Wynne's pension plan isn't needed: Economists

NDP Leader Andrea Horwath, Premier Kathleen Wynne and PC Leader Tim Hudak. (QMI Agency Files)

NDP Leader Andrea Horwath, Premier Kathleen Wynne and PC Leader Tim Hudak. (QMI Agency Files)

Christina Blizzard, QMI Agency

, Last Updated: 6:43 PM ET

TORONTO — They’re talking big money -- your money.

As they travel the province in search of your vote, Liberal leader Kathleen Wynne, PC leader Tim Hudak and NDP leader Andrea Horwath are making sweeping promises about how they’ll spend your dough.

The differences between Hudak and Wynne’s plan couldn’t be more pronounced.

Wynne and her finance minister Charles Sousa made massive spending promises in their May 1 budget.

They hiked tobacco taxes, imposed an income tax on people with incomes more than $150,000 and promised a payroll tax on everyone to pay for an Ontario Pension Plan.

Hudak is counting on his Million Jobs plan to get him elected. He wants to get electricity prices under control, end corporate welfare and says he won’t hike taxes. And he doesn’t agree with Wynne’s pension plan.

I took the plans to three economists this week and asked them who’s on the right track.

I got a view from outside the province from Dr. Jack Mintz, of University of Calgary’s School of Public Policy.

He worked on the pension studies for the federal and provincial ministers of finance and says most Canadians are saving fairly well for retirement and it’s only single seniors who may run into problems.

He says this province was told not to go ahead with the pension plan.

“I know that the Ontario government was advised not to do a defined benefit plan because it would be very costly,” he told me. “You are forcing mandatory savings on people who don’t need it.”

He says studies show no need to increase CPP either.


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