Ottawa Again Asks Younger Canadians to Sacrifice for Comfortable Retirees
The Carney government’s first budget fails to address the pressing issue of Old Age Security. Ahead of his budget, Prime Minister Mark Carney acknowledged that Canadians must find the courage to make sacrifices for the common good.
Conservative Leader Pierre Poilievre rightly points out that younger Canadians already endure significant sacrifices. They face record-high rents and burdensome mortgages in a challenging job market, while protecting many older homeowners who rely on inflated property values to finance their retirements.
Despite this, the 2025 budget avoids a difficult reality: neither the Prime Minister nor the Opposition Leader has asked financially secure retirees to share equally in this national moment of sacrifice.
Carney allocates $89.7 billion in new spending to counter pressures from the U.S., but his goal to act as a nation builder will remain unattainable until this core issue is addressed. His actions are limited by a long-standing deficit, a result of previous governments failing to secure enough revenue for an aging population.
Canada's economy cannot easily recover through growth alone. For years, it has depended on passive GDP growth fueled by rising home prices rather than investment in machinery, intellectual property, and talent. Now, an aging population and U.S. economic pressures are further slowing growth.
"Neither the Prime Minister who tabled it nor the Opposition Leader who critiques it has found the courage to ask financially secure retirees to share equally in this national moment of sacrifice."
Author's summary: The 2025 budget overlooks the need for equitable sacrifice, leaving younger Canadians to bear the burden while financially secure retirees remain protected.