Pension Ponzi

Pension Ponzi

How Public Sector Unions Are Bankrupting Canada's Health Care, Education and your Retirement

Book - 2011
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WILEY
The vast majority of Canadians are blissfully unaware that every man, woman and child in Canada now owes a $35,000 share of government debt and must pay this back, with interest! Make no mistake, this debt will change our country and affect every single Canadian in the decades to come. You may think you have planned for your retirement and are safe, but the government must find a way to recover this borrowed money, and they can only do that by raising your taxes and reducing your hard-earned benefits. How did this debt come about, and why can't we simply pay it off?

Pension Ponzi lays the blame squarely at the feet of the politicians who refused to stand up to Canada's public sector unions. The fact is Canada's public sector, which accounts for 20% of the workforce, has been grossly overpaid relative to their counterparts in the private sector with cushy pensions paid for with your taxes and new debt. There is no denying that the country does not have the financial resources to ensure that the next generation of Canadians will have the same standard of living as the ones before it-or to support our growing seniors population. Meeting our public sector pension obligations will break the current social safety net that is a pillar of the Canadian way.

Can you escape this bleak future? Can you afford to live longer? Nationally-recognized pension expert Bill Tufts and award-winning journalist Lee Fairbanks explore how this catastrophe came about and then suggest ways that government can fix what's broken, and how you as an individual can protect yourself from the financial calamity that is about to engulf Canada.



Publisher: Etobicoke, Ont. : J. Wiley & Sons Canada, c2011
ISBN: 9781118098738
Branch Call Number: 331.25291 TUF
Characteristics: vi, 210 p. :,ill. ;,23 cm.
Additional Contributors: Fairbanks, Lee 1954-

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stewstealth
Nov 12, 2014

An excellent look at the unsustainable state of public finances with a focus on underfunded pension liabilities. With the politicians having the gold standard do we really think there will be any reform? No one is saying public sector workers shouldn't have pensions just that they be funded with the expense shared with the employee instead of majority funded by taxpayers. There are a few problems with this book in editing and using one example and extrapolating it across the country. Definitely worth reading.

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dirtbag1
May 04, 2012

The problem started about three decades ago with the far right drive to Free Trade. We were promised a prosperity under this system that was going to raise everyones standard of living. Just trust us they said. Mulroney, Thatcher, Reagan being the principals. All we have to do is automate, computerize, outsource and privatize and we enjoy better lives. Far better. Sadly, this model relies on debt to function. Big debt and continuing debt. A small group of elite are the beneficiaries and don't want the system to change. The big greedy banks and the financial services industry are in the forefront. So to blame the public sector and their pensions for all that is wrong is way off base. Reading this ranting book is tedious and offers little intelligent analysis. This book looks at the symptoms and not cause of the sickness. Don't take this seriously.

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