CTF Condemns Corporate Welfare for Pratt & Whitney
OTTAWA, ON: The Canadian Taxpayers Federation (CTF) today expressed severe disappointment at the federal government’s announcement to provide Pratt & Whitney Canada with a $300 million dollar “loan.”
“We’ve seen this movie before, and the ending is always the same: taxpayers pay through the nose and a profitable private company is laughing all the way to the bank,” said CTF Federal Director Aaron Wudrick. “Pratt & Whitney is one of the most egregious corporate offenders, milking billions from Canadian taxpayers since the 1960s.”
Pratt & Whitney Canada’s corporate parent had an operating profit of $1.9 billion in 2013. The company employs 6,000 people in Canada, down from 7,500 in 1997.
“Why does a highly profitable international corporation require $300 million in loans from the Canadian government? Pratt & Whitney Canada has received so much money, so often, it is actually difficult to track precisely how much they’ve been into the trough for,” continued Wudrick. “The federal government insists they have repaid or on schedule to repay all their loans – but can’t give us a clear picture of what was repaid or when, can’t tell us how many jobs have been lost or created, and can’t explain why Pratt & Whitney deserves special treatment