Whose fault is it that people in the UK have the lowest state pension in the developed world?
Firstly: it isn’t news that the UK pension is the lowest in the developed world. The OECD has been telling us this since at least 2017.
The statistic has come to light again because there is pressure to improve the situation in the 2020 Budget, due to be announced very soon.
It is a forlorn hope.
In case everybody has forgotten, the government has been increasing the pension age over the last few years – and will continue to do so well into the future – because it doesn’t have enough cash to pay everybody currently eligible.
That’s what the WASPI protests have been about – the fact that the government suddenly forced them to wait periods of several years in some cases, putting them severely out-of-pocket.
But here’s the operative question: if all the other countries in the developed world can pay more, why can’t the fifth-largest economy in the whole world?
Doesn’t it indicate that our leaders for the last several decades – going back to… I don’t know… 1979 at least – have squandered our cash on stupid things like tax breaks for people who are obscenely rich, when they should have been investing it in our future?
Doesn’t it indicate that, as a certain billboard campaign puts it, we have been led by donkeys?
The people ultimately responsible were called Thatcher, Major, Blair, Brown, Cameron, May and Johnson.
Isn’t it time we laid the blame where it’s due and demanded sensible redress for their stupidity?
Source: UK pensioners receive the lowest state pension in the developed world – Welfare Weekly
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You wrote “our leaders ….. have squandered our cash ”
But it’s even worse than that because the UK Government is a currency issuer, which means that our government can produce as much money as it needs, without raising taxes, borrowing or paying interest. Countries in the Eurozone can’t do this, but WE can!
If the funds are used productively then they produce more money, eg creating jobs so workers pay tax and produce goods that are then sold and also exported. That’s why it was OK for Labour to offer all those wonderful policies and pay the WASPIs what they’re owed. People, who have disposable income spend it and so help to create more jobs. People, eg pensioners with not enough money can’t afford to feed themselves properly or heat their homes, (let alone have disposable income) so they get ill which puts more pressure on the NHS and other services. So a false economy (and cruel, to boot)!
Of course, if it’s overdone then this can cause inflation,but we are a very long way off risking that.
When the then labour government sells off our gold reserve it does not help also when a labour government decided to have a two tier state pension this does not help either we also give away too much money to overseas countries that does not require this help as the majority of the money disappears into bank accounts for the despot leaders.
Norway don’t pay for their heating or electric here we pay through the nose yet they proudly cry out to all we never had it so good hmmm while in the house of I’ll repute they awarded pay rise above inflation ops
Norway has a glut of oil which it doesn’t need for domestic consumption as they benefit from having natural underground heating.
And now we have to wait even longer to receive our pittance of a Pension, that’s if you live long enough to get it, and many don’t.
The latest NI balance forecast for end March 2020 is now £34 billion, the forecast is for it to reach £72 billion by March 2025. More than enough to pay seniors a decent pension, this ‘can’t afford it’ is just an excuse. The government would rather dip into OUR pension money to make payments towards the National debt. This has been verified by a FOI question sent to the DWP.
Our government owes the National Debt to itself. It’s all a con to make us think “there’s no money”! Our government cannot run out of money as they issue their own currency.
You cannot make a simple comparison of the UK pension against others without considering all the relevant factors such as contributions and what those contributions actually pay for This type of garbage journalism just goes to reinforce a myth.
The amount of contributions and what they fund are both decided by the government. It seems you’re the one trying to reinforce a myth!