Hear that chanting, “Hell No, We Won’t Let It Go” or those wild screaming sounds coming from the Hill? No? Rather, the non-resident sound of deafening silence from Canadians under the age of 50, who were just “Greek-like” robbed overnight by their Minister of Deceptive Finance of Thousands of Dollars in reduced OAS lifetime benefits for everyone not classified as an active Baby Boomer (age 50+).
Federal Budget…Who cares? Please go away. They surely don’t want knowledgeable insiders to raise a stink and create attention to the facts of austerity for the 0-49 year old working poor, and material reduced entitlements (without discussion) save the Budget Day surprise announcement for anyone under 50? In the US, they are up in arms over a benefit entitlement changes 35-40yrs out. In Canada,… 16 yrs notice is all you get to accumulate $481,460 .
That’s age discrimination. Luckily for those under 50, it’s probably not Constitutional either.
All the usual paid and propped Banksters broadcasting expert spun commentary “… less than expected” as if independence existed for anyone on air. So, all is well and fine it would seem. Move along sleepy sheep and extend or defer your actuarially computed entitlement obligation so that we (Gubbermint) can spend it all away… right now today.
For those not a Boomer (ie: 49 & under) however, the new two year extension for no longer receiving a basic living poverty allowance from the old age of 65 is now delayed to 67 which results in a reduction in your benefits of (a non-inflation indexed) $ 540.12 monthly max. x 24 months = $12,960 compounded @CPI of 3.5% eighteen (Future Age 67 – Today Age 49=18) years from today.
Rate per Period**:
Number of Periods:
Payment Amount: $
Payment Due at:
|Future Value: $ -24,073.06|
As a result, morning after Budget day, every 49yr old, lost $-24,073.06 in future entitlements 18 years from now, or in future retirement income cash flows terms today. They Vanished. Just vaporized. No longer a Public Policy future liability. This actuarial adjustment frees up lots of unallocated present and future tax revenues… say future budget deficit decline anyone?
Bamboozled from every Canadian under the age of 49 is much more like it. At 5%, that would equal replacement capital sum of money equal to $481,460 to earn back that lost entitlement income. Guess what? That sum (half a million for every 49 Yr. Old Cdn) suddenly is now actuarially no longer needed to be “budgeted for” as an entitlement owed or liable by Gubbermints of the future to its senior citizens… phew.
Nothing much in this Balanced Budget indeed,