotashCorp paid zero Potash Production Tax in 2010. In other words, the company is swimming in writeoffs and had no taxable profits according to Saskatchewan’s profit-tax formula.

The company’s entire $77-million royalty payment in 2010 was the provincial resource surcharge, set at 3% of sales. (Of course, 3% of potash sales is closer to 5% of potash gross margin).

Thank goodness Saskatchewan kept the resource surcharge when it eliminated its corporate capital tax. Otherwise, PotashCorp’s 2010 royalty payment would have been a big goose egg (and not of the golden variety).

Note 21 breaks down corporate income tax by country. While the report does not distinguish between federal and provincial income tax, the 30% “federal and provincial statutory income tax rate” clearly comprises the 18% federal rate plus the 12% Saskatchewan rate.

So, we can infer that PotashCorp’s 2010 Canadian income tax expense of $333 million comprises about $200 million to Ottawa and $133 million to provincial governments. Because the company also operates in other provinces, Saskatchewan is probably getting less than $133 million.

Meanwhile, PotashCorp is paying $113 million of corporate income tax in Trinidad, where it has a nitrogen facility. In the previous year, 2009, it actually paid more corporate tax to Trinidad than to all levels of Canadian government!

Congratulations, Trinidad, for collecting a decent amount of revenue from PotashCorp. Canada’s federal and provincial authorities need to pull up their socks.

Word on the Street – To Kill a Union

See more at: www.OperationMaple.com

Overdose: The Next Financial Crisis

Linda McQuaig - "The Trouble With Billionaires"

We need open and transparent government

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Cutting public services will hurt Saskatchewan families and communities

ifyoulovesaskatchewan.ca

Defending our Crown Corporations and Public Services

"For more than a century the Saskatchewan way of life has embraced public services and Crown Corporations. This includes parks, power, highways, and so much more.


Similar to the qualities of an oak tree, known for strength and versatility, Saskatchewan history is rooted in our Crowns and public services, which are owned and operated by the people."

Saskatchewan citizens need to know the facts about the government's intentions and actions to destroy these publicly owned institutions. Our Crowns and public services make our province the best place in Canada to live, work and raise a family.

Check out the SFL's new labour issues booklet entitled: Defending our Crown Corporations and Public Services

Naomi Klein: The Real Crime Scene Was Inside the G20 Summit - Democracy Now!

Olbermann: Health crisis unfolding in the Gulf - TILT

Cheney's push of deregulators led to BP disaster - The Real News

Printed transcript available here.

Shout Out for Global Justice

Click here to view poster in PDF

BP CEO Attributes Oil Spill Cleanup Workers’ Illness To Food Poisoning

Read the article here:
BP CEO Attributes Oil Spill Cleanup Workers’ Illness To Food Poisoning

Don't Mess with Our Saskatchewan

www.ifyoulovesaskatchewan.ca

President Obama Tells Wall Street to Back Reform

Leo Gerard, United Steelworkers Pres: WV Coal-Giant Massey touts "UnionBuster" label

Back room deals bad for Saskatchewan

News Release

For immediate release February 9, 2010

Back room deals bad for Saskatchewan

The Saskatchewan Federation of Labour today denounced the provincial government’s agreement to sign onto the World Trade Organization Agreement on Government Procurement.

It has been reported that all 10 provinces have agreed to sign the WTO agreement, which will restrict the ability of provincial and municipal governments to support domestic firms employing Canadian workers when they procure goods and services. In return, Canadian businesses will receive a limited exemption from Buy American provisions in the US stimulus spending package.

“Mr. Harper calls it a “breakthrough deal”, but we fail to see why. It is widely accepted that Canadian businesses would only have potential access to a very limited amount of funding delivered under only the current U.S. stimulus program. The Americans have not agreed to permanent access of any kind and most of the money has already been spoken for. What kind of deal is that?” said SFL President Larry Hubich.

“We are very concerned that the Harper government and the Wall government have signed away local government’s ability to tailor their hiring and purchasing to local workers and companies. Local procurement policies can be a powerful tool for ensuring that taxpayer money is spent in ways that aid local job creation and support Saskatchewan companies. Why would we sign away our ability to build a stable and strong Saskatchewan economy?” added Hubich.

“As we often see with these kind of quick and dirty trade deals, they take place with no public oversight or legislative scrutiny. Neither the Harper nor the Wall government consulted citizens before making this deal, yet citizens and local businesses will be the ones to suffer when contracts go to giant American corporations,” said Gary Schoenfeldt, chair of the SFL Trade Committee.

“Saskatchewan and Canada have permanently opened up our local markets to the Americans, likely in preparation for a trade deal with the European Union as well, and in return the Americans have agreed to throw a few crumbs our way. Who benefits from this deal? It looks like the multinational corporations are the big winners, who can afford to come into local communities and undercut local mom and pop operations. Who loses? Regular taxpayers and wage-earners, local businesses, and democracy,” added Schoenfeldt.

“The Saskatchewan economy was built around three pillars: a thriving cooperative sector, private sector innovation, and a strong public sector including our Crown Corporations. This balanced approach to the economy works for a province like ours, and has helped us weather the latest economic storm. The provincial government should strengthen these pillars, rather than taking important instruments for a stable economy out of the hands of local governments,” said Hubich.

The SFL represents 95,000 unionized workers from 37 affiliated unions in Saskatchewan.

Download a pdf version of the news release here.