- CTF Congratulates Alliance Leader, Criticizes Other Party Leaders for Cowardice -

OTTAWA: The Canadian Taxpayers Federation (CTF) today released the results of the challenge it issued to the leaders of all major national political parties (Liberal, Canadian Alliance, the NDP, and PCs) last Wednesday to sign the CTF's "No More Corporate Welfare" pledge. The CTF's pledge was faxed to all national campaigns and tours last Wednesday.

"When the deadline passed on Friday afternoon at our office, only Canadian Alliance leader Stockwell Day had the courage and principle to commit to ending corporate welfare," said CTF federal director Walter Robinson. "While we didn't really expect Jean Chretien to renounce his love of vote-buying patronage politics, we did have higher hopes for the other party leaders. Sadly they disappointed us. Especially Ms. McDonough, who -in refusing to sign our pledge - has dishonoured the legacy of former NDP Leader David Lewis whose work, has inspired us in our quest to end corporate welfare. Clearly this is a case of collective political cowardice."

Mr. Robinson also clarified that the corporate welfare pledge would apply to programs such as the business subsidy portions of the regional development agencies and Industry Canada programs such as Technology Partnerships Canada. Current farm support initiatives and natural disaster relief payments do not fall under the CTF's definition of corporate welfare.

The CTF also asked voters to remember the government's dismal record on business subsides including:

• $5.6 billion from Industry Canada (distributed between 1982 and 1998) in subsidies and loans to 75 of Canada's largest and most profitable corporations; $2.5 billion of this amount was in conditionally and royalty based agreements which yielded a pathetic 4.87% return or $124 million in repayments;
  
  
• The Atlantic Canada Opportunities Agency (ACOA) which has loaned $591 million to businesses over the last 10 years but has already written of 34% of its total loan portfolio;
  
  
• Western Economic Diversification (WED) which has given out $132 million in conditionally repayable contributions in the last 13 years but has only received $4.5 million or 3.4% in actual repayments; and
  
  
• Industry Canada, WED, ACOA and other regional development agencies that have disbursed over $120 million in assistance to golf courses, yacht clubs, chambers of commerce, big unions and nefarious festivals over the past decade alone.

"We applaud Mr. Day for his commitment on the issue of ending corporate welfare," concluded Robinson. "It's too bad the other party leaders have ignored this issue, and in so doing, shown great contempt for Canadian taxpayers."