It seems Kathleen Wynne is now prepared to take full credit for the proposed CPP expansion. The current retirement legislation began with Mr. Harper’s proposed PRPP which she refused to work with or make acceptable alternate proposals. Her government then tried to force an inflexible, expensive program down the throats of taxpayers and Ontario businesses. She did not listen to industry professionals about logical alternatives including defined contribution and created a very uncertain marketplace hurting the financial sector in Ontario for some time. Her belief only her programs could be effectively was highly hypocritical and potentially damaging to businesses that may have chosen to do their plan privately.
Not only would the ORPP have increased her already massive deficit it would have been an economic killer here in the province. In the interim she has essentially spent billions of taxpayers dollars on a program that won’t happen, including a ridiculous amount of advertising, hiring and supplies and leases to manage this.
There is little doubt that enhancing Ontarians retirements makes sense. It remains to be seen if the CPP enhancements will really do that and whether it too may hurt a fairly fragile Ontario economy. In the end this was a very expensive bluff and is eerily similar for taxpayers to the Power Generation failure under her watch. Two huge expenses for Ontario with nothing to show for it.