Saving more is the only way | Page 3 | General financial discussion | Discussion forum

Perhaps since I don't have kids, but certainly have worked with a number of them, many of whom lived in circumstances very different from my own, I am very much aware that not all of them enjoy anything like 'incredible affluence". There are still a lot of kids who live in very difficult circumstances where hope is very hard to come by.

I remember when there was a lot more concern about impoverished seniors than there is now. This was disproportionately felt by women, both never-married and widows. We actually fixed that problem, as a society, to a large extent, by improving pensions and social benefits. Good on us! http://www.historymuseum.ca/cm.....68_e.shtml

Although it doesn't affect me particularly, I am encouraged if young people see the benefit of a decent government-sponsored pension plan. Very sensible of them. Many operate under staggering debt loads already and many may never be able to own a house unless they are lucky enough to have parents who pay or leave them an inheritance, so that contributing to RSPs and so on is just a pipe dream for them.

Some will no doubt complain about the cost of such a plan. It's cheap when you consider the benefits. If you don't believe me, take a look at what you have contributed to CPP over the years and compare it to what you are getting from it and will continue to get from it for the rest of your life. I didn't really realize the extent of this myself until I was looking over an elderly relative's papers. He's 87 now. If I knew where these papers were at the moment, I would quote you the figures. Yes, employers contribute as well, as they should. All employment needs to include a provision to fund the time when a person can no longer work, whether it be due to disability or retirement. It's part of the cost of doing business and of having employees, and it's a shared cost with the employee. It's only fair, especially when you consider the extremely rich pensions which highly placed executives and CEOs always make sure they have in their contracts.

No matter what I say, it is likely that some will disagree vehemently. I have enough to worry about with the elderly (older than me) in my family in terms of their health and all manner of things related to both their and my own aging. I am grateful that I don't have the added stress of worrying about how they will pay their basic bills. The only reason I don't have to tear my hair out (what's left of it!) with worry is because they have CPP/OAS/GIS. It's not a lot, but it's enough, just barely. Thank goodness we still live in a society that is civilized enough to take care of them. They worked hard when they could, sometimes at horrible jobs which did not pay well.

Once we get a pension system going that can actually sustain people in their latter years, we may not need OAS/GIS and other things which are a drain on the public purse. For those who often express their concern about public debt, this should be very attractive.

Actually, I'm not feeling any need to "lighten up".

Bill, we have a very long way to go, both here and abroad, and I think you actually know that. Some people are doing better now, and some people are doing worse. It is simply not true that "every economic yardstick" shows that we are way more affluent than we used to be. You have actually cited none although I'm sure you could find a few.

For starters, Food Bank use in Canada is up 28% 2008-2015. Those folks haven't noticed the increasing affluence enjoyed by many. https://www.foodbankscanada.ca/Media/News-Releases/Economic-struggles-push-food-bank-use-higher-in-20.aspx
I'm not going to spend the time looking for other indicators, but it depends on who you ask.

It's true that there are a lot of people who are now affluent who weren't before. It's true that there are a number of people, including but not limited to the infamous 1%, who are so much wealthier than they were before that they skew the averages. The number of hours you have to work to buy a car etc is related to your hourly wage, so that when a CEO "earns" $11million/yr plus extraordinary benefits and pensions, the averages are very much skewed. I think you probably know that as well.

Anyway, I think we can perhaps agree that it is a good thing that Canadians have access to as many benefits as they do, such as health care (except in remote areas, in some nursing homes, etc.), clean water (except on some reserves) and so on.

Good grief!

Brian said

Interesting point, Bill. I walk daily by an area of public housing (or whatever it is called these days city/subsidized/welfare housing) and I do see the residents, some relatively young, sitting outside in the summer, during the day, speaking on their cell phones, holding a Tim Hortons coffee, and a cigarette of course, and frequently with dogs. This is not my image of truly poor individuals. I sure would not spend my money on any of these things if I was "poor" - I do not buy what I cannot afford - I would make instant coffee at home rather than buy a Tim's coffee and save when possible. I realize, of course, it is their welfare cheques that pay for these things and medical care is "free". Anyways, at very least, we can agree, Loonie, our taxes, govt deficits and accumulating govt debt are supporting/helping these individuals.

Brian I think you forgot to mention tattoos!! I think you have described how low income folks have their "treats".

I live in a small town in BC that has a huge infastructure set up for the underpriveliged or welfare state, all of our local businesses pour lots of money and resources into feeding and housing all of them, and then they also have the government social safety net too. It's so good that they are coming here by the bus load! I see first hand where the motto (If we give them a little they will do something, If we give them everything they will do nothing ) is so true! They are certainly living better that some people that work for a living and have to buy everything. And yes they all have tattoos, lattes and smokes!
Sorry if I'm a little off topic, but I don't like where society is heading. The Liberals were so generous with the huge increase in baby cheques I believe the welfare state will start baby mills! The baby cheques are tax free too! omg. Thanks for letting me vent, I'm a bit consumed by our state of affairs in society.

toto said

I live in a small town in BC that has a huge infastructure set up for the underpriveliged or welfare state, all of our local businesses pour lots of money and resources into feeding and housing all of them, and then they also have the government social safety net too. It's so good that they are coming here by the bus load! I see first hand where the motto (If we give them a little they will do something, If we give them everything they will do nothing ) is so true! They are certainly living better that some people that work for a living and have to buy everything. And yes they all have tattoos, lattes and smokes!
Sorry if I'm a little off topic, but I don't like where society is heading. The Liberals were so generous with the huge increase in baby cheques I believe the welfare state will start baby mills! The baby cheques are tax free too! omg. Thanks for letting me vent, I'm a bit consumed by our state of affairs in society.

Maple Ridge? The arm pit of Vancouver!