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E The earning power of retirees will be affected by economic downturn conomic hardship is a catalyst for change. There is reason to consider incomes may decrease for Ontarians and that would most certainly hinder an individual's ability to be financially secure. In simple terms, the economy is a reflection of current-day reality. The roaring '20s was a time of economic prosperity and enjoyment. The stock market crash of 1929 ended the glory days and sent North America into the Dirty '30s when unemployed workers resorted to bread lines for food. From a standard of living point of view, it is money that makes the world go 'round. Our world is spinning a little slower these days, except in Canada. Our minister of finance, however, has repeatedly said we are not immune to the realities of the sagging world economy. Cost cutting is the order of the day during hard times, which means companies adjusting to slower and more competitive times and governments facing mounting debt levels. A popular trend in the southern U.S. is legislation called right-to-work. These laws make it more difficult to organize a union because membership in a union is optional. This legislative trend is spreading. The closest example of the effect of that legislation was seen in London, Ontario earlier this year -- Caterpillar employed 600 workers and asked them to take a 50 per cent wage cut. The workers said no and effectively took a 100 per cent wage decrease -- the plant was moved to Indiana, where recession-battered Americans were happy to have those lower-paying jobs the Canadians turned down. 15 · Thursday, December 13, 2012 OAKVILLE BEAVER · www.insideHALTON.com Dollars & Sense By Peter Watson pushed households to historically high levels of personal debt. Many people will have difficulty retiring and maintaining their desired lifestyle. Many will postpone retirement and in some cases might be earning less if wages do decline. Those most likely to be affected will be government or government-controlled workers, such as hospitals, schools, and unionized workers. There is not the economic prosperity to preserve the status quo. Added to the economic reality is sympathy for the public. The NHL labour dispute between millionaire players and billionaire owners is starting to turn people off. The current teacher strike threats affecting children and working parents, scrambling to find childcare, will likely affect public opinion. This is an opportune time to assess your own income potential and if you have any concerns, start to manage your personal affairs more conservatively in case your earning power declines. -- Submitted by Peter Watson, MBA, CFP, R.F.P., CIM, FCSI. Indiana is now a friendlier source of labour that has adopted the right-to-work laws. Michigan is introducing similar legislation because Asian and European car manufacturers have been locating assembly plants in several southern right-to-work states. They rely heavily on the automotive sector and want to remain competitive. Would Ontario have to follow this trend in order to protect jobs here? Ontario PC leader Tim Hudak has said he favours this. Last week, he suggested changing how liquor is sold in this province. Would that be his way of shifting liquor distribution from highly paid union workers to less costly alternatives? Toronto Mayor Rob Ford did that same thing when unionized garbage collection was shifted away in an open bidding process, which saved the city millions. There will be changes when companies cannot remain competitive or governments cannot afford the services they deliver -- that is a certainty. The unknown is what exactly those changes will be. If changes result in a decline in employee income, there will be significant repercussions to the financial security of many Ontarians. Consumer spending has SALE PRICES NOW IN EFFECT BOXING DAY All Billiard Billiard Tables Tables All Connelly & & Golden Golden West West Connelly Plus Receive Free Delivery & Install. Free $700 Accessory kit SAVE UP TO 35-45% All Foosball Foosball Tables Tables All Garlando and and Toronado Toronado Garlando SAVE 35% Scooter's 2012 Holiday Specials: All our regular sessions are still open except those Sat. Dec. 15 Sat. Dec. 22 that are noted cancelled below. 1pm-5pm 8pm-11pm 1pm-5pm All Bubble Bubble All Hockey/Air Hockey Hockey Hockey/Air 10am-12:30pm Tiny Tot Leeson & All Ages Skate & Skate with Santa! 10am-12:30pm Tiny Tot Leeson & All Ages Skate & Skate with Santa 1-5pm All Ages Skate 8pm-1am Night Skate Sun. Dec. 30 All Ages Skate Old School Adult Skate All Ages Skate Mon. Dec. 31 ** 9 pm - 2 am ** New Year's Eve Skate Sun. 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