Which future will be yours?
The latest addition to our lending library is Pension Ponzi: How public sector unions are bankrupting Canada's health care, education and your retirement. Written by a pension expert and an award-winning journalist, this is a very readable exposé of the huge gap between the wages and pensions of public sector workers and private sector workers. Because of their gold-plated retirement packages, many public sector workers will collect more income in retirement than they earned during their working careers. Meanwhile, the 80% of Canadian 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 the 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. One example: the Ontario Teachers' Pension Plan, according to The Globe and Mail, is actually $35 billion short of being able to pay its commitments.
From the back of the book: "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."
Read more here about the different trajectories of Canadians with private sector jobs versus Canadians with public sector jobs.




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