There are some stupid things in the report, like if you work passed retirement age we will charge you extra NI, which encourages people to retire adding an extra burden to the cost of retirement compared to carrying on working, maybe deferring your pension and paying income tax and keeping more active and fitter as working people generally have fewer health problems and live longer.
Young entitlement is all wrong as apart from getting a useless degree, useful ones will lead to much higher lifelong earnings and relatively more expensive housing have been caused by government Stalinist planning policies, everything else in much, much cheaper from cars, to clothes, to energy, to consumer electronics, travel, holidays, food etc due to much more efficient production and distribution systems from globalization. Hiring Mk I arms for unskilled labouring to burger flipping has always been badly paid and if you want to get ahead, work hard, learn new skills and create a business where capitalism is open to everybody. In the first year of my first business I worked long 80+ hours a week with a full time job as well as running the business and the same long hours in the first full time year in business but the end of year dividend I used to move from living at home to putting 30% deposit on a big detached house, my highest income tax band was 55% and my mortgage rate 15% not the 2% that it is now. The 1980s under Thatcher were get on your bike and start a business decade and many did exactly that. There are youngsters starting very successful businesses now but they seem to be a much small percentage than in the 1980s. It is much easier to rely on the bank of mum & dad.
The big problem going from small government where the percentage of GDP collected in tax was 33% and it has risen every year since the useless failed bank manager became PM in 1991 and started the splurge and the path to big government that has gone on ever increasingly every year and is now 43% including borrowing. Safe job for life Public service pay has gone from being about 20% less than industry with a good final earnings pension to being about 20% more with a poorer final pension, but now relatively better that you can expect to get in the private sector. The reason these new taxes have been suggested is that everything else has been taxed to death and is now the wrong side of the Laffer curve, so tax take is going down with each rise and it is reducing economic activity with VED rises, BTL taxes and stamp duty being the latest example, so car sales are down by about 20%, especially for luxury cars and about 30% for BTL properties and IMO is the start of the next crash, along with shares and bond prices.
The reason the 1980s was a decade of massively rising wealth, especially compared to the 1970's IMF bailout, socialist disaster was the modernization of the state and ruthlessly cutting taxes, so it made it worthwhile to get on your bike, start a business, create wealth and export all over the world to help this country earn its keep.
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Topic: Pensioners....get yer wallets out (Read 15827 times)