Mr. Speaker, yesterday the fifth actuarial report on old age security was tabled in the House. We learned that our old age security payments will increase from $25 billion to $93 billion annually in just 25 years.
These payments to nearly eight million retired Canadians will be made from general tax revenue. The cost of OAS will grow almost 40% faster than total employment earnings.
Having conquered the challenge of the deficit, it is time that we begin setting aside part of our current surplus to pay for future retirement costs and prevent destructive tax increases or cuts in our seniors' benefits.
Canadians who have paid a lifetime of taxes deserve and expect that their old age security will be secured by government foresight.