Greece - A case for "Austerity" rather than Austerity

[TheBramble]

Interesting snippet in a trade mag. Greek public sector workers have been hit with a 30% reduction to their pensions. A large swipe by any measure and quite intolerable if you had retirement plans based on the original amount of that dosh.

But perhaps for a little perspective on why things are as bad as they are in Greece. A retired assistant garbage truck driver has had his (or her) pension reduced from €1800 per month to €1200 per month. However, compare this savagely reduced amount with the starting wage of a school teacher which is just €800 per month.

And for a even more perspective still, with retirement effectively at 55 and a life expectancy of 78, this assistant garbage truck driver would have cost the state almost €500,000 in pension entitlements alone.

 

[scose-no-doubt]

Expensive votes.

 

[TheBramble]

Expensive votes.

Only if there was any intention to pay.

 

[eighteen]

pensions are a ponzi scheme that many are happily partaking in. the young will never get the pensions the old ones enjoy yet are expected to pay for them, and its all based on the ever growing population to hold up the ponzi. pensions need to be tied to life expectancy, the problem with democracy is turkeys wont vote for xmas, they are completely unaffordable, we ought do away with pensions and say, pay for yourself in old age, the buck keeps getting passed on to the next generation to solve, and the only solution is political suicide.