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Pension Ponzi: How Public Sector Unions are Bankrupting Canada's Health Care, Education and Your Retirement Paperback – Jan 25 2011


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Product Details

  • Paperback: 256 pages
  • Publisher: Wiley; First Edition edition (Jan. 25 2011)
  • Language: English
  • ISBN-10: 1118098730
  • ISBN-13: 978-1118098738
  • Product Dimensions: 15 x 1.1 x 22.6 cm
  • Shipping Weight: 340 g
  • Average Customer Review: 3.6 out of 5 stars  See all reviews (8 customer reviews)
  • Amazon Bestsellers Rank: #116,303 in Books (See Top 100 in Books)
  • See Complete Table of Contents

Product Description

From the Back Cover

HOW MUCH IS YOUR NEIGHBOUR'S RETIREMENT GOING TO COST YOU?

Once upon a time, working in the public sector in Canada meantthat in exchange for a lesser salary, one would enjoy additionaljob security and a reasonable pension upon retirement—fair andjust rewards for a life in public service. But somewhere along theway, the 20% of Canadians belonging to public sector unions managedto negotiate bulletproof job security, salaries that far outstripanything comparable in the private sector, and incredibly generouspensions. The net effect? The way things are set up, many publicsector workers will collect more income in retirement than theyearned during their working careers.

And the 80% of taxpayers who don't belong to a public sectorunion—most of whom have no true pension at all—get theprivilege of paying for it all. Nearly every one of those publicsector union pension plans is underfunded to the tune of hundredsof billions of dollars, and taxpayers are legally on the hook tomake up the difference, as well as any investment losses, untildeath do us part. How is that fair to anyone?

This book will open your eyes to one of the greatest legal assetre-allocations in the history of the world. Some call it pensionenvy, some call it pension apartheid. We call it a Pension Ponziplan, an unsustainable funneling of money from one group ofCanadians to another. Canadians are being bilked out of theirhard-earned money and cheated of secure retirements in order togold-plate the pensions of those who have engineered the system intheir favour.

Pension expert Bill Tufts and journalist Lee Fairbanksinvestigate the history, the present situation and the futurerepercussions of a system out of control.

About the Author

Bill Tufts has been helping companies with their employeepension plans for 15 years and is one of Canada's leading expertson public sector pension reform. He speaks regularly on pensionmatters and has consulted for the Canadian Federation ofIndependent Business and the Canadian Taxpayers Federation. He wasa participant of the Ontario Government Round Table on RetirementSecurity and testified at the House of Commons Standing Committeeon Human Resources. Bill is regularly interviewed by the Globe andMail, CBC, Toronto Star, Hamilton Spectator, Montreal Gazette andthe Wall Street Journal.

Lee Fairbanks began his writing career with the Globe and Mail,first achieving notoriety by exposing the source of the bulletsthat killed Canadian peacekeepers in Cyprus in 1974. In 1980 hereceived the Walter Brebner Award for Best Editorial in Ontario asEditor of the Milton Tribune, for an editorial about ethics injournalism. He is an award-winning playwright and the author ofseven plays and Keep Canada Slim, a book on healthy weightloss.


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Customer Reviews

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11 of 15 people found the following review helpful By Private Sector Sucker on Dec 8 2011
Format: Paperback
This book is a real eye opener. Pension Ponzi illustrates how Canada has become plagued with an enormous, bloated, militant public "service", which is most concerned with using extortion tactics to serve themselves. They're organized, they're well financed (with our tax dollars) and they're greedy and motivated. As such they have a lot of sway over our elections and our expenditure policies, and they have no qualms about living high on the hog today at the expense of the next generation.

This book cites countless empirical sources that clearly illustrate why we are having a global debt crisis: because public sector unions are collectively bargaining the industrialized world into bankruptcy. When you consider that approximately 80% of budgets go to salaries and pensions, and that massive deficits are now the norm everywhere, this is pretty hard to dispute.

Pension Ponzi illustrates the vast discrepancy in pay scales that have emerged between the private and public sectors:

"Current data shows public sector wages and benefits are about 40% MORE than they are for equivalent jobs in the private sector....Other benefits are so generous that the phrase, "Come for the maternity leave, stay for the pension" is jokingly used as a recruiting slogan...The joke, of course, is on private-sector taxpayers"

Pension Ponzi illustrates the vast discrepancy in pensions: "The average CPP benefit payment is $5,919 per year.
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8 of 11 people found the following review helpful By booksense on Dec 13 2011
Format: Paperback
I am thrilled that this book has been written(except that I wish that I had written it)!
Exceedingly well researched and explained, anyone can read the book and understand the situation, or crisis, with Candian government pensions.
Let's hope that the truth will lead to reform.
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Format: Paperback Verified Purchase
Written by a bricklayer on his lunch breaks, I think, but I enjoyed it. Those damn civil servants!!!! :)
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6 of 10 people found the following review helpful By Johnny Boy on Dec 17 2011
Format: Paperback
For a long time I have known that the public sector unions were running amok with outrageous demands,which are far to often granted by government bureaucrats that for whatever reason don't know how to say "No".Finally a book that is long over due tells the real truth about how we have been had.
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