The Fed debt level is not an issue. The Provinces are with massive debt levels.
NDP would restore retirement age to 65
- Thread starter tay
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The Fed debt level is not an issue. The Provinces are with massive debt levels.
You want a real scare, add in unfunded pension liabilities to the overall debt.... Not a pretty sight
I disagree. I believe all debt is an issue. Federal, Provincial and Municipal.
Between the feds and provinces we owe 1.2 trillion or about $34,000.00 for every man, woman and child in Canada. On average, each province and the federal government already spends .10 out of each dollar collected in taxes to service the existing debt. Our fed/prov debt almost doubled in last six years and is on track to do so again over the next decade doubling or tripling the debt service cost should interest rates rise.
We are in a heap of trouble and few care.
This is what drives me absolutely nuts in that the situation, as you described, is extremely serious, yet the public demands that gvts keep spending without considering this debt,
Want an even bigger scare.....? The NDP promise if elected to cover off private pensions should a company with one fail or pull out of Canada.
and that would have been under a Conservative government federally, and for Alberta, a Progressive Conservative government. Both with majority mandates.
Yes to the fed and Harper's Liberals. No to Alberta which even this year had a surplus I believe.
The big bad guys are Ontario and Quebec. Their Liberal governments are piling on debt at a massive rate to the point Quebec is at 50% GDP and Quebeckers owe 22,500 per person against Ontario's 19,500 and rapidly growing.
But this isn't a partisan issue. It affects all governments at all levels everywhere. We have developed a culture of acceptance to debt and will pay dearly for it down the road.
Right on Gerry, those contributions should be put right into a Trust, never again touched by any Gov't bureaucrat. The contributors should automatically receive an annual report on how the fund is performing.
Of course young people should TRY to save for the future, but the rest of what you say makes absolutely no sense at all.
It makes perfect sense. Look at the "guaranteed" pensions in Greece and how untouchable and secure they are. What is it so far....50% reduction?
Regardless of future debt servicing, we have an approaching AI/Robotics revolution coming which by most erstwhile estimates projects approximately 45% or more of all jobs will disappear over the next 25 years with no new industries or sectors to pick up the slack. If the projections hold true we live in a weird world where it is illegal to pump your gas and you have to hire a human like in Oregon.....but for everything......or we let market forces dictate and there is a lot of new people looking for government support.
There is nothing in the long range economic trajectory anywhere that looks promising. There will be bumps of positive employment growth but the overall trend that is occurring now which is considered to be based on automation resulting in a hollowing out the middle class and creating income inequality while ironically companies earn more will continue.
Why would you compare Canada with Greece which is virtually a third world country? Canada has it's own sets of laws (among the best in world) regulating investments contrary to the likes of Freddie and Fanny.
It's OK, sorry if I sounded harsh.
Yep, it's just a continuation of what Trudeau and Mulroney got started. Of course Paul Martin managed to level things off for a couple of years but really what he accomplished is just a blip in the big picture. The whole philosophy is wrong, credit card spending is encouraged. The only solution to it that I see starts with families managing their finances and just spending the money they have in their pockets and then municipalities, provinces and the country following the same procedure. It's high time the power was taken away from banks and C.E.O.s. who are just infested with greed.
I kind of doubt the N.D.P. have done their homework before making this promise. There are more people reaching age 65 than every before while there are fewer people entering the work force. With medical advances people are now living for many years with diseases that used to kill them. The age of 65 was accepted for retirement when it was feasible to provide an O.A.P. for all of them. I think Mulcair has to do some simple math. It will soon be at the point where 60% of the population will be providing for themselves plus the other 40%. That just will not work. But then I guess people who are desperate to attain office will promise anything!
Mulcair already did some simple math. He counted the number of people who might be eligible for pensions and hoped they will all vote for free money. Note his pension will always be secure and at a much younger age than anyone else.
And possibly with a few extra $$$$$$$$$$ attached to it!
I did hear one pleasant rumour lately if there's any truth to it. Whereas they used to be able to start collecting at age 55 after being in office for 6 years, now they have to wait until age 65.
Always verify rumours with facts.
In this case, the rumours are partially true and that's one reason why so many CONS have bailed out..........
Under new pension rules for MPs passed in 2013, all politicians elected for the first time in the next election must wait until age 65 before they can draw a pension.
It's more complicated for MPs who have been in the House of Commons prior to January 2016. Their years of pensionable service prior to that date can be collected at age 55. Any pension they earn after January 2016 can't be drawn until they turn 65, according to the Treasury Board of Canada.
MacKay's decision not to reoffer was announced last week. He'll be able to collect his full yearly pension of $128,832 at age 55.
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Peter MacKay exit allows him to collect full pension at 55 - Nova Scotia - CBC News
Canada scores poorly among developed countries in providing public pensions to seniors, according to an internal analysis of retirement income by the federal government.
The research, compiled in a 30-page presentation deck, was created as the government came under fire from opposition parties, some provinces and retiree groups for declining to improve Canada Pension Plan or CPP payouts through higher mandatory contributions from workers and businesses.
The CPP issue has already become acrimonious in the federal election campaign, with Conservative Leader Stephen Harper saying on Aug. 11 that he is "delighted" to be making it more difficult for Ontario to launch its own version of an improved CPP. The federal Liberals are hoping to use Harper's clash with Ontario Liberal Premier Kathleen Wynne over pensions to win seniors' votes in the province and beyond.
A heavily censored copy of the internal document was obtained by CBC News under the Access to Information Act.
The review acknowledges that Canada trails most developed countries in providing public pensions, and is poised to perform even worse in future.
"Canada stands out as one of the countries with the smallest social security contributions and payroll taxes."
The Harper government since at least 2013 has resisted repeated calls to enhance CPP, saying proposed higher premiums for businesses could kill up to 70,000 jobs in an already stagnant economy. Instead, the government has promoted voluntary schemes, such as pooled pension plans for groups of businesses, as well as TFSAs.
Much of the document is blacked out under the "advice" exemption of the Access to Information Act, including a section on policy questions. The research may have underpinned a surprise announcement in late May by Finance Minister Joe Oliver that the government was considering allowing voluntary contributions by workers to their CPP accounts.
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Document raises questions about Harper retirement policies - Politics - CBC News