As if the CPP wasn't bad enough, Wynne and her merry gang of mensheviks have decided to inflict a more localized ponzi scheme on the unsuspecting fools in Ontario. It's really hubris for anyone to think that they know how other people should be spending their money. It's important to understand that the value scales, the wants and needs of every person in society differ. Some have a high time preference, which is to say they value the immediate more than the future, whereas some people are savers, even saving beyond their lifetime to ensure that their children are taken care of. It really isn't the purview of the discipline of economics to comment on whether someone should save or consume. That's up to some other field of scientific knowledge. Economics can tell us if our given means are suitable to accomplish a given ends but has nothing to say about the goal in question. What if this person who the new pension plan forces to save has a terminal illness? Or is buried in credit card debt? Or just generally buried in expenses and needs to buy clothing, food or whatever for themselves and their families? Of course saving is a healthy, even vital part of the market economy but that doesn't mean that people should be forced to do it. All interactions in life should be voluntary. It is wrong to force someone to save some aspect of their income they would want to consume and it is hubris to imagine that we know better than someone else how they should live their life.
Isn't it ironic that a government which is almost 300 billion in debt is telling, nay forcing, the rest of us to save more? Physician heal thyself. Perhaps it's true and the money will be handled by a new arms length agency - three cheers for a further extension of government bureaucracy - but more likely the funds raised by the new payroll tax will be raided and replaced by a bunch of worthless IOUs. Will people of my generation ever actually see the money they are forced to contribute? It seems doubtful. And won't this, like the CPP,
It's entirely possible that there is a 'crisis of under saving' occurring in Ontario or in Canada in general but if this is true then the way to address it is through alleviating the burden of confiscatory tax rates and putting an end to the inflation that has plagued our nation for so long, not through the creation of a new government bureaucracy.