Only old people vote in Canada and they'll vote for whomever a) increase home value b) protect their pensions.
Let me give you an example
We have something called RRQ in Quebec. You basically pay 10% of your salary + employer pays another 10%.
So if you earn 100k a year, congrats, you now earn 90k, and employer pays 110k, plus DOZENS of stupid programs.
The money is not earmarked to you. It's put in a giant pot and the RRQ managers were caught stealing/mismanaging the money. I'm talking about $1,000+ bottles of wine by the dozen, expensive trips, etc.
But I digress.
In exchange for basically 18% of your salary (remember employer has to pay part of it), you are told you will get up to 70% of your salary per year, once retired.
But if you retire too early, you lose other funds/income. So you can only really retire after 40 years of work. Okay.
The problem is in a pot. You have no idea how well their investments will work out. You have no idea if there will still be money left in 40 years when you retire. Or even if there will be enough newcomers to pay for YOUR retirement at this point (remember it's a pay as you go, money in minus minus out, etc). Or even if there will be a crash wiping out the RRQ completely.
Old people only had to pay 5%+5%. Now it's 10%+10% and the rate increases every year. Just a bit, but it does increase. Also, when the regime was created, some people only had to work 5-10 years to get a full retirement. Yup, invest in that regime 5-10 years and get 70% of your salary for 20, 25, 30+ years.
And you only had to pay 5%.
But young people today? You'll be paying 40 years to MAYBE receive a pension. MAYBE
Put that same 20% in an index fund and you would earn WAY more than the RRQ ever pays (elon musk was right when he said it with social security in the US) AND still have money to give to your heirs. AND the money is yours and yours alone.
So it's all a giant scam, but if you are already retired and receiving a pension? You obviously want the scam to continue. You will vote for whomever protects your little scam, period.
It doesn't matter.
Only old people vote in Canada and they'll vote for whomever a) increase home value b) protect their pensions.
Let me give you an example
We have something called RRQ in Quebec. You basically pay 10% of your salary + employer pays another 10%.
So if you earn 100k a year, congrats, you now earn 90k, and employer pays 110k, plus DOZENS of stupid programs.
The money is not earmarked to you. It's put in a giant pot and the RRQ managers were caught stealing/mismanaging the money. I'm talking about $1,000+ bottles of wine by the dozen, expensive trips, etc.
But I digress.
In exchange for basically 18% of your salary (remember employer has to pay part of it), you are told you will get up to 70% of your salary per year, once retired.
But if you retire too early, you lose other funds/income. So you can only really retire after 40 years of work. Okay.
The problem is in a pot. You have no idea how well their investments will work out. You have no idea if there will still be money left in 40 years when you retire. Or even if there will be enough newcomers to pay for YOUR retirement at this point (remember it's a pay as you go, money in minus minus out, etc). Or even if there will be a crash wiping out the RRQ completely.
Old people only had to pay 5%+5%. Now it's 10%+10% and the rate increases every year. Just a bit, but it does increase. Also, when the regime was created, some people only had to work 5-10 years to get a full retirement. Yup, invest in that regime 5-10 years and get 70% of your salary for 20, 25, 30+ years.
And you only had to pay 5%.
But young people today? You'll be paying 40 years to MAYBE receive a pension. MAYBE
Put that same 20% in an index fund and you would earn WAY more than the RRQ ever pays (elon musk was right when he said it with social security in the US) AND still have money to give to your heirs. AND the money is yours and yours alone.
So it's all a giant scam, but if you are already retired and receiving a pension? You obviously want the scam to continue. You will vote for whomever protects your little scam, period.
Enter Carney...