Like many countries, Canada has an aging population. We have a duty to ensure our parents and grandparents have a dignified, healthy, and financially secure retirement, and we have a parallel duty to ensure our children and grandchildren can thrive. But how have governments adapted their budgets to fulfill both responsibilities?
Research reveals a troubling trend: Canadian governments have not committed to intergenerational justice in their budget decisions over the past four decades. Data show older generations have been prioritized (good), while younger Canadians keep falling further and further behind (not good).
Example: Governments collected an extra $11 billion in taxes as of 2016 compared to 1976, but spent an additional $38 billion on medical care for Canadians age 65+, leaving a $27 billion tax-collection gap. The shortfall was covered by spending ~$18 billion less on programs for younger Canadians, and by growing government debts.
To ensure greater intergenerational justice in government budgets, we need our elected officials to first have access to that kind of data ☝️, showing how budgets break down by age.
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We already know how to do it: Gen Squeeze has developed a peer-reviewed methodology that works
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It wouldn't cost anything: beyond some staff time to adapt the methodology and incorporate it into annual budgeting
- It would be transformative: knowing how much we invest in — and raise revenue from — young and old alike allows us to address imbalances, and helps ensure we're leaving at least as much as we inherited
On Oct. 24. we met with more than 20 federal Members of Parliament to advance this campaign, and things are looking good! Help us push this over the top by signing and sharing today!
