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Campaign for Nuclear Phaseout
Media Release
Wednesday, March 6, 1996
NUCLEAR SUBSIDIES ACCOUNT FOR $33 BILLION OF CANADA'S NATIONAL DEBT
Ottawa -- Recent economic research by the Campaign for Nuclear Phaseout (CNP) establishes that federal subsidies to Atomic Energy of Canada Limited (AECL) are responsible for approximately $33 billion (1995 $) of Canada's current national debt.
If subsidies to AECL had been withheld, decreasing the annual deficit year after year, Canada would today owe $33 billion lessthan it actually does. The CNP has published "Nuclear Sunset", a report co-authored by economist David Argue and researcher David Martin, which confirms that direct federal subsidies to the nuclear industry have totalled thirteen billion dollars. The new calculations go further, however, relating these historic subsidies directly to Canada's accumulated obligations according to established economic and accounting practices.
David Argue, the economist who carried out the calculations, stated: "Ottawa's decision to subsidize AECL each year for the last forty-two years has added significantly to our national debt, to an extent not previously appreciated by policy-makers."
Gordon Edwards, president of the Canadian Coalition for Nuclear Responsibility, said: "It's time for Ottawa to stop pouring our tax dollars into this black hole called the Canadian nuclear industry."
David Martin, researcher with Nuclear Awareness Project and co-author of the "Nuclear Sunset" study, said: "Canada's economy would be much better off today if the government had simply used the AECL subsidies to pay down the debt. But it's never too late to staunch the hemorrhaging."
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Available from CNP:
Tables: AECL Subsidies and Canada's National Debt "Nuclear Sunset", by D. Martin & D. Argue
For More Information:
Campaign for Nuclear Phaseout (613) 789-3634
Nuclear Awareness Project (905) 852-0571
Sierra Club of Canada (613) 241-4611
Canadian Coalition for Nuclear Responsibility (514) 489-5118