Man in a Shed: Your pension may be 50% less than you expect (thanks Gordon)

Monday, April 30, 2007

Your pension may be 50% less than you expect (thanks Gordon)

Of course state funded pensions for Guardian, Independent readers and Labour MPs will still be mouth wateringly good. (See today's Daily Telegraph for details. )

Lucky them.

Who said slavery had been abolished ? The UK taxation scheme is now a form of bonded labour were those not employed by the state work to keep the privileged few in lovely pensions.

2 comments:

Anonymous said...: This really scares me. I gave up my job to be a mum and have no pension to look forward to. I don't put money by as I should, and I have two sons to help fund through university. What should I do?; 6:33 pm
Man in a Shed said...: It scares me too! My best option is to be dead but with no pension just before pensionable age.

The realistic option is to start saving as much as you can into your pension. But I assume your self employed, as I am, and its not that easy. Plus Gordon may steel it anyway.; 11:33 pm

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The pound in your pocket

"We used to think that you could spend your way out of a recession and increase employment by cutting taxes and boosting government spending. I tell you in all candour that that option no longer exists." James Callaghan

“The trouble with theoretical economists is that they don't understand that when you have a deficit, you can only finance it by borrowing, and you've got to persuade people that it's worth lending money to you and that they'll get their money back... there's no way of escaping it.” Dennis Healey during the 1976 Stirling Crisis.

"Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens ... Lenin was certainly right. There is no subtler, no surer means of over-turning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose." John Maynard Keynes, 1920.

"To preserve [the people's] independence, we must not let our rulers load us with perpetual debt. We must make our selection between economy and liberty, or profusion and servitude." Thomas Jefferson, President of the United States of America,1801-1809.

Inflation is taxation without legislation .. Milton Friedman