Seniors’ debt: Lysane Blanchette-Lamothe urges government to act before it’s too late

OTTAWA — Alarmed by the growing debt among seniors, Official Opposition Seniors Critic, Lysane Blanchette-Lamothe (Pierrefonds‒Dollard) urges the government to act before it’s too late, particularly by reversing their decision to raise the age of eligibility for Old Age Security by two years.

According to data unveiled recently by the Vanier Institute of the Family, Canadians over the age of 65 are the demographic group with the largest insolvency and bankruptcy rates in the country.

“The government has a crucial role to play in helping our citizens age in dignity,” said Blanchette-Lamothe. “Rather than slashing Old Age Security, it should implement concrete solutions to increase the financial security of retirees, who worked their whole life to build the Canada we know today.”

The problem is even more urgent as the study unveils that Canada’s seniors are 17 times more at risk of becoming insolvent than they were 20 years ago, a trend that is growing each year.

While the Conservatives are stubbornly balancing their budget and their frivolous military spending on the backs of seniors, the NDP proposes to reinforce the public pension system, protect employees’ retirement funds in case of a company’s bankruptcy, and stimulate job creation and economic growth through tax credits for hiring.