Where do Canada’s soaring corporate profits go? Not ‘back into the country’ ⋆ The Breach
breachmedia.ca
Loblaw and other corporate giants are investing less of their profits than ever before, putting the lie to the ‘trickle down’ promise of neoliberalism

Loblaw chairman Galen Weston Jr, the creaseless face of inherited Canadian wealth, smiled serenely at parliamentarians as he explained why, when it came to rising food prices, his company was blameless.

Speaking to an agri-food committee in the spring of 2023, he told them that Loblaw’s profit “goes back into the country.”

While Weston didn’t back up his claims with any numbers, nor did his critics have any with which to dispute him.

Now we do.

Two new reports, one by Canadians for Tax Fairness and the other by CLC economist D.T. Cochrane, reveal that Loblaw—and many of Canada’s major corporations—are primarily using their profits to enrich their already wealthy owners, instead of using them to the benefit of Canadians.

  • Untitled4774
    6·
    5 months ago

    I’m not all that shocked. All the Loblaws corp and Galen has is empty platitudes with the hope of making more money.

    The vacuum is on and if they’re not maxing out their returns from farmers and the general public their board is calling for someone’s head. They have no mercy.

    They are a cancer on this society and I wish the boycott went on forever and actually put them out of business to show we don’t fuck around but the public at large are lazy and passive.

    • christopher@lemmy.ca
      4·
      5 months ago

      I wish I had got a Co-op membership sooner. I stopped shopping at Loblaw last month. Much better service at my Co-op.