Fiscal Expenditure and Expansion of Canada Pension Plan | 2min snip from It's Political with Althia Raj

We spent hundreds of billions of dollars unexpectedly over the space of about 18 months. I'm Kevin Milligan. I'm a professor of economics at the University of British Columbia. I think one thing that was really impressive to me was the speed at which we got out the serve. You know, there are questions and people debate a bit about whether things are turned off too quickly or too slowly and how we phase them out. But overall, I mean, that was the biggest fiscal expenditure of my lifetime, I'm sure. I think one of the biggest lasting achievements is the agreement in 2016 to expand the Canada pension plan. Now, many people may not have noticed that yet because it's something that's phased in over a generation. So it's kind of a big impact on generations to come with a much bigger Canada pension plan, retirement plan for them. Why I think it was a big achievement is that it required a lot of consensus among provinces. So back in 2016, they got all nine provinces to participate in the CPP to get around a table and to agree. And this includes conservative premiers, NEP premiers, liberal premiers from across the country to agree to this expansion. And I think that's something that first of all, we'll have a big impact on future generations. And secondly, it's actually pretty hard to undo because to undo it, you have to replicate having all these provinces agree to undo something. And that's pretty hard to do.

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It's Political with Althia Raj

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