Mr. Speaker, the member knows that according to McKinsey & Company, 83% of Canadian households are on track to maintain their current living standards in retirement. Statistics Canada says that the share of Canadian seniors living on low incomes, which I think is called the LICO, has gone from 29% in 1970 to 3.7% today. In fact, not just seniors but regular Canadians are doing a great job of saving by themselves. They do not need big government intervention to tell them how to save.
What will happen, though, with this CPP increase, this tax on payrolls, is savings substitution. The saving that would have happened in the private sector will be moved over to the public sector and controlled by the government.
What does the member have to say about savings substitution, the phenomenon in economics whereby instead of saving by themselves, people expect the government to do it for them?