HOW MUCH IS YOUR NEIGHBOUR′S RETIREMENT GOING TO COST YOU?
Once upon a time, working in the public sector in Canada meant that in exchange for a lesser salary, one would enjoy additional job security and a reasonable pension upon retirement fair and just rewards for a life in public service. But somewhere along the way, the 20% of Canadians belonging to public sector unions managed to negotiate bulletproof job security, salaries that far outstrip anything comparable in the private sector, and incredibly generous pensions. The net effect? The way things are set up, many public sector workers will collect more income in retirement than they earned during their working careers.
And the 80% of taxpayers who don′t belong to a public sector union most of whom have no true pension at all get the privilege of paying for it all. Nearly every one of those public sector union pension plans is underfunded to the tune of hundreds of billions of dollars, and taxpayers are legally on the hook to make up the difference, as well as any investment losses, until death do us part. How is that fair to anyone?
This book will open your eyes to one of the greatest legal asset re–allocations in the history of the world. Some call it pension envy, some call it pension apartheid. We call it a Pension Ponzi plan, an unsustainable funneling of money from one group of Canadians to another. Canadians are being bilked out of their hard–earned money and cheated of secure retirements in order to gold–plate the pensions of those who have engineered the system in their favour.
Pension expert Bill Tufts and journalist Lee Fairbanks investigate the history, the present situation and the future repercussions of a system out of control.
Chapter 1: The Elephant in the Room 13
Chapter 2: The Devil is in the Details 31
Chapter 3: The Role of the Unions 47
Chapter 4: Politicians and Bureaucrats at the Trough 69
Chapter 5: Ontario Hydro: Power to the People 85
Chapter 6: Education: The New Sacred Cow 101
Chapter 7: Police Pensions 115
Chapter 8: How Much Do You Really Owe? 131
Chapter 9: A Ten–Step Plan for Pension Reform 145
Chapter 10: Steering the Titanic 157