WHERE DID THAT MONEY GO?
Remember, not only did you and I contribute to CPP but your employer did, too. It totalled 15% of your income before taxes. If you averaged only $30K over your working life, that's close to $220,500. Read that again. Did you see where the Government paid in one single penny?
We are talking about the money you and your employer put in a Government bank to insure you and I that we would have a retirement cheque from the money we put in, not the Government. Now they are calling the money we put in an entitlement when we reach the age to take it back. If you calculate the future invested value of $4,500 per year (yours & your employer's contribution) at a simple 5% interest (less than what the govt. pays on the money that it borrows), after 49 years of working you'd have $892,919.98.
If you took out only 3% per year, you'd receive $26,787.60 per year and it would last better than 30 years (until you're 95 if you retire at age 65) and that's with no interest paid on that final amount on deposit! If you bought an annuity and it paid 4% per year, you'd have a lifetime income of $2,976.40 per month.
THE FOLKS IN OTTAWA HAVE PULLED OFF A BIGGER PONZI SCHEME THAN BERNIE MADOFF EVER DID.
Entitlement my foot, I paid cash for my CPP! Just because they borrowed the money for other government spending, doesn't make my benefits some kind of charity or handout!!
Remember Senator's benefits? --- free healthcare, outrageous retirement packages, 67 paid holidays, three weeks paid vacation, unlimited paid sick days. Now that's welfare, and they have the nerve to call my CPP retirement payments entitlements?
The latest estimate (as per Global News) is that it is going to cost SIX HUNDRED MILLION ($600,000,000) to bring in the 25,000 refugees. The government (according to the Public Accounts office) is already FIVE BILLION in the hole. How much more will they take from our CPP to cover this expense. I still don't see any money for the veterans. What happened to the Canadians first philosophy. Amazing how they can always find money for their pet projects.
The other amazing thing is that the new Immigration Minister, John McCallum, in a Global Interview yesterday said that he was presenting his plan to Cabinet this Thursday. He could not be pinned down as to cost. HELLO, 25,000 REFUGEE IMMIGRANTS IS A LIFETIME COMMITMENT FOR EACH ONE. They are writing a blank cheque out of our CPP. The new philosophy is refugees 1st, Canadians last. Who stands on guard for thee???
They call CPP an entitlement even though most of us have been paying for it all our working lives, and now, when it's time for us to collect, the government is running out of money. Why did the government borrow from it in the first pl ace? It was supposed to be in a locked box, not part of the general fund.