Monday, November 09, 2009

Well It's About Freaking Time

When France gets its head out of its ass before the US does, you know it's over.

What amazes me is how this easy solution is never suggested. Not because it's too easy, but because grandma and grandpa would revolt if you dared to make them work another (GASP!) 5 years so the freaking country doesn't collapse and their grandchildren might have a freaking shot at a normal economic life.


Anonymous said...

Wow, I am not allowed to read more than 2 free articles in a month at Have I ever mentioned that Financial Times is crappy? Just like probably everything else with a "Times" at the end...

Anyway, letting people work longer may reduce the stress on the pension systems, but it surely is no cure for the general deficiencies of the system. The French system, like the German one, is totally based on pay-as-you-go principle, which will end in an utter mess in the next 20 years, because it's like American Social Security, but double the size.

I've published a post about the German system and the problems of PAYGO pensions in general on my blog, but it's only in German yet. I will probably post an English translation in the course of this week.

Anonymous said...

Lets not get too excited the age they have for retirement is 60.

I suppose a reasonable 10 year jump at once might miff people, nevermind the companies itching to get rid of some dead wood they can't fire.

CBMTTek said...

The real problem was twofold:

1. Creation of a Government run pension system. Entitlements never go away, never shrink, and always reach a point of unaffordablity.
2. Government control of employment, retirement age, or other work factors.

Maybe I am nuts, but I am not considering a penny from SS when I retire. Whatever, if anything, I receive from Social Security will be a bonus in my eyes. Instead, I am building a nest egg without outside help, and I am going Galt a little more every day.

MTGirl said...

Personally, it pisses me off that a government can just drop it's end of a contract like that.

Those french frogs made a deal with their workers that they would start paying pensions at XX years, but then they realized they had spent all the money on their pain in the butt bastard stepchildren who kept rioting and burning cars in Paris. So, whoops! Guess we aren't going to pay you what we promised, little Jaque. Sorry!

F' that, you frog bastards. Why don't you go fire your third cousin who you made the ministers of domestic culinary standards for navel orange imports? Oh no, we couldn't let navel orange standards slip, now could we. We'll just f' with a bunch of 50 year old people's pensions. Why don't you get rid of your own f'ing pensions, you froggy govt bastards.

So, Captain, care to start a petition to abolish all pensions for elected officials on all levels of government, excluding law enforcement? I'll sign.