this post was submitted on 02 Nov 2023
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As a poor person am I ever glad the conclusion they drew was we made people so poor we can't afford to lose this fund.
While there are definitely poor policies that have resulted in contributing to making us more poor (e.g housing crisis and crazy stupid rents), people are exceptionally bad at managing their own money as well.
We live in the age of consumerism where millions of people are wasting money buying things they can't afford or don't need, racking up more and more credit card debt instead of paying it off and saving for themselves.
Many people actually are making enough money to save (maybe not enough) but they just don't. At least these people will have been contributing to CPP and have something, instead of continuing to live their unnecessarily debt laden lives.
This is one of the reasons they up'd the % we contribute. Even people that can save, aren't. They raised the amount to help cover for that trend.
And just on this topic - I don't know what things are like today, but when I was in high school, there was practically nothing taught on personal finance and how to save or how to budget so you can save. We need to teach this in school to help ready people for their future.
You forgot that productivity has substantially increased and failed to mention that the wealth from that productivity has essentially been stolen for decades now since the 70's/80's. It's not all to blame on people buying shit but the wealthy stealing from workers instead.