Subsidy-dependent industries will die off. But the trade-off will be a welcoming business culture that attracts competitive, sustainable businesses that are interested in making money the old-fashioned way: by actually earning it
Corporate welfare and the gullible governments who pay it
Last week, Prime Minister Justin Trudeau and Ontario Premier Kathleen Wynne visited a Toyota plant to announce they were contributing $220 million towards a $1.4 billion investment by the company to create some 450 jobs (which works out to an eye-popping $488,888 subsidy per job.)
The justification for such gifts is familiar: taxpayers 'need' to provide these kinds of 'incentives' for Toyota, lest it take its plant and jobs elsewhere. We're supposed to believe that Toyota--which five days later announced a record global profit of $29 billion--was prepared to abandon a Canadian plant in which it had already invested billions of its own money, and was readying to put in a billion more, unless our pliable politicians ponied up the pork.