The Stel Salaried Pensioners Organization wishes to thank The Hamilton Spectator for permission to post the following article published in the May 3, 2004 edition
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May. 3, 2004. 12:27 AM |
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Help for Stelco ... what kind and
when? |
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By Sharon Smith, Hamilton |
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RE: 'Liberals promise Stelco bailout; Neighbour Dofasco posts $54.6 million profit in first quarter' (April 29). Premier Dalton McGuinty should get his facts straight and quit wasting our time blaming everything that is wrong in the world on a government that has not been in power since 1995. His constant whining and vague promises are not what I consider leadership qualities. The NDP formed the government under Bob Rae in 1990 during the worst recession this province had seen. Bankruptcies were at an all-time high and jobs were disappearing rapidly. If social safety nets such as unemployment insurance and welfare were not in place, I believe this time period would have been called a depression. The recession dragged on longer than anyone thought it would and in 1992 the automotive sector (specifically General Motors and its workers) wanted government to let them opt out of topping up their pension funds. If the government did not do this, they would have to shut down some of their operations and put more people out of work. As their pension fund was not in a problem situation, it seemed like a reasonable request, given the times. Section 5.1 was added to the regulations of the Ontario Pension Benefits Act in 1992, anticipating that it would be repealed at the end of the recession. Still the North American recession dragged on and no one could deliver the magic bullet to end it. When we came out of the recession the government had changed, and the Conservatives had no interest in repealing Section 5.1. Stelco did not apply for Section 5.1 until 1996 and the Conservatives allowed them to elect not to top up their pension fund. This section was closed in 2001, but the Conservative government grandfathered Stelco in. Now, in the midst of a byelection in Hamilton East, the Liberals promise to help Stelco but they don't have a clue what they "will do -- or when they'll deliver." At least the NDP did the right thing at the right time. |