There is a dirty secret about state entitlements that liberals don’t want you to know. The collection of a state pension increases the chances that a pensioner will live in poverty. That’s because money put aside for state-guaranteed benefits can not be safely invested at rates that provide for more than a modest retirement unless the state subsidizes retirement benefits through taxes or if retirement savings are invested in riskier, higher yielding investments. Since governments are loath to raise taxes to subsidize a riskless retirement, benefits are eventually reduced. It works that way in London and Moscow as well as Madison...
It used to be you robbed Peter to pay Paul, now you rob Peter, Joe, Mary, Tom... The only retirement I want to pay for is mine, but I will kick in on Obama's as long as it starts at the beginning of next year at the latest.
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