As federal politics, so too provincial:
That's my old generation XYZ blog. Basically a rant against Boomer politics.
There's lotsa posts pointing out the Boomers are getting far more out of CPP than they paid in.
A summary of the Baby Boomer minimax- cash out of programs, but do not pay in...
Here's is a vid of Wynne standing beside the CARP rep talking head during a news release:
D - they'll use the sound bite 'financial security'. They talk about poor retirees. Many poor seniors simply have NO access to CPP, period, so that is a very big hammer to swat that one little fly. Mostly amounts to plumping up middle and upper class retiring boomers.
'fully funded' - yes, By the kids of boomers, for the boomers. Think the tale of the ants and imagine if the grasshopper could raid their larder...
'moderate effects on economy' ... really?! http://www.theglobeandmail.com/globe-investor/personal-finance/retirement-rrsps/vast-majority-of-working-canadians-dont-want-hike-in-cpp-premiums-poll-says/article15875511/
D - funny, the business association disagrees. And the #s of the the Liberals' own study...
D - Hudak quotes the Liberals' own #s here about jobs that will be lost to payroll tax hikes: http://www.thestar.com/news/queenspark/2014/04/29/liberals_pension_plan_payroll_deductions_would_kill_jobs_tim_hudak_says.html
Beyond that, what will the cost be to present workers (keep in mind the Boomers are already starting to retire)?
D- so just how many $100s and $1000s are young workers gonna be out in discretionary spending, for decades, for the honour of keeping their retired parents living in the manner they've grown accustomed to? Let's say a young GenY is 25 and just completed post-secondary schooling. They work to 65. 40 years. Ignoring the huge potential of cumulative interest, that young worker will be out many $10,000s by retirement.
D- and just in case the debate was not bizarre enough already: http://www.cbc.ca/news/canada/toronto/wynne-says-economic-crisis-looms-if-pensions-aren-t-improved-1.2423919 That's right - the sky is falling. Run to the hills. Follow her as a messianic prophet, she'll avert the dire end times scenario... right. IMHO she IS the 'false prophet' that ushers in Ontario's and our youths' fiscal 'end times'...
Wynne says economic crisis looms if pensions aren't improved
Plus they ignore the complete lack of health care fund planning to handle old Boomers once they retire.
Plus the spike in OAS costs (see problem with Harper's once again only nominally anti-poverty) despite OAS reforms which don't ever make Boomers experience this shared discomfort. That is left for Gen X Y and Z.
Why do I use the term "Gen Zed"? The last letter. The end. If the Baby Boomers have their way, the Zeds will inherit only the fiscal equivalent of smoking ruins.
D - i said THIS in 2010: (was not TOO far off the mark...)
"Do you see the pattern yet? Pay-go was predicted in the 1990s to become too expensive (code for: Boomers would need to pay their share, in part, before retiring, despite very low initial CPP pay-in the first half of their work lives).
It would get expensive by 2010- now - and the Boomers will be working in significant numbers for another 10-20 years.
Ergo, any spike in the pension pay-in needed to be deferred until 2020-30. The system allows for a .2% increase/year.
If at 2020 this increase begins, only the quasi-Gen X late Boomers will get clipped.
Here is my prediction. In 2020, despite seeing the same numbers and trends as 2010, the Boomers will suddenly 'discover' that the finances are not in place. In 2020 until 2030, the .2%/yr. rule will increase CPP pay-in from. c.10% to 12%. And so on. Until the Generation Z workers retire with an almost 20% CPP rate at the end of their work lives. Only to find out there is nothing left. In this respect, after the Boomers, we may well see a conflict between gens X and Z, with Y waffling in the middle."
D - hard to believe just a couple short years ago that I said this FOR the Liberals:
" D: BIAS ALERT - I am a card-carrying member of the Ontario Liberal Party!!! (...) D - This is pretty near 'n dear to my heart. I'm helping Eric Davis win the local Ontario provincial byelection. This riding may be the key to a Liberal majority in the province. Two issues dragged me off my complacent butt to help last election:
1) hefty grant for university undergrads (I sympathize) and
2) taxation on fossil fuels."
D - so you see how strongly I must feel to disagree so strongly with Wynne?
Kathleen Wynne prepared to fight election on creating Ontario pension plan
Premier Kathleen Wynne says she is determined to take a made-in-Ontario pension plan to the voters come the next election.
D - and that's why I've TORN UP my Ontario Liberal membership card. Wynne is a disaster. Just like her party tried to buy an election and squandered a BILLION DOLLARS on those cancelled natural gas generators, they're at it again.
And this time, they are whoring themselves out to the Baby Boomer lobby. And selling their kids' and grandkids' futures off to do it. The rotten buggers...
In the last election, I opposed both the NDP and PCs on fossil fuel taxation.
Now I advocate EITHER of them. ANYBODY BUT WYNNE...
it's generational war. Time to get into the fray...
Nice blog link: http://pensionpulse.blogspot.ca/2013/11/canadas-huge-pension-crisis.html