Huge pensions for retired government workers can be found from small municipalities to national governments on both sides of the Atlantic. There is a reason. For elected officials, pensions are virtually the ideal thing to spend money on, politically speaking. Many kinds of spending of the taxpayers' money win votes from the recipients. But...
Welshing is when the English run to Whales to avoid paying their debts. Printing more currency is Greenbacking. These are two distinctly different degrees of cowardice and dishonor. The latter directly and negatively affects people not involved in the deal. It is worse than Welshing.
A nation's choice between spending on military defense and spending on civilian goods has often been posed as "guns versus butter." But understanding the choices of many nations' political leaders might be helped by examining the contrast between their runaway spending on pensions while skimping on military defense.
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