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CIS Nonsense on Aged Pensions
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Posted in Publishaletter.com By :
Letter to the Editor Sent to :
Sydney Morning Herald Sun (Sydney)
CIS Nonsense on Aged Pensions
Dear Editor: Simon Cowen and his CIS friends should be careful what they wish for. Their attitude to retirees is based on seriously flawed assumptions and gross misinformation, and reflects unbelievable arrogance and selfishness that is likely to destroy what has been, until now, the best country in the world. But more than that, they are their own worst enemies - driving nails in their own coffins. Australia's once world-leading social welfare system was created by rich politicians - not by the poor (who have NEVER had power or political clout!). It was created in recognition that a healthy society is better for the rich. Slashing or ending pensions means less GST collected, less petrol and transaction tax and property tax collected, less assets passed on to the next generation, and lowered consumption, which means less GST, petrol, property tax etc. collected, lower profits so less income tax collected, more unemployment so less income tax collected, more poverty... and so the cycle continues. Add more ill-health, less education so less innovation capacity so less exports and a weaker balance of trade. Add more crime due to increased poverty and you have a society not-so-slowly sinking and an economy sliding further and further backwards. In no time at all, you have a third world nation. Now, among these greedy, selfish people who aren't willing to pay pensions are many who, for whatever reason, won't ultimately be able to self-fund their own retirement. Illness, accident, family crisis, unexpected job losses, investment mistakes, unexpected economic downturn at inconvenient times... today's retirees know all about those problems! What will these greedy, selfish younger folk do without the pension once they have successfully orchestrated cancellation of it? And have they considered that today's retirees paid for their pensions through an early retirement funding scheme that was raided by government. Had the money not been stolen, it would have provided a non-means-tested pension of around $500 a week for every retiree. If the government can steal today's retirement piggy bank, what's to stop them stealing tomorrows? Then where will these fools who fought to end pensions be? Struggling to restore them, with no credibility. Greed and selfishness motivate dumb choices, and it appears the greedy and selfish are making some very foolish choices. Intelligent advisers would warn them that it will come back to bite in a big way. Countries where pensions have been slashed are seeing the results. It isn't working! Austerity is leading to increased economic problems rather than improvement. A healthy economy requires a healthy society and a healthy society requires a strong social welfare safety net, good public health and education programs, and a fair retirement program that offers strong incentives and rewards for the working class to work hard, save, and invest in a home of their own and a nest-egg for retirement. A comfortable retirement for all is absolutely essential to a healthy society and a healthy economy. And a healthy society requires young folk who respect their elders, appreciate their hard work and sacrifice to contribute to building the nation as it is today, and want their parents and grandparents to enjoy their twilight years.
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