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

3.9 out of 5 stars 11 customer reviews

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Product Details

  • Paperback: 256 pages
  • Publisher: Wiley; 1 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: 3.9 out of 5 stars 11 customer reviews
  • Amazon Bestsellers Rank: #29,582 in Books (See Top 100 in Books)
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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 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.

About the Author

Bill Tufts has been helping companies with their employee pension plans for 15 years and is one of Canada's leading experts on public sector pension reform. He speaks regularly on pension matters and has consulted for the Canadian Federation of Independent Business and the Canadian Taxpayers Federation. He was a participant of the Ontario Government Round Table on Retirement Security and testified at the House of Commons Standing Committee on Human Resources. Bill is regularly interviewed by the Globe and Mail, CBC, Toronto Star, Hamilton Spectator, Montreal Gazette and the Wall Street Journal.

Lee Fairbanks began his writing career with the Globe and Mail, first achieving notoriety by exposing the source of the bullets that killed Canadian peacekeepers in Cyprus in 1974. In 1980 he received the Walter Brebner Award for Best Editorial in Ontario as Editor of the Milton Tribune, for an editorial about ethics in journalism. He is an award-winning playwright and the author of seven plays and Keep Canada Slim, a book on healthy weight loss.


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Customer Reviews

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Written by a bricklayer on his lunch breaks, I think, but I enjoyed it. Those damn civil servants!!!! :)
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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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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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Great, well researched book. If only our politicians would address this huge issue.
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Very factual. Very insightful
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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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