Armstrong Economics Blog/Pension Crisis
Re-Posted Sep 26, 2017 by Martin Armstrong
The London Sunday Times business section headline demonstrates what is really facing us and governments implode. Public sector pensions liability surged 30% in a single year due to low bond yields. It is not possible for the UK to fund £1.8 trillion. The first course of action will be, as always, raise taxes. That is the path California has taken. Government only looks to solve a problem for the immediate day. They will NEVER look forward because a politician is EXCLUSIVELY concerned with the next election.
Something must give. How long until pensioners receive notices advising them that their pension can no longer be paid? We are facing rising civil unrest because government will not act in the best interest for the nation. Watch how fast taxes now start to rise in Germany after the election.