The federal government released its 2016 budget on March 22, which it calls Growing the Middle Class. The March 26 issue of TML Weekly features part one of a series “Looking at the Budget,” which points out that the “aim of the Liberal budget is found in the details.” Part one, “A Budget in Opposition to Nation-Building” notes that one of the concerns of the rich today is how to protect their social wealth and their class privilege and control, when the rate of profit is under attack and they are lacking safe places for investment. “One answer is through state-organized pay the rich schemes. The Trudeau budget is full of such schemes that can be discussed one after another.”
One such scheme highlighted is to pay the rich through state borrowing from the international financial oligarchy. This is evident in the government’s method of financing the budget deficit, namely by “borrowing from private owners of social wealth adding to the national debt held mostly by the international financial oligarchy.” The projected accumulated federal deficit from now until fiscal year 2020-21 is $118.6 billion. During the same period, the payment of public funds to service the interest charges on the federal debt is calculated as $175.5 billion. This is coupled with more or less stagnant social spending, and no measures to strengthen manufacturing, especially under public enterprise. Part two will look at another such scheme to pay the rich, the Liberals’ infrastructure spending promises. Click here to read part one, and subscribe to receive TML Weekly by e-mail.