Will $5,000 really make that much of a difference to retirees?
Re: CPP Deal Punishes Those Who Need It, Kevin Libin, June 22.
By the time the new enhanced Canadian Pension Plan is fully implemented, retirees can expect to see a little less than $400 a month extra than the current payout. This, according to the government, will ensure they will have an adequate retirement. Who knew that the difference between a poor retirement and an adequate on was less than $5,000 a year.
No one will argue that more money isn’t a good thing, but the whole exercise has been about politics first, and retirement income second. The Liberal government is seen to be doing something, and for them it is all about optics. Ontario Premier Kathleen Wynne was not to be put off, consid- ering the importance of her province to the federal Liberals in the election, and this was a favour returned. We will have to wait and see what the other provinces got in the way of inducements for signing on.
Like all progressives, we are seeing the Trudeau government demonstrating it feels it can manage Canadians’ money better than they can by forcing them and their employers to contribute more to CPP. Coming from a government that will add $ 30 billion to our yearly deficit and an estimated$ 100 billion to the national debt in just four years, this is not reassuring.