CPP premiums keep increasing to pay for the rising tide of retirees, a growing army of bureaucrats managing an increasingly politicized investment portfolio, and lately an ad campaign celebrating the mandatory national pyramid scheme. Matthew Lau has some better ideas for your retirement security, mainly from the privatized pension plan pioneered by the former dictatorship in Chile, which proves that no form of government can do everything wrong all of the time.
Author: Matthew Lau
Keynesianism is the fentanyl of economic policy. Canadian politicians of all stripes, at all levels, have been addicted to it for decades. Injected into the economy as stimulus, corporate welfare, boutique tax credits, or protectionism, it produces euphoric highs in public opinion polls. But eventually, inevitably, it kills the competitiveness, growth potential and borrowing capacity of its users. Twenty-five years ago, Canada swore off it, and enjoyed a long period of healthy economic growth. Then the Harper Conservative government fell off the wagon, and now the Trudeau Liberals are mainlining it. Will we ever learn, wonders Matthew Lau, to just say no to Keynes?