To the Editor,
Re: OAS changes aim to deal with boomers, Feb. 2.
It’s no surprise Stepehen Harper wants to raise the retirement age to “save” his plans to extend the deficit. It’s based on the European (and American) model, that rescuing banks will save the economy. It won’t, as both systems prove as they jump from crisis to crisis.
The Icelandic experience offers a better model.
When the Bank of Iceland failed, the government proposed taking money from social programs and pensioners to pay back the British and European banks that were screaming for their money.
The people quickly elected a new government that reminded the bankers that they had been preaching the virtues of the free market when it was good for business.
When their greed resulted in losses, the people who have worked and saved to provide adequate pensions should not have to bear the burden.
Iceland let their banks fail, instead of shovelling money to them as the Canadian government has done.
Our U.S.-connected banks will fail too as the problems of the corporate system, (changing global climate, peak oil and gas, nuclear accidents, deserts increasing exponentially, increased poverty making consumers unable to buy, greed, etc.) make most business, especially financial, into losing propositions.
Raising pensions and minimum wages puts money in the hands of people who spend it. Whether communist or capitalist, that has always led to healthier economies.
Jim Erkiletian
Nanaimo