Our pensions time-bomb

Antonia Senior in the Times today reports that every U.K.household owes £47,000 to public sector workers:

'If everyone (else) carries on as if nothing is wrong, and as if there is not a giant pension shaped bomb tick-tocking away at the heart of our financial system, we can delude ourselves its all going to be OK. The Emperor is wearing Prada, and all our demographic nightmares will be solved by wishing hard enough'.

If you look in the pub, the restaurant, the train, everyone is carrying on just the same. They don't believe that there is really a massive financial crisis around the corner. 60% of people believe that we can get out of the government's borrowing hole without making any cuts to front-line services.

What are the big political parties doing about managing expectations - the only way to decently prepare for the future? They are saying as little as possible because to be a Jonah will lose them votes, they think.

What is Theresa May, Shadow Work and Pensions Secretary and MP for Maidenhead, doing? I haven't heard anything right now. I suspect that she will say words that she can refer to in the future as warning people about the problem, without actually alarming them today.

The Royal Borough of Windsor and Maidenhead has an £89 million pension deficit, and so far as I can find out, they don't have to make a pension recovery plan like my company had to. So when the financial S... hits the proverbial Fan, the prudent private sector again bail out the profligate public sector.

Corner shop owners, taxi drivers, tyre fitters, plumbers and private sector workers like you - it's YOU who will pay the public sector pension deficit out of your hard work and long hours. Isn't it time to rebel a bit? Vote me in and you will have a voice in the House of Commons. WHAT DOES THERESA MAY SAY FOR YOU?


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