By Robin Blackburn

A searing examine the financial predicament of an getting older society, with radical new proposals.
Most nations face the long run with an getting older inhabitants, but such a lot governments are reducing on pensions and the care prone wanted through the aged. Robin Blackburn exposes the perverse reasoning and targeted pursuits that have mixed to supply this nonsensical situation. This up to date paperback variation of Age surprise encompasses a new preface explaining why the credits crunch and eurozone obstacle have had this type of devastating effect and outlining the way to warrantly respectable pensions and care provision.

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Age Shock: How Finance is Failing Us

A searing examine the monetary main issue of an getting older society, with radical new proposals.
Most international locations face the long run with an growing old inhabitants, but so much governments are decreasing on pensions and the care companies wanted via the aged. Robin Blackburn exposes the perverse reasoning and distinctive pursuits that have mixed to provide this nonsensical situation. This up to date paperback version of Age surprise contains a new preface explaining why the credits crunch and eurozone concern have had this type of devastating influence and outlining the way to warrantly good pensions and care provision.

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We should respond to the prospect of an ageing society by expanding pension coverage, not reducing it. Many public sector schemes are pre funded; it makes no sense to convert them to a wholly pay as you go system of finance. In fact, the pre funded approach has the merit of reducing the danger that pension costs and public service budgets will be in competition with one another. As I have stressed many times, the public sector schemes, however financed, have good cost ratios and are efficient at turning contributions into pension incomes.

For the government to pledge a certain level of future senior income costs it little or nothing, since these pensioners would qualify for state support anyway. The aim of any new development programme should be to stimulate investment led growth, foster sustainability, encourage the formation of human capital, and yield a growth in productivity. 52 Building better pensions ± or even salvaging those that already exist ± will require measures which can ensure sustainable growth. Contributions to pension provision can be adjusted to have a countercyclical impact.

In the end governments felt obliged to bow to the needs of the finance houses. In nearly every case bondholders and shareholders have avoided paying for their own mistakes ± instead, taxpayers have had to stump up. Mervyn King, the governor of the Bank of England, became restive at the veto powers wielded by the often feckless or miscreant mega banks. 37 If financial engineering brought real benefits then it could fend for itself without government backing. 38 Governments, whether democratic or not, need to court public opinion.

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