The Money is Running Out – Vernon ColemanSun 8:18 am Europe/London, 11 Sep 2022
Dr. Vernon Coleman
21st Century Wire
In a few years’ time there will be no schools, no universities, no hospitals, no new roads, no GPs, no armed forces, no libraries and no anything else.
What nonsense is this, you ask.
Sorry, but it’s not nonsense.
Let me explain. The problem is the pension expectations of public sector workers (civil servants and so on).
Public sector workers probably think that their pension money is tucked away in a big brass bound chest somewhere – ready for them to collect.
Well, it isn’t.
The Government has spent all the pension money.
And it now owes those future pensioners £2.6 trillion.
That is 106% of the UK’s Gross Domestic Product.
And, to make things worse, public sector pensions are inflation proofed. (This means that former civil servants will see their pensions rise by more than 10% next year while those who worked in the private sector will see their pensions rise by a maximum of 5%.)
Paying out the pensions it has promised will bankrupt the Government which will have to cut services, increase taxes massively and renege on the promises.
Oh, and local councils are in an even worse mess.
As I explained in my book Stuffed! (which was published in 2012) it won’t be long before 100% of local taxes collected by councils will be required to pay the pensions of former employees – thousands of whom were massively overpaid and, therefore, promised absurdly generous pensions.
Here’s what I said in Stuffed! back in 2012: ‘The Government can no longer afford to pay the pensions it has promised to public sector workers. Nor can the Government afford to pay the State pension. And, just to make things worse, Government and EU policies have destroyed the attractiveness of private pensions. In a generation’s time our streets will be packed with geriatric English beggars pleading to be given enough money to buy a little food.’
I just thought you’d like to know.
The Government won’t tell you this. Nor will the mainstream media.
Vernon Coleman’s books Stuffed! and Moneypower are both available as paperbacks and eBooks.
READ MORE FINANCIAL NEWS AT: 21st Century Wire Financial Files