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ORPP on CityTV Toronto

ORPP on CityTV Toronto
Profile photo of Mises Canada

On June 16, 2014 Chris Horlacher, Vice-Chairman of Mises Canada, appeared on CityTV Toronto with Melanie Ng to discuss the Liberal Party’s proposed new Ontario Retirement Pension Plan (ORPP).  Below is a video of the segment that aired.

Chris has written more extensively about the ORPP here.

  • Ohhh Henry

    I doubt very much that the genesis of the plan was some kind of perception by politicians that there is a low savings rate in Ontario. I believe that the genesis of the plan was that Ontario politicians started to feel the pressure of not being able to borrow as much money at the low rates to which they have become accustomed.

    If they were concerned about savings and retirement then the politicians would have specified that the ORPP fund will be placed in diverse investments by professional managers and run at arms length. But despite the number of media reports that use the term "arms length" in their summaries of the plan, the actual budget (foreword) doesn't use the words "arms-length" at all. It says: "Our strong Alternative Financing and Procurement model, run by Infrastructure Ontario, will allow for the efficient deployment of this capital in job-creating projects." This is another way of saying, "highly politicized barrel of pork to be doled out in key ridings at strategic moments in the election cycle."

    It's a pretty common ploy in the most mismanaged, corrupt and impoverished "developed" countries to steer pension plan savings into the government's own coffers. For example Argentina nationalized its citizens' pension plans in what The Economist called "a naked government grab for pensioners' assets" in 2008. Spain's state pension fund has allocated 97% of its citizens' money to its own government bonds in what Business Week called a "raid". But don't expect to hear or read any plain language describing the the ORPP ripoff in Canadian news media anytime soon. By the time you do it'll be too late.

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