Jim Flaherty: State of the Economy: Shoes are too big

Can Jim Flaherty really fill the shoes of Finance Minister? He is known to create disasters, not overcome them. Because of the Income Trusts fiasco people who had money in RRSPs and RIFs lost over $30 billion nationwide through stocks tumbling for Income Trusts type of shares.

Now there is a disastrous economic situation globally and Canada is no exception to it despite Harper’s mantra that "the fundamentals of our economy are strong." People have lost half of their portfolios if their stocks were diversified and even more if they were not diversified. It is a financial nightmare for Canadians which they would hope was only a nightmare they would wake up from. That ain't going to happen. Does Flaherty have the know-how to handle it? I have doubts, all the more reason to worry.

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Jim Flaherty – Trust no more

There is a flyer being distributed by the Harper government claiming they have lowered income tax for seniors. Of course, no income no tax. Who are they fooling? Do they think that seniors will forget what was done to Income Trusts? That is an insult. By breaking their promise not to tax income trusts, Jim Flaherty caused havoc in the stock market. Canadian stocks on income trusts lost over $30 billion (yes "billion" with "b") and left many seniors deprived of their nest egg. Can seniors trust Harper, Flaherty and company again? I do not think seniors will forget that.

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Harper government: Let us fool the seniors

It is the season to fool the electorate again. So why not seniors first, as they may forget and forgive soon. The Harper government and Jim Flaherty went back on their promise not to impose income tax on Trust Funds. Flaherty flared and imposed that tax and the Toronto exchange went into a tizzy. Every senior who had money in Income Trusts as a nest-egg suffered serious losses in thousands, if not in tens of thousands, of dollars. Canada as a whole was in the hole for $30 billion plus in stock market losses, not to speak of the regular taxes which the government would have collected from seniors anyway.

So one of the Harper government’s first targets is seniors as they attempt to fool them again. I hope seniors do not forget that and teach the Harper government a lesson for breaking its promise. I believe there is blog dealing with this issue, check out: http://caiti-online.blogspot.com/

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