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February 17, 2016


Ed Rector

So an entire generation should/must "save" much more?

Apparently Ms. Taylor (and our host) have never heard of the "Paradox of Thrift' as expounded by J. M. Keynes.


"the tendency for advertising to masquerade as “expert” advice."

Quite so. The exceptions to the rule that financial services personnel only ever speak self-serving clap trap are few and far between.


Mind you, at the age of 25, my son was saving £800 per month. Then he acquired a girlfriend, then a house, a wife and a baby and he doesn't save any more.


"This, I think, is one case for a decent state pension - it diminishes our need to make impossible decisions. "

That's absolutely correct Chris. It also reduces the paradox of thrift.

But even the full new state pension is only about £155 per week. That is the maximum basic income that has been able to get through the Commons.

Compare that to a 37.5 hour week at the calculated living wage of £8.25 per hour which comes to £309.38

So a living wage is twice the amount you get as a pension.

Even at the £7.20 amount of the NMW a week's wage is £270.

So there is a general loathing to pay people for doing nothing, and now even the state pension is under attack from the far right.

This is why the fight for a Job Guarantee must continue. You get much higher income at a lower tax rate. And once it is in place then there is less resentment against maintaining and enhancing the state pension.


"A representative of the financial “services” industry wants us to hand over our money to that industry where a lot of it will disappear in management charges. There’s a surprise."

Right. Are the returns advertised taking this into account? They also try to make it seem like there is no risk.


3% is a dream, my pension contributions are smaller in real terms than if I had the cash under my bed.

The pensions industry is a total disgrace to itself, let alone us poor saps contributing to it.

There was, in investment terms, never a worse time to invest in saving for a pensions through any work scheme available than today.

Ans I speak as a capitalist!

Churm Rincewind

Ah, but what's a "decent" state pension? There's the rub.


Well the minimum wage (13.5k) let alone a living wage (16-19k) would be an obvious starting point. 6k is dire.


Sorry to hear that your eyesight is not so good Chris. I have the same problem. Get some more powerful headlights, and try driving fast very early in the morning when there are very few others about!


"fast cars are useless if your eyesight’s shot."

Not really related but I would recommend downloading the screen dimming app "twilight"


Once upon a time there was enough fat in the system to feed the bankers, the insurers, the pension funds and all the rest. Those days are gone except for a privileged few. The music has slowed to a crawl and the outlook seems grim, so declare Sod It and Spend It, live for today, go on holiday, rent and then go on the social at 60 claiming you 'got issues'. Won't be all that nice but revenge is a dish best taken old.

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