Week in Review
This world isn’t what it used to be. Everywhere people are looking for others to pay their way. Or are so emasculated that living frightens them so that they run to government to parent them. Forever. What happened to those rugged men that entered the wilderness and built civilizations? Who asked not for help. All they wanted was to be left the hell alone. Because they were men. Rugged and fiercely independent. Who filled their speech with obscenities whenever they talked about any form of government or nobility. Because the government and noble classes were nothing but freeloaders looking for the good life they could force others to give them.
Today people have been so brainwashed by their government that they are incapable of doing anything without government helping them. It’s a wonder that they can wipe their bottoms after a poop these days. The growth of the nanny state has brought advanced economies to their knees around the world as the costs of their nanny states push them to the brink of bankruptcy. And still the privileged/frightened people ask for more (see Business groups oppose ‘made in Ontario’ pension plan by Dana Flavelle Economy and Madhavi Acharya-Tom Yew posted 12/17/2013 on The Star).
Ontario’s plans to introduce its own mandatory pension plan could put the province at a competitive disadvantage, business groups warn
“It will add a huge competitive disadvantage to the businesses in the provinces that opt to go down that road,” said Dan Kelly, president of Canadian Federation of Independent Business.
But labour groups and retirees are applauding the province’s move to fill the void left by Ottawa’s decision not to enhance the Canada Pension Plan at this time…
Federal finance minister Jim Flaherty and junior minister of state for finance Kevin Sorenson rejected growing calls to expand CPP [Canada Pension Plan]contributions and benefits, saying now is not the right time to hit employers with higher payroll taxes…
Business groups said they welcomed Ottawa’s decision, noting CPP contributions are one of the two biggest payroll taxes they pay. The other is employment insurance premiums…
Few dispute that Canada’s pension system is no longer adequate to meet the needs of an aging population. People are living longer and saving less, while fewer private-sector employers offer pension coverage at work, a trend that plagues many industrialized nations.
Why are people saving less? Two reasons. First, the more the government taxes away the less they can save. Second, with the government making promises they can’t keep (we will take care of you in your retirement so instead of saving your money spend it) why should anyone save anything for their own retirement?
Of course labor groups (the privileged) and retirees (the frightened) applaud this. Labor wants to give their members a better life than those outside their union. And retirees are living so long into retirement they’re living beyond their contributions into the CPP. And are all for a little generational theft to make up the shortfall.
The defined-benefit pension is a relic of another era. It doesn’t work anymore. If we would have kept having babies like we once did the Ponzi scheme may have kept working. But we didn’t. So the Ponzi scheme is collapsing. As they all eventually do. The rest of the private sector has gone to 401(k)s and other such retirement vehicles. Where we put OUR money away for OUR retirement. Where the government can’t get their dirty little fingers on it. This is the future of retirement savings. Because unlike defined-benefit pensions they are sustainable.
All government pension plans need to make such a change. Because once they do the age of the population will not matter. Because you are saving YOUR money for YOUR retirement. Those retired and those within a decade or so of retirement need to be protected from the folly of government in their retirement. But younger generations coming up need to provide for their own retirement. Because we can’t keep raising taxes. For all that does is send jobs from the First World to the Third World. Good for the Third World. But bad for the First World. And retirees.