'Sorry to harp on..but...when I was a youngster the governments of the day instilled in the populace that if we worked hard part of out taxes would be put aside for our old age pensions. '
baxtermcfaxter - this old saw of an argument is debatable to say the least.
When the age pension was first introduced where do you think the $ came from to pay those folks? Consolidated revenue?
Now if the state had said everyone will get a state pension but only after you have paid a contribution to earn it then most of the current age pensioners would not have built up enough contributions to fund same.
Age pension has always been paid by the current taxpayers, from consolidated revenue. Just the way it is.
Many countries are now waking up to the fact that an age pension was never intended to be paid for 20 or more years. But for the last 30 odd years the politicians (all over the world) have kicked the can down the road, by popular demand.
Sooner or later it has to be dealt with, unless we are to just keep on dumping on the young ones with their taxes.
