Re: [gang8] Re: [TNF] Pension Crisis

[Hudsonmi@xxxxxxx]

Dear Gunnar,
       If pension rights are indeed functionally equivalent to welfare rights, then you should draw the appropriate conclusion:
       Such social welfare transfer payments have no need at all to be pre-funded, but should be financed by government on a pay-as-you-go basis.
       Attempts to pre-fund them are merely a cover story for un-taxing the wealthy and the FIRE sector and either shifting the tax onto labor, or running budget deficits that entail borrowing from the groups that have just been un-taxed.

       Michael Hudson