There’s no magic formula that’s going to make a ponzi scheme sound, but that doesn’t stop a lot of academics from trying to find one. I also have to wonder how the author comes to the conclusion that Canadians pay less taxes than they used to.
The income taxes paid by Canadian millennials are being squeezed by population aging. The typical 35-year-old now pays approximately 20-per-cent to 40-per-cent more for boomers’ healthy retirements than boomers paid as young people to support the smaller number of seniors in their day.
This extra tax burden will only get heavier in the years ahead as Ottawa enacts planned increases for Old Age Security (OAS) and the Canada Health Transfer, and provinces increase medical spending for their aging populations.
Governments are in a financial bind given the demographics of the bumper population of boomers. As they continue to age, they are going to be hugely expensive. And the excess infrastructure, socially and physically, once they pass? Governments will quietly look to cheaper alternatives. Enter MAID.
Millennials should have been more careful with whom they voted for.
Why do they want everybody double jabbed and boosted? It isn’t because they love us
The original intent of OAS was to pay for the last few years of life after retiring. The retirement age was set to 65 because the life expectancy was only 67. Life expectancy in Canada is now 82, which means retirement age and onset of OAS should be raised to 80.
Good luck with that.
No government will ever propose that. Certain Defeat.
Harper tried to move it to 67. Went over like a lead balloon, er Zepplin!
I am a boomer and my whole life I listened to people complain about how first we over ran the education system, then the job market, the housing market and now we are old the health care system. We also listened to how we worked too long, didn’t give up our jobs for younger people, stayed living in our houses when obviously we should have moved out and let younger people have them. We worked and saved for retirement and now we are told we should not have squirreled away that money and should be taxed back into poverty. And on top of that we are told we had it way too easy! We stopped listening to whiners and complainers long ago. Who wouldn’t after years of being griped at. Every generation has its hardships. Accept that we had ours and we will accept yours, even sympathize and when we can afford it help you out. But in the meantime please shut up.
Amen
And you wonder why young people hate boomers…the “we had problems too” argument doesn’t really fly considering massive advantages your generation had
“Advantages”? You mean like 18% mortgage rates and a family of four or five living in a 1000 sq foot bungalow? Pound sand whiner.
18 percent of bugger all is less than bugger all.
My mother and my fiancé had a competition one time to determine who grew up in the worst poverty. Mom won (so to speak), with the pair of socks she got for Christmas one year in Germany during WWII. Advantages? Kiss my ass.
The massive advantage I had was having to give up after-school sports to work partime jobs to help out with family finances. My older brother and sister did the same. We also got summer jobs.
So pissoff you whining wanker.
Working was an advantage? Where are you from? I am older, as in outside the boomer group but everybody in that age bracket worked, paid taxes, saved and raised their families. My major problem with that generation is they were dumb enough to vote liberal or N D P all their lives. It was and is their political affiliations that have messed up this country.
You want advantages, get rid of the massive incompetent governments we have saddled ourselves with coast to coast.
Sure, working was an advantage, but also a necessity; it kept a roof over our heads.
Grew up in inner city Toronto and then Etobicoke. Later other places. including Thunder Bay, ranch country west of Cochrane, Alta. and Calgary.
oh its you Katie l read it before checking your name wowie zowie.
Ditto Katie. Also we lived through at least 3 recessions and don’t forget Wage & Price controls that Trudeau the first brought in. Never married, I lived with roommates until I was 40 when I scraped up a downpayment for my first house, that I’m still living in. No college, worked for 47 years, never took a penny of pogey, no cushy pension for me, only CPP/OAS supplemented by my rrsp savings. So, yeah, I’m not impressed with whining and complaining of the entitled snowflakes.
Bravo Katie! (as usual) … all I did was to be strategic, conservative, and deferred mucho gratification . I paid for my own families healthcare rather than go on vacations. I poured money into expanding my ugliest 2 bed. 1 ba. home on the street into the nicest 5 Bedroom 3 bath two story home on the street. I volunteered for 25 years for the city … and 10 years prior to that for my chosen Christian group. I coached at least 6 of my 3 children’s sports teams … at a net LOSS of income. I guided my children to top University educations and they’re all wildly successful. I did the HARD work, as a self employed entrepreneur My wife did the HARD work. We are actually looking forward to our Golden years … so fcku you … if you believe we “took” anything from you.
THANK YOU…………….very well said from one boomer to the next (: (:
Yes, this. The money I’ve been squirrelling away is mine, and I’ll use it to help my kids, when they need it, and grandkids.
How about an Archive link to avoid the paywall of the Mope & Wail?
Here you go:
https://archive.is/otPvL
Can Ahh Duh was founded on the politic of envy.
Now we get to watch it founder on the same.
Kleptocracy depends on a gullible host.
Public Education has worked so well.
Forget the pension,I would accept paying zero tax after reaching 65.
And the lies…CPP,EI,Charter of Rights and Freedoms…
Canada is broke.
The confederated Kleptocracy has run out of OPM,now we are printing “wealth” by the digital boatload…
But we keep getting poorer.
That “Government Product” has no value.
Zimbabwe here we come.
The argument that we were taxed at higher rates 40 years ago is BS.
The GST ,Carbon Taxes and ever increasing fuel taxes barely existed then..
Now our parasitic overload is so large and so desperate for their fix ,of O.P.M, that they seek to steal all after tax wealth.
If you managed your finances prudently..well you just had life so good,or you must be undeservedly lucky..
Hoarder.
We used to hang thieves at crossroads.
Now we elect them to public office
+++ J R
To all complaining Millenials…
https://m.youtube.com/watch?v=ue7wM0QC5LE