Juno News - December 09, 2020


Your family savings isn’t government stimulus money


Episode Stats

Length

6 minutes

Words per Minute

214.54637

Word Count

1,411

Sentence Count

1

Misogynist Sentences

3


Summary


Transcript

00:00:00.000 so i really gotta hand it to christia friedland because she was on her a game this week and often
00:00:10.040 when her or even the prime minister when they're on their a game it's a solid political a game
00:00:14.440 because their frame is very strong they managed to make an issue sound exactly how they want it
00:00:19.080 to sound like and it doesn't matter what the reality is or what the message might even say
00:00:23.260 if you think really deeply about it on the face of it sounds great and so they say it and so this
00:00:28.120 is what happened on bnn this week bending on the government's part to get the economy going what
00:00:32.780 might that look like can you give us any detail um well it's great to be with you amanda and i want
00:00:38.680 to thank you first of all for really zeroing in on the pre-loaded stimulus idea none of us have a
00:00:46.300 crystal ball um but economists uh like ben like doug have been pointing out that some canadian
00:00:55.620 households and it tends to be the better off households do have quite a lot of money that
00:01:02.220 they've saved because there hasn't been that much to do in the pandemic and certainly it would be great
00:01:08.120 if that money could go towards driving our recovery and i want to make an offer now to all of your
00:01:15.160 listeners if people have ideas on how the government can act to help unlock that pre-loaded stimulus
00:01:22.360 i am very very interested she basically talked about canada's recovery and the concerning part
00:01:28.520 was that she talked about canadian savings as pre-loaded stimulus right she said that
00:01:32.960 canadian households you know the better off ones uh which obviously springs to mind words like the
00:01:37.920 haves and the have-nots you know the elites the one percent but the better off households do have
00:01:42.400 quite a lot of money that they saved and certainly would be great if that money could go towards driving
00:01:45.940 our economy all right so you know on the face of it she's right if people now decide to make purchases
00:01:51.900 that they've been putting off because of covid that money will then help drive the economy the
00:01:55.900 businesses will you know get additional profits and maybe be able to bring employees back to work
00:01:59.580 there may be more demand for their services etc etc and so on the face of it that's pretty great but
00:02:05.500 the concerning part is number one how she talked about that the best case scenario is for them to use
00:02:12.900 this pre-loaded stimulus so okay the best case scenario is for people to just start spending
00:02:17.500 what they haven't been spending because of covid sure but what do you mean by best case scenario right
00:02:22.080 what what does that really mean it leaves the door open to what if there's a worst case scenario right
00:02:27.140 the worst case scenario is they're not this is not happening and so the government's going to do
00:02:31.340 something right is that is that what we're saying here right you know people don't necessarily think
00:02:36.140 about that they're just oh yeah no it would be great if people if people started spending yeah
00:02:39.220 that would be great okay but what if they don't though right what if they don't so that that leaves
00:02:44.740 the door open again she didn't imply anything in this particular clip she didn't say anything she
00:02:48.400 talked about you know we need to find ways of unleashing savings and supporting tourism and
00:02:52.440 hospitality services etc that you know it's all generic stuff so i'm not saying she even implied anything
00:02:57.980 i'm saying she left the door open and she's really got to clarify the second part though and
00:03:03.780 possibly even the more the more scary part is referring to things as preloaded stimulus now
00:03:09.200 this speaks directly to something that i think a lot of people forget about government and that's
00:03:13.680 in the fact that government has no way to generate its own revenue they generate its own income aside
00:03:20.500 from taxing you the government is not a business it cannot create wealth out of nowhere the government
00:03:25.040 simply takes wealth from one pocket and puts it into another pocket and so when you talk about
00:03:30.760 canadian savings again this is assuming that this is money and if it is money right liquid cash money
00:03:37.840 that people have worked for so they've already paid their income taxes and whatever other taxes they
00:03:41.980 paid on it right then it may also be stocks or something that is not accessible but that's you
00:03:46.920 know an entirely different point but referring to this as stimulus really reveals the fact that she
00:03:53.940 either you know doesn't care that the government cannot do this or she's just riding roughshod over it
00:03:59.960 because the government has no way to generate its own money so even stimulus that is not coming from
00:04:05.820 this preloaded sector right to the savings it's still going to be someone's money it's going to be
00:04:10.420 taxes it's going to be moved from one place to another right it's almost akin to the prime minister
00:04:15.460 saying that you know the government took on the debt so canadians don't have to but the government
00:04:19.980 is just an amalgam of the collective that it's sort of the service operator that does things that we
00:04:26.480 want it to do the government itself doesn't have any money it doesn't doesn't generate in its own
00:04:30.500 money aside from taking it from from individuals so that's i think the most concerning part of this
00:04:35.180 because referring to canadian savings as preloaded stimulus preloaded stimulus it it on one hand is
00:04:42.260 insulting but it really just reveals that that's what government is and that's i guess either how
00:04:46.480 she views government or you know just the way to understand government but it's going to go over
00:04:51.440 people's head because people tend to forget that government has no way to get its own money aside
00:04:56.060 from taking from one group and giving it to another group and again it's not necessarily bad
00:05:00.200 but if you've already paid taxes on that money you've already you know you put that money in the
00:05:04.720 bank you know if we're going to start raiding people's piggy banks it doesn't create a lot of
00:05:08.580 confidence in the economy that is actually one of the most important drivers for economic recovery
00:05:13.220 having a stable system where you know that laws are not going to change right people want to invest
00:05:17.900 in a country that is free of corruption that they know that there is not going to be suddenly
00:05:21.740 laws change there's not going to be any weird you know legal political wrangling on their head
00:05:26.860 suddenly that they can forecast 5 10 20 years down the road that's what drives economic recovery
00:05:31.520 not telling people that well we hope in best case scenario you spend your money so you know good on
00:05:38.100 her strong message especially it'll play to her political base um i think people need to keep in
00:05:44.380 mind a couple of these things like i said the fact that government has no way to generate its own
00:05:48.080 money it simply redistributes wealth and then that's not necessarily a negative thing but we
00:05:52.040 just need to be cognizant of that fact and uh look you know we uh we need to make sure that uh we're
00:05:57.620 paying attention to what she's saying and we're not just caught up by some of the buzzwords or the
00:06:01.740 face value stuff uh you know these are people that run the country we hope that they would run it well
00:06:06.280 right we don't we don't always have faith in all the people that run a country doesn't even matter
00:06:09.660 what party they're from but we hope that they would run it well because it's ultimately for the benefit
00:06:13.000 of all canadians and uh you know that's what that's what i'm here for right that's what i'm here
00:06:17.580 to bring that awareness and talk about these issues for the benefit of all canadians and so
00:06:22.340 in that spirit for true north i am sam ashkenazi thank you so so much for watching don't forget to
00:06:27.440 like and subscribe and also hit that notification bell so you can always stay on top of the latest
00:06:31.340 videos from true north so thank you so so much for watching have yourselves a good one