Friday, May 7, 2010
This might give us a clue to what we can expect in the UK
Romania to cut wages and pensions
Public sector wages will be cut by 25% and all salaries, including the minimum one, will be affected. Jobless benefits and pensions will be slashed by 15%. "The state sector is like a fat man of 200 kg sitting on the back of a 50 kg little man who is the real economy."
Posted by mark @ 10:12 AM (1271 views)
6 thoughts on “This might give us a clue to what we can expect in the UK”
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Simon says:
If Gordon had gone to the polls a year ago action on cuts could have been taken sooner and would have been shallower .
With a hung parliament what chance is there that there will be the decisive action required to stave off harsher cuts later ?
The market seems to think not much chance at all .
sovietuk says:
Before or after the second election ?
Crunchy says:
Bbc: Romania to cut wages and pensions.
Just Romania? I think it’s a much bigger problem than that beeb and you forgot to mention the savings scam as well.
Where is all this money going beeb? (((((((SILENCE)))))))
nickb says:
No one has yet explained to me why, with an economy that is growing exponentially on trend, we cannot afford the level of public services and pensions that the previous generation took for granted. Instead a great hullabaloo is made about how we are living beyond our means. And conditions are then attached to “bailing out” governments at levels of national debt that are not historically too high, that benefit the corporate and especially financial sector at the expense of the working population (who are supposed to swallow unquestioningly that we are “living beyond our means”. In the meantime hardly an eyebrow is raised when banks are bailed out with sums an order of magnitude higher.
Surely something fishy going on, no???
dbc reed says:
@nickb
Could n’t agree more.The fact is that there is a body of opinion which never really accepted the post-war consensus around the mixed economy and now sees the present private sector -produced crisis as a chance for the final solution of public sector parasitism,as it is routinely described.The worrying thing is that Clegg is trying to get together a coalition with fellow upper-class anti-State public schoolboy Cameron to do tremendous injury to the public sector,none of which was mentioned in their manifestos.
dohousescrashinthewoods says:
I think public sector is, as another post puts it, the fat man on a skinny donkey.
Whoever’s in charge, they are going to have to burst that boil – and UK final salary pensions are looking puss-filled.
You can’t run a public sector (non-productive) which is over 50% of the economy – where’s the money coming from to pay for them, let alone pay for an economic recovery.
[incidentally, I’m pretty sure exponential is not a natural “shape” – exponential systems burn themselves out, and suddenly too. Trees do not grow to the sky]