#03145
The Economy Song (Whitehorse) video
#1846: YouTube video by oldirishladdie
©2011 ~ Used with permission ~

Well, it all started back in the sixties,
When resettlement came around;
They uprooted our familes and split up our friends,
And moved us from our fishing grounds.

Now, the government had all the answers,
No way they could make a mistake;
But look at the blunders they made o'er the years,
Destruction is left in its wake.

Labrador is another example,
By being too quick with the pen;
They signed on the line and gave Churchill away,
Once more we got shafted again.

Now the Offshore Agreement is now settled,
They say that we'll own it for sure;
But I hope that they don't have to give it away,
Like the Churchill in old Labrador.

Now our seal fishery is just about over,
No markets for pelts can be found;
Now the sealers no more will hunt seals in the spring,
More good Newfoundlanders are let down.

Our fishery is in a shamble,
But hope for the better and wish;
But the answer is plain as the nose on your face,
Too many boats, not enough fish.

So I hope that things all will get better,
There's no need to worry or fear;
Ottawa will give us a hand, that's for sure,
Another few hundred million this year.

Now elections is our only answer,
To get the best that we can;
Politicians will promise us all that we need,
And Newfoundland will be prosperous again.

####.... Lindsay Penney ....####
Recorded by Whitehorse (Dangerous Waters, trk#8, 1986 LP, Independent, recorded at Echo Park, St John's, NL), with Percy H Cutler from Ramea: guitar and mandolin; John R Murphy from Logy Bay: accordion and vocals; Joe Critchell from Ramea: electric bass; and Perry Langmead from Pouch Cove: drums.

From Wikipedia;
Churchill - Churchill Falls Generating Station, where the division of profits from the sale of electricity generated at the plant has proven to be a very sensitive political issue in Newfoundland and Labrador, with many considering the share accorded to Hydro-Québec "an immense and unconscionable windfall."

The Government of Newfoundland and Labrador has twice challenged the contract in court, with both challenges failing. Additionally, in 1984 the Supreme Court of Canada ruled that a proposal by Newfoundland to divert water away from the falls was illegal.

According to former [1996-2000] Newfoundland and Labrador Premier Brian Tobin, as Labrador only borders Québec, when an agreement was being negotiated to sell the power generated at Churchill Falls, the power either had to be sold to an entity within Québec or it had to pass through Québec. The government of Québec refused to allow power to be transferred through Québec and would only accept a contract in which the power was sold to Québec. Because of this monopsony, or situation in which demand comes from only one source, Hydro-Québec received very favourable terms on the power sale contract. The contract was negotiated for a 65-year timespan, running until the year 2041 and, according to former [2003-2010] Newfoundland and Labrador Premier Danny Williams, Hydro-Québec reaps profits from the Upper Churchill contract of approximately $1.7 billion per year, while Newfoundland and Labrador receives $63 million a year.

From the Department of Finance Canada:
Offshore Agreement - 2005 agreement on offshore revenues between the government of Canada and Newfoundland and Labrador which provides the following benefits to Newfoundland and Labrador:

1. 100 per cent protection from Equalization reductions or clawbacks (money or benefits that are distributed and then taken back as a result of special circumstances) for eight years (one year longer than the life of the offset provisions of the existing Atlantic Accord) as long as the province receives Equalization payments.

2. An up-front payment of $2.0 billion to provide the province with immediate flexibility to address its unique fiscal challenges. This amount equals about three-quarters of the agreed-upon estimate of potential benefits from this agreement between now and 2012. This payment will serve as a pre-payment of the new 100 per cent protection.

3. The existing offset provisions of the Atlantic Accord will be retained unaltered.

4. In addition, this agreement provides for a further eight-year extension as long as the province receives Equalization in 2010-11 or 2011-12, and that its per capita debt servicing costs have not become lower than that of at least four other provinces.

5. During the second eight-year period, if the province no longer qualifies for Equalization, it will receive transitional payments for two years:
In the first year, the transitional payment would equal two-thirds of the offset payments it received the previous year.
In the second year, the transitional payment would equal one-third of the offset payments the province was entitled to the last year it received Equalization.



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