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Triple Lock Pension Bribe

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7 minutes ago, kzb said:

That's the way it is presented and it is true on one level.

At a deeper level, money is created by the banking system. 

Money is created by the banking system, but wealth isn’t. 

Sure you can print money, but each pound you print just devalues all The others.

You can therefore play games by boosting some people’s wealth at the expense of others by printing money, but redistribution by inflation is the limit of the magic money tree’s powers.  

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19 minutes ago, scottbeard said:

Money is created by the banking system, but wealth isn’t. 

Sure you can print money, but each pound you print just devalues all The others.

You can therefore play games by boosting some people’s wealth at the expense of others by printing money, but redistribution by inflation is the limit of the magic money tree’s powers.  

We've had QE by the hundreds of billions but inflation has been modest.

You seem to be under the misapprehension we live in a democracy with a free market economy.

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1 hour ago, kzb said:

According to Wikipedia they did indeed have a baby boom.  Given the greater impact of the war on the French I bet it was a bigger boom than the British one.

Then why, according to your previous post, has there not been a corresponding pensioner boom?

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1 hour ago, kzb said:

I've just calculated this:

SUM(65 to 85+)/SUM(19 to 64)

1980 = 0.261

2015 = 0.265

In other words there was only a marginal increase in the percentage of over 65's between 1980 and 2015.  Not the massive increase that people seem to believe, and far smaller than the increase in GDP per head.

Umm, the boom will happen from 2010 (1945 + 65)  onward.

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5 minutes ago, Peter Hun said:

Then why, according to your previous post, has there not been a corresponding pensioner boom?

Perhaps there has been, or will be.  That's not the point. 

You were explaining why the French have such a different attitude to defending pension rights by saying they didn't have a baby boom.

I then explained they did have a baby boom and their demographic problem is most likely as big as ours.  Possibly even worse given their longer life expectancy.   Therefore this cannot be the explanation of their different attitude to pension provision.

Any other ideas?

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9 minutes ago, Peter Hun said:

Umm, the boom will happen from 2010 (1945 + 65)  onward.

Granted, but I thought it was an interesting fact, and against most peoples' expectation.

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2 hours ago, kzb said:

Any other ideas?

An overwhelming sense of entitlement from a people embedded in a Stalinist Command Economy that controls everything, safe in the knowledge that their future is predictable and stable as part of a greater economy.

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2 hours ago, kzb said:

Granted, but I thought it was an interesting fact, and against most peoples' expectation.

And you will get the same result in the UK, because lots of young people died in WW2.

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3 hours ago, kzb said:

We've had QE by the hundreds of billions but inflation has been modest.

Your comparison is flawed.  To see the inflationary effect of QE you need to think not just about what we had but what we WOULD have had I’m the absence of QE. 

Without QE we would have had a big deflationary depression. That’s why they did it.

Compared to that the modest inflation we have had is much higher.

and as I said it robs Peter to pay Paul. In this case robbing savers to help out the indebted.

however it did also help smooth the path of the economy over recent years so arguably had its upsides  too. 

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On 09/12/2019 at 13:04, mallish said:

Scott - as a rule I agree with your posts here.  No offence meant but I am different in that I do accept that life is not fair - never has been never will be.  Is it fair that I live in what is a relatively prosperous country while billions live in poverty? Probably not.

By the time you and  I collect our pension there will be few if any people on big final salary pension deals. That change will; happen automatically with the passage of time.

The action I am taking is to en sure m y own and my families financial security as I think that is my responsibility. 

 

I agree that your responsibility, as is That of all individuals, is to secure your own family’s safety and happiness. And In doing so you need to act in the knowledge that life is unfair.

but I still maintain the role of government is to try and right some of those wrongs by acting in a greater interest, redistributing to some degree from the lucky to the unlucky. That’s why I’m happy to pay taxes and for them to be used for NHS services, unemployment or disability benefits, because whilst I luckily don’t need those services right now, it’s fair to help Those who do. And one day it might be me needing them as well

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  • 337 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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