The Prime Minister's efforts to save money on OAS may be laudable, but failing to address the demographic challenges and associated costs of the decades to come will have a serious impact on the young people of today. Our country's next generation will be burdened with debt and will lack the fiscal capacity to deal with the even longer-term issues.
The way this government chose to deliver the issue of reforming Old Age Security (OAS) was what surprised Canadian seniors. There was no build up to it, nor was it raised during the recent election. Canadians, especially those nearing retirement age rightly want to know what is going on and when these decisions were made.
Raising the OAS age will target those least capable of doing without it. Rest assured, no one is going to quit working just because they will now get about $600 a month. But this will be very meaningful for those now living on less since access to Guaranteed Income Supplement is tied to receiving Old Age Security.