Pension Ponzi: How Public Sector Unions are Bankrupting Canada's Health Care, Education and Your Retirement Paperback – Jan 25 2011
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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 retirementfair 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 unionmost of whom have no true pension at allget 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.
Top Customer Reviews
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.Read more ›
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.
I know most will bleme the unions, but this is the fault of gutless elected MP's, MLA's, Mayors, you name it. The name of the game is, "if I give you taxpayer money that I don't have, will you vote for me?"
School teachers in Canada is a prime example. Give us what we want or we will go on strike, so the poor parents have to try to find sitters, etc. Pure blackmail, from people who call themselves "professional".
We need an offsetting private school system, as well as an offsetting private health care system. As a taxpayer, we all know that Governments have never run anything efficiently & cost effective & never will.
We're doomed to bankruptcy unless something changes fast. As a non union non DB pensioner, I hope we go bankrupt. It is probably the only way to fix the really broken system. Then who will pay the fat cat DB pensions of the civil servants? noone.
Let's get on with it. We'll be just one step behind the US!!
Most recent customer reviews
Great, well researched book. If only our politicians would address this huge issue.Published 5 months ago by Amazon Customer
Written by a bricklayer on his lunch breaks, I think, but I enjoyed it. Those damn civil servants!!!! :)Published 20 months ago by Bigkevy
This is an excellent book which reveals how badly our pension funding is out of date. The next generation will be paying for golden pensions which are now scheduled for those... Read morePublished on Jan. 31 2012 by Brenda
The very first sentence of this book states that public service unions are the biggest scam that Canada has ever had! Read morePublished on Dec 28 2011 by TechWriter
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