Seniors Facing Spectre of Impoverishment?

"Canadian Seniors Facing Poverty!"

The media and politicians are quick to stir things up relating to crime, drugs, racism, sexual preferences, the handicapped or minority rights,etc. Businesses spend millions researching product preferences for all the deomographic groups under 50. But serious matters concerning Canadians over 50 just aren't that interesting to them and are of questionable economic or political value.

With the Baby Boomers rushing into senior citizenship status, Canada is about to experience a humungus financial disaster! Many millions of Canadians are about to be thrown into absolute poverty.

According to our last census, over 60 % of Canadians reach 65 years of age with a net worth under $250 thousand. Most of this is remaining equity in their homes. Only a small fraction is in RRSP's that may generate less than a $100 per month revenue stream. Their CPP will be paying under $700 per month. Their Social Security payments will produce about the same.

In other words, most Canadians will be living off less than $18,000 income per year. This is way below the poverty line!

On the other side, only 14% of Canadians at 65 have a net worth of at least $600,000. But with the average home in the GTA now costing $350,000, this only allows these "wealthy" Canadians $250,000 in investments. Their net worth will likely disqualify them from Social Security benefits. so the $15,000 income from their investments still doesn't get them above the poverty line.

Life expectancies are also increasing, but family disruptions brought about by the new morality imposed during the Trudeau era, means that the vast majority of Seniors will be on their own. We have a very nasty situation brewing.

As dementia set in, my elderly mother who paid her taxes faithfully for over 35 years, became a ward of the state. Her house equity was wiped out within 5 years of retirement. She became quite destitute and impoverished. In case you think I was being selfish, unfortunately at that time, my financial situation was also quite desperate.

I visited many of the "death houses" for impoverished seniors waiting to die. Visitors were few and far between. Smokers like Mom were stuffed into a former supplies closet until 8 weeks later when emphaseema finally took hold and her bed became available for another tragic figure.

How does it happen that a Canadian gives years of their lives and is not able to accumulate enough wealth to be self-sufficient when they become seniors? Is this the hidden plan? Once we are no longer a viable economic unit, is it the government's plan that we continue to be sucked dry and then hidden away in these drug induced semi-comas?

Millions of boomers and pre-boomers had their "nesteggs" wiped out by divorces in their 40's. Single Mom's and single Dad's have been barely able to get by due to Canada's profligate taxation schemes. Those families with dual incomes are taxed individually so that if there is a good year for one of them, the goverment claws back 42% income tax on their earnings!

Civil servants and other government paid groups have extorted generous pensions from the private sector Canadians. But it is the private sector Canadians who havenot been able to sustain decent incomes and maintain pension funds. Every time they are fired or lose a job, they need their pension monies to get by until they find another job.

Also, look at income levels of people over 45 in the public sector. Ageism has trashed a huge segment of our workforce. In fact, most are foced into "consulting" and aren't even considered part of the labor force anymore. They can't even qualify for unemployment insurance.

I call these people former "wage slaves" who become the "self-unemployed".

Can the government do anything?

There are many things that can be done right now to help ensure most Canadians become self-sufficient in their senior years. All of the changes must be designed to increase family wealth in Canada. These include a major policy shift away from "income taxation" to "expenditure taxation" and personal taxation to industrial taxation. We must also share the resource wealth of the nation with every citizen.

Some of these policies include:

1. Family Income Sharing


2. 5 year Income Averaging


3. Real Estate RRSP's


4. Sales Taxes to Replace Income Taxes


5. Corporate Revenue taxes


6. Resource Duties and Citizen Distributions


7. New Enterprise Tax Exemptions


8. Family Tax Deferral Transfer Savings Funds


9. Public/ Private Sector Wage Equity Adjustments


10. Political Economic Performance Accountability


11. Criminal Prosecution for Mismanagement of Public Funds


12. International Economic Independance Policies and Regulations


13. Heritage Charter of Duties and Responsibilities of Canadians


14. Reporting of "Cash Economy" Transactions & Control Policies


15. Stringent and Severe Fraud Victim Compensation Laws


16. Government Management of Non-Renewable Resources

The key to successfully managing our society and our nation is Federal stewardship of the nation's Human, Physical, Technological, Informational and Financial Resources. The national goals and strategies adopted in these areas can then be allocated amongst the Provincial and local governments in an efficient and effective manner.

Recent attempts by Provinces to acquire more independance and authority from national powers, and the constitutional division of resources and powers, are both fraught with short-sited implications and self-interest perspectives that weaken Canada's national integrity.

The basic principle of Federalism must not be compromised by decentralizing control over the long-term development of Canada's five major resources. It will be our long-term vision that provides the adhesion required to keep our nation from fragmenting due to internal and external political and economic interests intent upon centrallized globalization of power.