I have just heard the booming voice of the biggest teller of tall tales we have ever heard in this House.
What we have done is avert a crisis and we are doing it responsibly. Our government acting in co-operation with our provincial partners took the lead to restore financial footing of the plan. We held 33 sessions in 18 cities, hearing more than 270 former presentations from Canadians on the plan including young Canadians.
Canadians and young Canadians in particular have no hesitations in asking us to preserve the plan, strengthen its finances, improve its investment practice, and we are doing that. This bill addresses the concerns raised in our national hearings and again we thank the Prime Minister and the Minister of Finance for their visionary leadership on the issue.
However, do not take our word for it. Listen to the words of others. The minister of finance of Ontario, a hero to many Reformers, on February 15, 1997 stated: “We have protected benefits for pensioners and secured a sound financial future for the plan and the people who need it”.
Christopher Clark of the Canadian Council on Social Development says: “It is highly ironic that proponents of dumping the Canada pension plan for private RRSP schemes often defend the idea in the name of intergenerational equity because it would be cheaper. It is neither equitable nor cheaper. As is the case with most quick fix privatization proposals, it sounds too good and easy to be true, and it probably is”.
The head of Business Council on National Issues agrees with him: “This agreement places Canada at the forefront of industrialized nations with problems linked to an aging population”.
Allan Tough, an actuary from Alberta, states in the Calgary Herald the importance of acting now: “With any problem it is better to face up to it now rather than later. The longer you delay, the worse it gets. A 9.9% contribution rate sounds definitely better for my children than going to 14% later”.
David Crane of the Toronto Star commented: “The announcement of higher premiums for the Canada pension plan should reassure Canadians on the long term viability of the plan to which all workers contribute”.
The CPP has become a key component of our national pension system. The amendments to the plan contained in Bill C-2 are designed as a package to stabilize the plan and ensure that it will continue to meet the needs of Canadians. If we continue forward ignoring reform to the pension system we can guarantee there will be no pension for Canadians and that is simply not an option. That is why I stand in my place and support this bold move to save this cherished covenant with working Canadians.