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7 Comments
Imagine if there was as much reporting every year of the state pension increase being higher than wage growth and/or inflation as there was about the winter fuel allowance cut.
Let’s guess – this’ll receive a lot less attention in the mainstream press than the winter fuel allowance cut?
In the meat of the blog it points out that national debt has gone over 100% of GDP in September and claimed to explain why it matters but hasn’t really succeeded.
Why the government cares about it is the Reinhard/Rogoff graph where if you map debt vs growth it *tends* to show that growth starts to slow at over 90% national debt to GDP and does so catastrophically at over 110% debt. It doesn’t happen in every circumstance and there’s debate about how long it lasts but countries don’t tend to like to try to prove or disprove the theory! Maybe we’ll get the opportunity? Fun!
we need to scrap the Triple lock as its unsustainable and its continued use will result on the state pension collapsing under the financial burden and not being there for future generations.
We should adopt the [IFS recommendation](https://ifs.org.uk/publications/future-state-pension#:~:text=The%20state%20pension%3A%20where%20are%20we%3F&text=The%20state%20pension%20can%20be,worth%20%C2%A3203.85%20per%20week) and the state pension should be a tethered to a share of median full time earnings
Remortgaging at the moment and advisers are asking me as part of their script when I plan to retire, and I basically just laugh.
I get why they’re asking but they might as well be asking me when I plan to grow wings and fly.
Feels like that instead of the triple lock, we just tie pension increases to earnings. Make it so pensioners get more money when workers get more money. Make the system incentivise growth.
The state pension is a Ponzi scheme, it’s not sustainable in its current form.