Politicians Are Using EI To Rob Workers, Not Help Them:

Robbing Workers for Fun and Profit

Employers and employees continue to pay into EI, but due to the major restrictions on eligibility, the EI fund has pulled in massive surpluses for decades. From 1989 to 1999 alone, worker and employer contributions to EI’s account generated a surplus in today’s dollars of more than 67 billion. For perspective, Canada’s student loans are worth about $28 billion, and the recent CERB program cost an estimated $71 billion.

The EI surplus intended for the unemployed has been raided by Liberal and Conservative governments alike. Prime Minister Paul Martin used the fund’s surpluses to pay off the deficit, meaning banks and bond-holders received worker-generated funds intended to support the unemployed. In 2010, the Stephen Harper government folded a $57 billion balance into the government’s general revenues. Harper also continued, as Martin did, to use EI funds to balance the budget.

Politicians Are Using EI To Rob Workers, Not Help Them: Robbing Workers for Fun and ProfitEmployers and employees continue to pay into EI, but due to the major restrictions on eligibility, the EI fund has pulled in massive surpluses for decades. From 1989 to 1999 alone, worker and employer contributions to EI’s account generated a surplus in today’s dollars of more than 67 billion. For perspective, Canada’s student loans are worth about $28 billion, and the recent CERB program cost an estimated $71 billion. The EI surplus intended for the unemployed has been raided by Liberal and Conservative governments alike. Prime Minister Paul Martin used the fund’s surpluses to pay off the deficit, meaning banks and bond-holders received worker-generated funds intended to support the unemployed. In 2010, the Stephen Harper government folded a $57 billion balance into the government’s general revenues. Harper also continued, as Martin did, to use EI funds to balance the budget.Read More