Wednesday, Jul 07, 2010
The last great ponzi scheme
FT: UK directors seek public pensions overhaul
Sweeping changes to public sector pensions were demanded on Tuesday by the Institute of Directors and the Institute of Economic Affairs, as unions accused the two bodies of “simply wanting to reduce taxes for business and the super-rich”.
Posted by goldbug9999 @ 09:30 AM (481 views) Add Comment
5 Comments
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1. mr g said...
No doubt there will be the usual attempts to defend the indefensible besides claiming that the state pension is no different but public sector pensions are exactly what it says above, a Ponzi scheme.
2. Crunchy said...
The tea leaves are back. Is nothing sacred anymore.
Cry a baby boomers.
3. novice pete said...
Ah! UK directors now feel safe to don their jackboots, no doubt to direct attention away from their own gold plated pensions, bonuses,
and expanding annual salaries while the rest are left to 'eat cake'. The financial sector, the greatest ever and unopposed ponzi scheme
in the history of mankind.
4. mr g said...
@NP "The financial sector, the greatest ever and unopposed ponzi scheme in the history of mankind."
Agreed and run a close second by public sector pensions.
5. Simon said...
Whatever is done to reform secondary (non-state) pensions for public workers , we will still be left with the much bigger problem of private sector workers being unable to fund their old age .
We need a plan to get the state pension (primary pension) put right .
Enough must be deducted from peoples earnings to build a national pensions fund which will generate an income which will negate the need for meens tested benefits in old age . It should be funded , not pay as you go by the next generation .
One thing which constantly gets forgotten is that a pension and saving for old age are not the same thing : a pension is an insurance policy against living longer than your savings will last .