11 Aug 2010 9:52 AM:

You say you have worked all your lives but the reality is you haven't.  As a proportion you have worked a lot less than the generations before (who had a life expectancy of 70 and in reality very large numbers never even made it to retirement) and you will work a lot less than the future generation where we already see retirement dates being pushed upwards.

Each generation funds the one before.  The babyboomer generation had a large population to fund a much smaller generation before them and were aware of smaller generations coming behind to fund them.  They should therefore have been saving money (ie paying down national debt, ala Norway) to provide for their retirement.

Instead look at what the now retiring babyboomers are passing over to generations x and y.  Massive borrowing and the worst deficits in peacetime ever.  Doesnt matter though because they are dissappearing from tax paying status so the younger generations can pick that bill up.

Look at healthcare as another example.  20 years ago it was pretty crap when the generation before babyboomers needed it most.  In the last 10 years as the next generation starts to need it more ... massive investment (based of debt burdened onto later generations).

And why does this happen?  Because baby boomers have power due to large numbers, holding most of the countrys wealth, and they vote.  No political party can ignore the massive voting numbers from that generation so they get pandered to.  The young dont understand they are being exploited so dont bother voting so have no voice.

Thread: the uk gov. stealing money off the poorest

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11 Aug 2010 12:17 AM:

If you want to see where the real "stealing" from the poor to fund the rich is going on you need to look at the generational differences.  The baby boomers are the richest generation in history (based both on real, nominal and percentage or wealth) and yet look at who were the only beneficiaries of the austerity budget.

Child related benefits, slashed.  Pensions - uprating of linking to earnings (with a min or RPI or 2.5% floor!).  The only safeguarded area of spending, healthcare, and who uses that?

I really feel for anyone graduating at present, shedloads of debt, no job market, no chance of owning a house (let alone a place in the sun!). 

Thread: the uk gov. stealing money off the poorest

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