Unless you are in Argentina, the government isn't going to dip into CPP.

Most articles I've read indicate CPP gets a good investment return and has low overhead costs and is projected to be sound for the next 75 years (the latter due to the increases implemented by Paul Martin in the 90's). 

We might not have CPP at all if people in general were good at saving for retirement (which a lot aren't) or if everyone belonged to a generous defined-benefit pension plan (most of us don't). 

I figure if someone wants to opt-out of CPP, they should be allowed to do so. However they should also have to sign an agreement that makes them ineligible for any sort of government handouts when they reach 65, find the only jobs open to them are standing at the front door of a Walmart store, and otherwise are flat broke.