With spending on retirees increasing faster than other budget lines, I’ve encouraged affluent boomers to be open to paying more taxes to cover the rapid acceleration in spending on their generation
“Fairness for every generation” – that’s what the federal government has promised in all its prebudget announcements. To which I say, “Hallelujah,” because it’s high time Ottawa addressed how hard work isn’t paying off for younger Canadians today compared with previous generations.that generational fairness doesn’t just demand new spending to reduce the major challenges facing younger Canadians, things such as.
. It will be nearly impossible for politicians to reverse the fiscal damage caused by this lack of foresight if too many of us believe the path to balanced budgets is as easy as eliminating spending on things we love to hate. Here’s why. Let’s start with the CBC – a lightning rod for many. If we eliminated it entirely, we’d save $1.4-billion. That’s 4 per cent of the planned increases for OAS and retirees’ medical care., which disgracefully wasted $60-million. Then let’s imagine, as many do, there are a dozen similar scandals the government is hiding. Were they all eliminated, they might contribute 2 per cent of the planned increase in spending on retirees.
Instead, let’s presume that half of the growth in the bureaucracy totally wastes taxpayer money and send pink slips to 20 per cent of the civil service.Here’s the bottom line: Decades ago, governments foresaw the dramatic increase in public spending that would accompany boomers’ retirement but did little to prepare for this looming reality because it was politically convenient to kick the can down the road. Now we are down that road and have a big fiscal problem.
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