The NDP in B.C., Progressive Conservatives in Ontario and Liberals in Ottawa all struggle to balance their budgets today because governments failed decades ago to plan adequately for boomers’ retirement
That’s why I sympathize with incumbent governments. The NDP in B.C., Progressive Conservatives in Ontario and Liberals in Ottawa all struggle to balance their budgets today becauseBudgets tabled in 1995 through 1998 by prime minister Jean Chrétien’s government make this failure clear. While it prepared better for the boomer bulge than any previous or succeeding administration, its own budgets show it knowingly left the job unfinished.
That would mean senior citizens would go from 12 per cent of the population today to about 23 per cent by the year 2030. The 1996 budget followed through. “Unless changes are made to the CPP, today’s younger Canadians and future generations will be asked to pay almost three times more than people are paying now for the same CPP pensions,” it stated. “Steps should be taken now to ensure that future generations are not faced with unreasonable burdens, and to assure young Canadians that the CPP will be there for them when they retire.
While I’m still hunting down the backstory for the OAS reversal, several insights emerge from this history lesson. By comparison, the failure to revise OAS is a mark against us. Governments knew that the OAS was generationally unfair, and would shackle the finances of contemporary administrations unless revenue was increased or benefits reduced.
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