[quote user=LAndersen] I see civil unrest being very likely!
gee .. didn't we have riots in the UK or East-LA or Greece already ?
It'll continue .. and possibly HERE TOO .. as Canada's wild spending, on both the federal, provincial and municipal level with out-of-touch salaries and certainly benefit plans or indexed pensions is a serious issue that is just being started to be debated .. at least in the US it could make you presidential material i.e. Chris Christie in NJ. Chris Christie was being elected specifically because he addresses heads-on the municipal unions and high wages and huge regulations that benefits primarily unionized workers and bankrupt the state. Essentially that is happening in BC, in Ottawa and many other jurisdictions.
See article here on the most powerful union in BC, the municipal employees union, which is of course against audits:
http://www.vancouversun.com/news/Editorial+Auditor+general+municipalities+will+help+cities+costs/5261489/story.html
ditto: BC Ferries increased fares 60% and a very large % of employees make over 75,000/year .. see here:
http://www.vancouversun.com/business/Opinion+Ferries+bonuses+salaries+soar+while+earnings+sink+Gravy+Boat/5330808/story.html
ditto: Montreal wants to raise retirement age (at the expense of young people of course who are getting screwed and saddled with debt):
http://www.montrealgazette.com/life/Mayor+wants+raise+retirement+municipal+employees/4988537/story.html
ditto: Royal Bank has defined benefit (DB) plans still .. as opposed to Defined Contribution (DC) ? Time to unload that stock ?
http://www.vancouversun.com/business/defined+benefit+pension+employees/5457743/story.html When I was at IBM in Toronto from 1993 to 1995 it was changed from DC to DB .. over 15 years ago .. and the Royal Bank is just NOW addressing it and stating "oops .. we might have a problem here" !
Let's not be fools here in Canada. The
entitlement mentality is well spread here too .. especially in the non-market sector of crown corporations, quasi public firms like BC Hydro or BC Ferries or the entire public sector. In my opinion it is THE MOST PRESSING ISSUE between my kids generation (in their young 20's) and baby boomers (in the late 50's to late 60's) and the key reasons for associated debt accumulation !!
Maybe not yet as severe yet as Europe as we have less older people as a % of population and more immigrants .. but certainly a ticking time bomb hardly anyone talks about in earnest. Politicians, even conservative ones, still are way to shy to address this issue head on.
Where is Canada's tea party ? More fiscal prudence please !! far more !!!!