In this year’s federal budget, the government earmarked $80 billion in corporate handouts to select industries.
Back in June 2009, the federal and Ontario governments decided to use massive amounts of taxpayer cash to rescue General Motors and Chrysler, two corporations deemed too big to fail. The cost to Canadians was US$13.7 billion: $10.8 billion to GM and $2.9 billion to Chrysler.
The taxpayer bailout was part of the court-supervised restructuring process for the two companies, egged on by the Obama administration. Behind the scenes, the White House made clear that any restructured versions of the companies might leave Canada if taxpayers in this country did not ante up.