Shadow Minister of Finance Pierre Poilievre published a video on Twitter today that goes over four major reasons why Justin Trudeau's Large Employer Emergency Financing Facility (LEEFF) bailouts to large corporations could be harmful to regular Canadians.
In the video, Poilievre says that it's the duty of the official Opposition to ensure that the sitting government serve Canadians, and that while large corporations are indeed hurting, the measures announced today by Trudeau could come back to harm Canadians down the road.
Below are the four reasons the government got today's announcement wrong, in Poilievre's view.
1. The rich could getting richer from it
"The proposal does not ban executives from paying themselves bonuses or paying dividents, or share buybacks to their shareholders," explains Poilievre. "These corporations could use your money to bolster the profits and payouts to wealthy shareholders instead of to protect our workers, and jobs."
2. Job losses could still run rampant
"There are no guarantees that jobs will be maintained. In other words corporations get to stuff money in their pockets, and lay off workers at the same time," said Poilievre. "I thought the whole purpose of the bailout was to save jobs, even so, why is there no guarantee in this policy?"
3. The announcement ignores Canada's dying oil industry
"After blocking pipelines for over four years, the Trudeau government has nearly killed our energy sector. There's nothing in today's announcement that would reverse or even mitigate that damage," said Poilievre.
Additionally, Trudeau's announcement today made clear that oil and gas companies would be expected to put forward a frame that shows their commitments to reducing emissions and fighting climate change to be eligible for the LEEFF. Companies which avail themselves to the LEEFF subsidies will need to make a commitment to the fight against climate change.
"We have seen many oil and gas companies make commitments already around net-zero by 2050, around understanding that we need to do better in terms of reducing emissions both as a country and as a sector. That's why we're expecting them to put forward a frame within which they will demonstrate their commitments to reducing emissions and fighting climate change," said Trudeau of the funding.
4. Political bias in funding
"The money will be handed out by politicians who make the final decision on who gets what," explained the Carlton MP. "We don't want any politically motivated slush funds to help friends of the government. We don't want it to go to the company that has the best lobbyists."