Wrong decision on CPP

Remember  “the worst president in living memory” the American History Society’s choice, GW Bush’s one lament when he left office.He was not able to privatize social security!

Well with the economic meltdown paved by the Ayn Rand devotee Alan Greenspan, aided and abetted by the likes of Clinton’s man Richard Rubin and the whole crew of free market fundamentalists,that would have been a great move on behalf of american workers who bought the American dream: work hard and the government pension will be there for you.Well as little Georgie Carlin used to say, “The trouble with the American Dream is you gotta be asleep to believe it.” Or have pathetic pols like GW Bush represent you as president and oh, yeah, “Mission Accomplished”, Commander in Chief.

Now the american virus has crept north and we have the Harrisite, Jimmy Flaherty promoting the same nonsense up here.

Here is Ken Georgetti’s letter in the Star today:

Re: No CPP improvements coming in near term, Business, Jan. 6

Ted Menzies, the new junior finance minister, says he will focus on Pooled Retirement Pension Plans (PRPPs) rather than improving the Canada Pension Plan. He is making the wrong choice and we cannot let him get away with it. By acting now to expand CPP benefits on a fully funded basis, the federal government could have seriously addressed the future retirement security of our children. The CPP is a real universal and portable pension plan that every working Canadian contributes to along with employers.

The CPP is an efficiently-run pension plan that delivers the security of predetermined benefits at a very low cost. Instead, the government prefers PRPPs, a private sector scheme that will reward banks, mutual fund and insurance companies for years of bad behaviour. By charging the highest management fees in the world that can eat up as much as 50 per cent of the value of an investment over 40 years, the financial industry has been gouging consumers and pillaging their hard-earned savings for decades. Canadians see through this scheme and know that expanding the CPP is the better plan for them to save toward their future retirement.

Ken Georgetti, President,

Canadian Labour Congress

 

 

 

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