Pension Envy

That's what Martin Regg Cohn, in his column this morning, calls the resentment stoked by the right-wing towards those who enjoy defined-benefit pensions.

In what passes for debate in the debased arena we call contemporary politics, politicians of the right, most notably Tim Hudak, have declared public defined-benefit plans unaffordable and unfair:

“Our pension system should be fair, not gold-plated for some and non-existent for others,” he began (my italics). “Generous plans are the norm for many government employees while a majority of workers . . . have no access to a workplace pension at all.”

As Cohn points out, the alternative he is advocating, Pooled Registered Pension Plans, are

...merely glorified RRSPs — they make no pretense to paying a reliable pension. The only certainty is that they will make future retirees poorer and investment advisers richer (thanks to fat management fees), while leaving all of us more exposed to the inevitable social costs of dealing with a wave of financially exposed seniors.

Yet despite that, the public clamours to bring everyone down to the lowest level rather than putting pressure on politicians to implement an enhanced Canada Pension Plan, one that would allow participation by everyone. Such reform has been demanded by several provinces, but it would seem that pressure exerted by the powerful financial lobbies have scotched that possibility for the time being.

But of course, the fate of any reform, be it political, economic, or social, ultimately rests in the hands of the electorate, the same electorate that is currently engaged in sniping at fellow citizens thanks, in part, to being such easy and eager targets for manipulation by their political 'masters.'