It was nice to see both Ben and Elaine at the meeting tonight covering this important issue. There was a lot of people that are in opposition of this tax tonight and it look like there is some momentum but who knows how this will work out.



Regards Brian Skakun

I suspect that this petition has the momentum to get enough signatures to force it to a referendum, or legislation.

The Liberals made a serious political mistake when they tried to slip this one past BC Voters. They have created a big problem for themselves, and I dont see how they can now get around it.

The real message here at the end of the day is that people are sick and tired of tax increases. This means ANY tax increases, Municipal, Regional, Provincial, or Federal. The time has come to excercise some fiscal responsibility.

Brian and his collegues at City Hall could take the initiative on taxes, and stop the increases. We dont want excuses, we want results.

Some good starting places would be the Performing Arts Centre, the **State of the Art** Police Station. And the Community Energy System, that no one in Prince George wants, except some Politicians, and contractors.

We need a significant roll back in spending at City Hall. This would call for some tough decisions, I somehow dont think that the present Councillors and Mayor have the wherewithal to do whats required, however I am prepared to cut them some more slack and wait and see.

Good post Palopu

hydro increase, carbon tax increase, hst...palopu is bang on. We are fed up with this crap. Both the HST and carbon tax were brought in after an election in which neither was mentioned and even denied. They have no mandate for either.
They need a message shoved down their throats that this is complete BS and must be stopped now.

Thanks for your support Brian Skakun. This is one of many taxes we don't need. We are being taxed to death, does any POLITICIAN realize that? We have a 70 year old farmer talking to his friends, about how he wants to do Stephen Harper and the premier of a Province, I believe it is Manitoba. He is arrested and charged, because this Government continues to line their own pockets, and steal from you and me!

If I was ever to be diagnosed with terminal cancer, most POLITICIANS should be very concerned about my actions! Go ahead and charge me for saying what I think in a FREE DEMOCRACY!

What a bunch of A....holes we have running this $#!+ wagon.

Social media return power to the people

The truth is, for most of human history, the real elite – the aristocrats, the Church, the dictators, the tribal chiefs – held on to power because most of their followers were illiterate. That, and also because there were no mass media to rile up the masses.

It's no coincidence that, as many historians have observed, democratic revolutions were concurrent with the invention and spread of the printing press. That gave way to pamphlets and newspapers as well as the books that were published during the Age of Reason.

The turn of the 20th century was the golden age of newspapering when, unlike in today's media- concentrated world, all sort of points of view were represented in the dailies hawked in the streets.

Opinion flourished. Voter turnout, aided by women's suffrage, soared.

Then came the broadcast media, so-called because they reached millions at once in a one-way stream of information, entertainment and advertising.

By the time the Baby Boom's babies were born, audiences were fragmented by cable and apparent choice, while the corporate media aimed lower and lower with their programming in order to get higher ratings and revenues.

As the late cultural critic Neil Postman predicted in his landmark book, Amusing Ourselves to Death, we raised generations of passive consumers on infotainment. Politics turned into blood sport programming, with little coverage of what really mattered.

And so here we are, with millions of our youth cynical and uninterested, and with a minority government treating citizens with contempt.

Except for one thing: social media. Whereas we were once isolated in our living rooms in front of the unblinking eye of authority, we are now connected via Facebook and Twitter. There we are galvanizing the apathetic and getting organized.

The paradigm has shifted – and it's moving at 3G-speed.

Power will return to the people.

It's going to be a very interesting year.

http://www.thestar.com/living/article/749852--social-media-return-power-to-the-people

The fact remains that politics in Canada is about partisanship before elections, whether it be promises or criticisms, as well as after elections too is the problem. But politicians are supposed to represent all of the citizen in society once elected as jurists of the highest order in society.

Political parties enforce partisanship in the legislature as well as on the campaign trail. Political parties are accountable to special interests and not necessarily voters as a whole, they are driven by special interest issues that allow them to segment society into us-verse-them arguments to further the special interest agenda's.

Elected officials have a duty to the constitution and all the people in their riding's... more so than the political parties they run under. The politician should be independent jurists of their own ethic that represents as best they can the ideals they ran their campaign on, while taking into consideration particular circumstances that influence the need for an open mind at times. They should not be running on a circular argument designed to ossificate their agenda and get them in power where they will implement hidden agenda's. For an elected official to allow ideology to trump the democratic process is to undermine the institution of the people that they are tasked with representing and it is a major default of fiduciary duty on their part.

To make it regular politics to get elected on saying one thing (eg privatizations and taxes), and then carrying out a hidden agenda once elected... this should be considered a crime against the democratic process and should be censured by all regardless of ideology.

Its a complete violation of the process of ideas that should govern the democratic process that enables legislation where voters are not being informed of what kind of mandate they are being asked to endorse. The us-verse-them elections where party platforms mean nothing has to be stopped in its tracks before it goes any further. Its akin to date raping of the political system and society should treat it like that for that is what it is to our society. We are all threatened by this kind of back door power brokering in the shadows of party officials and money pushers. What is to stop this kind of politics from taking from you... in rights and wealth... when a political ideology you don't agree with seizes power through fraudulent electoral intentions only to mock the process as the BC liberals have?

Who in BC voted to give a mandate to any political party to remove BC's sovereign ability and right to determine our own provincial tax code? I would argue if they ran on that they would no longer be an officially recognized party in this province. Who voted to give the corporations a tax cut that would be made up for by a tax increase to the middle class wage earners? I would argue if they ran on that they would no longer be an officially recognized party in this province. Why do the BC liberals seem intent on restricting the sovereign ability of future BC governments to determine BC's tax code?

What is going on is wrong on many levels whether you support the BC liberals, or the ndp, or you're an independent. The facts are what is happening now with the HST process in government is geared to make democratic choice meaningless, and hidden power the true sovereign in BC. No one is safe from a hidden power regardless of political party... if hidden power can continue to act in this fashion disregarding the democratic process of informed voters making informed decisions.

AIMHO
I would ask all to stand up for democracy regardless of your political persuasion... our MLA's and MP's won't so its up to the people to hold them to account by supporting this petition in the name of democratic accountability, the constitution, and all that secures our rights as citizens.

A good start for everyone would be...

To check your voter registration...
http://www.elections.bc.ca/
takes 5-minutes of your time.

To make a small donation to help if you can't volunteer time...
http://fighthst.com/donation/
You will notice on the donation link it also has links to all the MP's and MLA's, so probably a good time to make the convenient use of their contact information to let them know that you support democracy even if they do not.... :)

former Premier Bill Vanderzalm was preaching his anti-hst message to the converted.

Im rather offended by this statement as I dont think he was "preaching" he was giving us the facts plain and simple.

He does have a slight accent which make a down to earth type of person and not the high roller type of sales talk you might get from a member of the Liberal government.
Cheers

Oh and I forgot it was nice to see you there Pal.
Cheers

I agree with Pal. Enough tax already. Not one more cent. Our freedoms are continually being eroded, our incomes are either being frozen, reduced or devalued because inflation & taxes. And our buying power is being reduced every year. Can't every one see it for what it is?

Well, unless maybe you are on the receiving end of some government handout, benefit or perk that someone else is paying for.

These leaders are the driving force behind an underground economy. If you have ever had an experience with Canada Revenue Agency, EI,a GST issue or some other level of government watchdog, you will understand the challenges. They are not there to help you or serve you. They are in place to control you, restrict you, regulate you and then tax the hell of what ever they can get their hands on.

My MSP premiums went up 6.25%, my city utilities up 7%. My property taxes are increasing. Oh, did I mention my income was down 30% last year. Not all businesses are going to benefit from this. In fact, many if not most small businesses will benefit very little.

The HST supporters are great at telling us about the handful of things that are exempt. Why don't they list all of the stuff that will be taxed that isn't now. Like Funerals, your investments, parking, dry cleaning, school supplies, telephone, internet, natural gas, movies, magazines/newspapers, bus fares, coffee shops,vehicle repairs & maintenance, bicycles, safety equipment like helmets, life jackets, smoke detectors, fire extinguishers and on and on. I've only touched on a few of the basic things. There is much more and everyone needs to determine how much more this is going to affect their pocket book. Then make an informed decision

Methinks that when this HST is foisted on us (which it will) I will say in August, "I told ya so." But as an aside I'd hate to be a merchant in Dawson Creek or any other "border town" by Alberta. The BC government gonna install border crossings so they can tax cheap imports from Alta such as appliances, big screen TVs and such? That's assuming that people will have this kind of money after July 1. One more thing, lottery ticket sales, liquor sales, tobacco sales, casino attendance will NOT be down after the HST. Nothing changes. Banks make their billions in profit, politicians get their great pensions and taxpayers keep getting it in the neck. Will chat again about this in July/August.

"The BC government gonna install border crossings so they can tax cheap imports from Alta such as appliances, big screen TVs and such"

Those things already attract PST and GST Harbinger, so going to HST won't make a difference in those regards. This is already an issue in cities close to the Alberta border.

PST in Alberta? Since when? News to me.

I'm really curious about something here.

Everyone seems so willing and eager to attack governments, government workers (even though those workers will get hurt by HST just like everyone else), tax rates, etc., yet hardly anybody seems to be willing to attack the LARGE corporations who are the main advocates and benefactors for shifting THEIR tax burden (whether it's income tax, consumption tax or property tax) onto US . . .

Wonder why that is? Are you still convinced that big business is looking out for you? Still convinced that economic theory stating that low corporate taxes will ultimately drive the economy and create more jobs is sound? Still convinced that an increase in the bottomline results of big business will be passed onto you? Are you seeing positive results from those policies?

Perhaps people need to step back and take a look at who is REALLY benefitting from what's going on and think of ways to start to change things. Here's a hint, it probably won't start to change until we start electing politicians who listen to us AND who put real people ahead of legal entities.

And for the record, no, I'm not a member of the NDP nor do I plan on being one.

I remember not too long ago when Bill Vanderzalm was the most hated guy in the province.

You are being taxed to make up for corporate taxation welfare. Neo-cons primary goal is to shift the burdon of government income from corporations and shove it onto individuals. Tired of being taxed to death? Try voting for someone else who puts human need above corporate greed. Once again the economy is here to support society. Society is not here to support the economy. Billions of needed government income has been shoveled off the truck into the hands of the corporations. Government budgets must shrink to reflect the loss of needed corporate taxation or individual taxation must be increased to fill the void. We are being enslaved to support the wealthy. And it will be ten times worse as our children must pay the cost for today's neo-cons greed.

Good post Realist. Exactly what this is,
a further burden on the non-corporate tax
payer. Does anyone really think that large
corporations will re-invest their savings
by hiring more workers? If there is one thing they learn from recessions it is
that they can run lean & mean. I'm not
anti-Liberal & I realise that we need a solid tax base to pay for our society's
life style, but the out & out deception
plus a further shift of tax responsibilities really has me questioning my vote in the last election.

It's very difficult to effectively tax a corporation, or any other form of business, since all businesses have to fully recover the cost of their taxation from those to whom they sell their goods and services, or they'll be out of business. So levying more taxes on corporations will only result in higher prices to those who'll ultimately pay those taxes ~ which is all of us, as Consumers.

Mr. PG wrote:-"I remember not too long ago when Bill Vanderzalm was the most hated guy in the province."
-----------------------------------------
Seems to go with the job of being Premier. You might remember the Tee-shirts that circulated widely in the Vander Zalm era, showing a caricature of Bill with wooden shoes standing with one finger stuck in a hole in a cracking dyke that was crumbling all around him as the waves were cresting over it, and the caption that read, "You can always tell a Dutchman, but you can't tell him much!"

That's probably the only place Campbell ever bested him. "Book him, Dan-O !" Tee-shirts were WAY more popular!

NMG wrote:-"Perhaps people need to step back and take a look at who is REALLY benefitting from what's going on and think of ways to start to change things. Here's a hint, it probably won't start to change until we start electing politicians who listen to us AND who put real people ahead of legal entities."
-----------------------------------------
The sad fact of the matter is that there REALLY is NO ONE who is benefitting from what's going on, nor can there be. Ultimately we all lose, and more than just the 'money' that's ever increasingly removed from us in pernicious taxation. For our very "freedom" ~ our ability "to choose or refuse one thing at a time", is also being filched away from us.

The present financial system tends to concentrate power into the hands of those who control the money.

Which are clearly NOT large "corporations" that produce or deliver actual goods and services to the public, but rather much more limited and specialised corporations that provide financial services, and are generally known as "Banks." Through their present ability to deny the means of re-payment of the 'money' they have already created and loaned, they are able to claim ownership of that which is not theirs to own.

It is a self-defeating process for them, however, (and us), for though the Banks have this "monopoly of credit", and exercise it in ways THEY believe will be to THEIR primary benefit, this will ultimately prove to be far from the case.

What's even sadder is that the means to the correction of this anomaly have been known for nearly ninety years ~ and they are means that would enable the economy to truly serve ALL three sectors within it ~ Firms, Consumers, and Banks ~ much better than what can ever be the case at present.

It COULD start to change if enough people get behind the upcoming Petition and send a very clear message to those we have elected that this type of taxation has reached its limit. That's the FIRST step ~ getting the attention of those who think we're collectively too inattentive to "mind OUR own business".

your all a bunch of hopeless dreamers, The HST is coming.

We all want the government to do this or that for us, but little do most of us realize, its just telling them to spend more money. Where does the money come from?
You guessed it...TAX.

"It's very difficult to effectively tax a corporation, or any other form of business, since all businesses have to fully recover the cost of their taxation from those to whom they sell their goods and services, or they'll be out of business. So levying more taxes on corporations will only result in higher prices to those who'll ultimately pay those taxes ~ which is all of us, as Consumers"

So is the opposite true as well? If taxes fall, will prices also fall? Isn't that what the government is telling us will happen with HST? What about the fact that corporate tax rates have been in decline for years and years already? Are we seeing lower prices as a result? Ar the savings being passed onto workers in the form of higher wages? Are we seeing that money used for capital investments? Are the savings even staying in Canada?

I have my own theory. I believe if we raise corporate taxes nothing much of significance will really happen, except of course that the government will have more money coming into the coffers for programs and services. Canfor, the CIBC, Husky Oil, Bombardier, Bell Global Media and other firms like that won't go anywhere.

Tax rates can be increased for large firms and they'll still have loads of dough left ever to pay out dividends, invest in new equipment, etc. They paid higher rates in years past and managed to do just fine, so why wouldn't they now? What has changed? Absolutely nothing has changed except for the constant barrage of press that we "have" to lower tax rates for corporations, otherwise they'll close down, taking their jobs and investment to China (even though their customers and markets are in Canada), thus leaving us to eat rats in the street as our entire society colapses.

It's a load of bunk. There is absolutely no reason that the corporate tax rates from even 2000 couldn't be re-instated as a short-term measure to help us get our deficits under control. The same could be done for individuals in the highest tax brackets. This would be a far more just approach that hitting every single person (except corporations . . . funny eh?) with increased taxes via HST.

Every single day another economist comes out who expresses doubt about out ability to get out of deficit by simple cost cutting alone. At some point we need to also work on the revenue side of the equation and you can generally only get that money from people who have it. It sucks, but that means high income individuals and big corps. Not popular I know :)

Hopeless dreamers? I think more hopeful
dreamers. Hopeful that our elected officials will start to listen to the people that voted them into power.
Hopeful that the balance of power will shift to the electorate not the elected.
Hopeful that maybe Victoria will wake up
& realise how fed up we are with lies & deception. Hopeful that someday we will have a system where a politician actually
fears for his/her job & pension. Hopeful
that the average citizen doesn't just throw
their hands in the air & say "Oh well, what
are you gonna do. It's the Government."
I think most people do realise that our services come from taxes. The problem with the HST is the way we were lied to, who
it will benefit & who it will hurt.

it's democracy. The people of BC VOTED FOR a Liberal government AND they VOTED for the Conservative Government in OTTAWA as their representatives. . Mr. Harris and Mr. Hill are part of the federal government which wanted the HST, the fedral government also gave money to the bC government to make the HST a reality.

So everyone got what they wanted, Mr. Hill and mr harris got reelected, mr. campbell got his tax increase.

it's kind of ironic that mr. campbell, bell, etc are taking the heat but the members of the government that set the plan in motion are getting a free ride, campbell will pay the political price for implementing the HST but those that set it up will get re elected and sent back to Ottawa to represent you all over again.

people generally get the type of government they deserve

What's really ironic is that I'll bet that 75% of the people on this site don't even vote.

NMG wrote:-"So is the opposite true as well? If taxes fall, will prices also fall? Isn't that what the government is telling us will happen with HST? What about the fact that corporate tax rates have been in decline for years and years already? Are we seeing lower prices as a result? Ar the savings being passed onto workers in the form of higher wages? Are we seeing that money used for capital investments? Are the savings even staying in Canada?"
-----------------------------------------
Socredible answers:- What is important to the government is NOT whether 'prices' will fall TO US, NMG, but whether they can be reduced on our 'exports'.

And they likely will be able to be, to a degree, through the HST. Since right now the BC 7% Sales Tax is charged on new Capital equipment and most operating expenses, and the cost of that tax has to be recovered by the exporting business in its export product prices. Or it's no longer in business.

And, unlike the GST and HST, The current BC Sales Tax is money that just goes one way ~ to the government. The business can not get it back as an "Input Tax Credit". It has to be recovered in the price it gets for its goods.

This, of course, means that foreigners receiving our exports are actually paying the BC Sales Tax at present. Which, I think, is as it should be. It's charged into the price of those exports, same as all the other "costs of production" incurred by the exporter are. The BC Sales Tax is a part of the Capital costs that have to be recovered from Sales by that corporation.

Mr. Campbell and his Federal counterpart want to give foreigners a tax break, because that's what the HST, in effect, will do.

The loss of revenue that is now collected from exporting corporations (who, along with the big Banks, provide most of those all important campaign contributions to Campbell & Co.), will instead be collected from me, and thee, and everyone else in BC who buys anything taxable here.

We are NOT seeing lower prices here as a result of previous Corporate tax cuts, because the cuts currently HAVE TO BE used to increase the 'rate of profit' for Corporations or they will be unable to access further credit from the Banks.

Without which they will also be out of business.

Due to what can generically be called "labour displacement", the overall 'rate of profit' for business in general is FALLING, and has been for generations.

They cannot fully liquidate the overall 'financial' Costs of Production through Sales when Consumer Incomes in total continue to decline in ratio to those Costs of Production over time. And that's what happens as we continue to automate, and outsource, and otherwise "cut costs". Those "costs" we are cutting are, and can only be, CURRENT 'labour costs'. Somebody's "Income".

(We can't cut 'Capital costs', that's money that's already been spent, and can now only be recovered through 'Prices', if it can be. Which, increasingly, due to the above mentioned reasons it can't be.)

There has to be an external source of 'money' ('credit', actually), something beyond those collective Incomes that are continually falling, to keep the whole system functional.

There are currently two sources of that external credit ~ more Loans created by the Banks as debts payable in the future, (which increasingly CAN'T be re-paid, for reasons mentioned above), and sales into other credit areas ~ Exports.

For which international 'credit', NOT alternate imports, are received.

This latter is not sustainable, since no country can perpetually have a favourable trade balance without impoverishing the recipients of its goods, (and eventually eliminating their ability to buy those goods, or at least pay us for them).

So can you see why the HST is so important to the powers that be in their failing attempts to preserve the 'financial' status quo? We can only alter that failing system by making a strong move to stop that tax. It can be altered, nothing 'financial' is carved in stone and unchangeable. Lets make the attempt, legally, while we can. Bring what's been hidden in the shadows for far too long into the full light of day, and subject it to a full examination as to whether or not what we've been doing both 'taxwise' and 'financially' are things that are truly serving our best interests.

socredible wrote, "It's very difficult to effectively tax a corporation, or any other form of business, since all businesses have to fully recover the cost of their taxation from those to whom they sell their goods and services, or they'll be out of business."

So, it's hard to tax the poor corporations because they could pass it on to customers (even if they're earning record profits), or because they could go out of business?

Taxing the ever loving hell out of working class people leads to something else: The elimination of the working class, and a very vibrant underground economy.

Any contractors want to do a job for cash? (wink wink, nudge nudge)

Pojeb, "taxing those record profits", which is about the only kind of Corporate taxation that a Corporation won't *directly* pass on to its customers through prices, will NOT lead to lower taxation for you, and I, and everyone else.

It also begs the question, just which corporations are making "record profits" nowadays? Offhand, I can only think of two. Banks and Oil Companies. And both are oligopolies (monopolies, would be more like it, since the overriding policy of both is definitely 'monopolistic' ~ minimise any competition, and "soak the public" for all they'll bear, and then some ~ but I'll be charitable).

Now it may not have occurred to you, but in order for there to BE 'record profits', in each of these two cases the public has had to be overcharged. WE have already paid the 'prices' that enabled those "record profits".

Will we get any of what we have paid back, when the government removes some of those 'record profits' in taxation? Or will the government hope for renewed "record profits" in the following fiscal period, again money that is coming out of OUR pockets in bloated 'prices', so it can tax them again?

Might it not be a better policy if the government were going to remove some of these "record profits" in taxation to give them back to those who paid the 'money' that enabled them in the first place? US.
For will these taxes lower our deficit, and what will be further removed from us in personal taxation?

Show me one country where this has happened. I can show you a number of instances where it's had just the opposite effect.

Probably the most obvious is Britain. Once the "workshop of the World" where the words "made in England" once appeared on a large number of generally well-made products sold round the globe, What do you see for sale here that's made there now?

The British governments of days past taxed their corporations mercilessly, not only on the 'profits' they made, "record" or not, but on the 'capital' they had invested as well.

And they "soaked the rich", too. Through death duties, when they couldn't wring enough out of them from taxes on their shrinking incomes, (and capital), while they were alive.

Did the British government eliminate its annual deficit as a result? Was its National Debt declining over time? Staying the same? Or was it actually rising, in spite of all that was being taken? I'll leave it to you to find out.

As to your second assertion, that "taxing the living hell out of the working class leads to an underground economy", I couldn't agree more. That's one of the things it most certainly will lead to.

Most of the taxes we pay, whether individually or corporately, are nothing short of legalised robbery.

There should be no doubt that as long as private goods and individual services (labor) are to be acquired on public account these things will have to be paid for through some form of taxation. That is axiomatic.

But there is a great deal of difference in the way 'governments' account for the things that our taxes ultimately are supposed to pay for, and the way they are actually paid for.

For instance, many people often say that the government is just like any other business. That it can't spend more than it takes in, that it has to "balance its Budget". Sadly, they're generally content to leave it at that. Which is only less than half the story.

In the first place, while most well-run businesses also have a "budget", a very useful accounting tool for predicting revenues and expenditures, NO business ever operates solely off its "budget".

It operates primarally off its "Balance Sheet", to which its "Profit and Loss Account" is periodically closed. The Balance Sheet shows an increase, or decrease, in NET WORTH, what the business "owes" its owners ~ their 'equity' in it. Whether it's increasing or decreasing as its Assets =Liabilities + Capital, and these three separate things change relative to one another through time.

Where is the equivalent in 'government' to a corporate Balance Sheet? Where Assets, (what the Province physically possesses are valued in 'money'), Liabities, (what it 'owes' expressed in 'money' ~ claims against these Assets), and Capital (the difference in the two, which represents OUR 'ownership' collectively, again expressed in 'money', in our Province).

There is none. Instead of a Capital Account which would normally be growing as our Assets increase in value and our Liabilities are retired, we have only a Provincial Debt. Which only shows our Liabiliies, never any contra entry for the growth of our Assets the incurring of these Liabilies has enabled, and never a concurrent growth in our Capital as it, too, increases.

Which, in any private business, would enable Dividends to periodically be paid to the "shareholders" ~ all of us, in this case. Rather than increasing taxes being removed from us. We, instead, only see one part of the equation. And the Provincial accounts mis-represent our true financial wealth. We need to change that.

"Might it not be a better policy if the government were going to remove some of these "record profits" in taxation to give them back to those who paid the 'money' that enabled them in the first place"

That would be nice, however, at this point in time I'd just be happy if the government removed some of those profits via increased taxation and used that money to fund the various services that the people in our society rely on and that are constantly under attack because of budget shortfalls.

As a 30 something year old worker, I'm not too concerned about getting a couple of hundred bucks back that I can subsequently blow on DVD's, fly rods or gas for my truck. I am, however, deeply concerned about tax policy that seems to be based on taking more and more from individuals and less and less from corporations.

Given the demographics we are facing, I'm concerned that this policy will not provide governments with the tax revenues they will need to fund future services and programs (I actually think we're already seeing the impact of such policy). To me, the result of such a policy will not only negatively impact the standard of living we have in Canada, over the long-term I think it will even threaten the stability and fabric of our nation.

But they don't do that, NMG. The government doesn't fund the services it provides directly from "taxation". It funds them from "borrowing" ~ primarally of 'money' that didn't exist before the Banks created it for them.

It then uses what comes in in taxes to (try to) repay those borrowings. Only in our modern economies, the way the government keeps its books, this becomes increasingly impossible. For what happens with each borrowing has an effect on 'prices'. So what happens is the government uses our taxes to pay the 'interest' only instead. While it can.

Because, and so long as, the government always has the capacity to tax, this suits the Banks just fine. They are continually 'reaping' where they have, in reality, 'sown' nothing.

How this comes about is due to a fundamental, macro-economic "flaw" in the accounting system we use in every business throughout the whole economy. It is a correctable "flaw". Left uncorrected, it leads to the exponential growth of debt which can never be fully paid 'privately', and has to continually be absorbed 'publicly', or our economy will financially collapse. (Which it eventually will anyways, regardless.)

While it remains uncorrected it exacts a terrible toll upon us for the use of the thing we call 'money'. It can not be corrected through "higher taxes" ~ that only makes the situation worse. For while the government may be decreasing ITS deficit that way, the deficits of the general public will be rising proportionally, if not more so.