They don't want to even give us a choice...
Alberta Pension Plan.
The party of the unions - NDP, both provincial and federal, as if there were a difference…has moved ahead in parliament to introduce a new Bill that would prohibit Alberta from pulling out of the Canada Pension Plan…
By Federal NDP Whip - Heather McPherson - from Edmonton:
Danielle Smith and the UCP did, in fact, fire the CEO and Board of Directors for AIMCo…and Heather makes this seem like it’s a failure of the UCP by adding additional risks into the pensions of Albertans…
But when you look at the increase of their numbers of employees, wages and benefit costs, compared to the decline in the Percent of Funds Managed Internally…
It was the most responsible thing to do.
When you increase your employees by almost 30%, in a period of 4 years…which drives up Salaries and Benefits by 71% while reducing the amount of funds managed by almost 20%…there really isn’t much logic that can be used to support this catastrophic situation.
It simply can’t be done.
But Heather also says the quiet part out loud…
“This attack on the CPP won’t just hurt Albertans; it will hurt all Canadians”.
This should leave you to wonder, unless you already know the answer, why 12% of Canada’s population pulling out of the CPP would impact 100% of Canadians…
And there is a bit more to this, given that Quebec isn’t a part of the CPP…so, these Canadians wouldn’t be impacted at all…
But that still leaves us with the other 77% of the population that Heather thinks will be impacted - Quebec making up approximately 23% of the Canadian Pop.
And how would the province with the Highest Unemployment Rate…where the Emissions Caps, just introduced by the Liberals, supported by the NDP, will cost our province and the entirety of Canada $Billions of Dollars in Revenue as well as potentially destroy up to 150,000 jobs - extended throughout cutting back our production.
In addition to the net $25 Billion that Albertans pay in Federal Tax that doesn’t come back to our province…
$3 Billion of which is lost in CPP alone, Alberta paying out $9 Billion annually, only seeing $6 Billion back in return…
And the fact that, while they tell us Albertans get back the Most in Carbon Tax Rebates…they forget to talk about the fact that this is because we PAY THE MOST!
And the absolute disgust we should all feel when we see the “Equalization Payments”, coming predominantly from Alberta and going Predominantly to Quebec:
Heather has now introduced a Private Members Bill - to remove our ability to make this decision for our own province.
There’s been a lot of muddled anger at Premier Smith for not moving ahead with the Referendum on an Alberta Pension Plan…understandably.
But the largest part about this is, until All of Albertans are Privy to All of the Information, we absolutely Should Not be making this decision or even advancing this conversation.
What we still don’t know is what the feds will be giving us, if/when we walk away from the abysmal failure of a Ponzi Scheme that the CPP is.
Lifeworks has this estimated at $334 Billion…
A Calgary Economist has us pegged at a topside of $120 Billion…
And with a $210 Billion Dollar difference…we absolutely shouldn’t be letting go of anymore of our prosperity to the people who want to continually punish us for our prosperity.
In truth…even if we walked away, without a dime…we’d still appreciate a $3 Billion Dollar Surplus, being able to fully cover all of those on Pension at the exact same rates as they currently get…
And put into the hands of proper investment houses…where, we aren’t seeing massive increases in staffing, nor spending $300-$430 Million on Lavish Offices, for this already failing CPP scam…
We absolutely should be looking at doing exactly what the UCP did with AIMCo…fire them all, and rebuild from the ground up - or as in this case, take our money and RUN!
The only questions that remain now is…
What will we get if we leave?
&
Will they block our ability to leave before we even get this information?
Because it seems clear…they don’t want to give us a choice on our own Pensions.
The fact the feds are so against this is very telling and should be enough reason for everyone to look into this further. Everyone knows the feds take much more than they give back. Though I suppose senior sex stories from other countries told to senior Canadians was very beneficial and worth the $12,000 that taxpayers paid for this.
Fantastic clear analysis as usual Yak. There is something seriously rotten at AIMco. Corruption, malfeasance, incompetence, inefficiency and lord knows what else has gone on for far too long.
The cost of underperformance when managing pensions and Trust funds is beyond devastating, apply the rule of 72 and see for yourself.
What is the benchmark for returns these so called superstar portfolio managers are held to? I guarantee you AIMco has grossly underperformed all the major indexes which leaves Alberta with a devastating opportunity cost.