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Paul (and now John) borrowing to appear to have paid. |
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| Niagara Falls, Ontario - Thursday, October 17, 2002 - by: Joe Hueglin | ||||||||||
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Re :Federal surplus for 2001-2002 totalled $8.9 billion,went to pay down debt |
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surplus |
Federal Government claims of an $8.9 billion surplus for 2001-2002 and $46.7 billion | |||||||||
| national debt retirement since 1996-1997 are arrived at only by ignoring "borrowings" | ||||||||||
| from the EMPLOYMENT INSURANCE ACCOUNT. | ||||||||||
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excess |
Paul Martin's, and now John Manley's surpluses in largest measure have come | |||||||||
| directly from employees and employers paying excessive Employment Insurance | ||||||||||
| Premiums. This past year $2.20 rather than the $1.57 per hundred 1necessary to meet | ||||||||||
| benefit payouts added over $4 billion 2 to the $40,101 surplus 3 already on the books. | ||||||||||
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I.O.U |
"On the books" because while those paying premiums every week are generally | |||||||||
| unaware there is nothing in the EMPLOYMENT INSURANCE ACCOUNT except an I.O.U.. | ||||||||||
| The over $40 billion in excess premiums they have paid have been spent. | ||||||||||
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source |
Rather than headlines trumpeting the Federal Government's spin of fiscal successes | |||||||||
| over the last six years the public would be better served by journalists informing them | ||||||||||
| from where Paul, and now John's "surplus" revenue came. | ||||||||||
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| References: | ||||||||||
http://www.hrdc-drhc.gc.ca/ae-ei/loi-law/pr2002_e.pdf |
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| 2001 CUMULATIVE SURPLUS 40,101 | ||||||||||
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