Could you wait until 77 for your state pension?

[Tess]

I am no expert when it comes to paying back this big debt that "we" has got. However, can someone explain what the huge urgency is to pay the debt back ASAP?

 

Why are pensioner's lives being put at risk, children's education suffering, and people struggling on a daily basis, to pay it back as soon as possible? Is it really worth it? I don't understand why the Government can't think of some long term plan which will sort the economy out, but over a longer period of time, whilst still allowing the people in the UK to have a decent standard of living. It really makes no sense to me, and angers me that as ever, the Government are putting the money before the people.

[angos]

I am no expert when it comes to paying back this big debt that "we" has got. However, can someone explain what the huge urgency is to pay the debt back ASAP?

 

 

There isn't a plan to pay the debt back ASAP, austerity is about stopping it getting bigger. The plan is for the government to spend only what it receives instead of spending £120,000,000,000 (£120 Billion) more than it receives in taxes each year.

 

Which is a £4000 overspend every year, for every worker in the country.

[tzijlstra]

I don't understand why the Government can't think of some long term plan which will sort the economy out, but over a longer period of time, whilst still allowing the people in the UK to have a decent standard of living. It really makes no sense to me, and angers me that as ever, the Government are putting the money before the people.

 

If the government does not take these steps, we will end up without pensions, the NHS, universities, stripped down schools, police, fire services etc. etc. if you want to know what that looks like, go and talk to a Greek.

 

The government can't magically improve the economy, life would be wonderful if it could, wouldn't it?

[Daid]

A good case to enjoy living life all the time. The doctrine has always been to work and look forward to retirement but why, why wait 60 years before enjoying life?

 

20 years of pottering around in the garden, no thank you I can find the odd weekend to do that now and be satisfied doing so. If I'm able to earn money working I'll do that, I don't owe anyone a living young or old, I've had to go and earn my right to have things and I'll continue to do so for as long as is possible.

[Olive]

Some good points being made on this thread.

 

Yes, as a whole, we are living much longer, and the trajectory goes up and up. IN 20 years time it's predicted there will by many thousands of people living past100.

 

The problem is, we are still wearing out at about the same rate - we just don't die so early - instead we live with long term health conditions.

 

I agree that if you can keep working, it's often a good idea to. I just worry about who's going to employ someone over 60. Not many of us have jobs that are likely to last years and years. Lots of us on short term contracts, many of us having to take new directions.

 

And even if you aren't in a manual job, lots of desk based jobs require you to slog your guts out for long hours, high stress etc.

[erebus]

Where is the money coming from to pay for things today????

 

Surely everyone know you just start the printing machines, and suddenly there is money for everyone and Fancy a new nuclear sub or two, buy 3 at the price of 2. Its not the lack of money, its where those elected ones choose to buy favor, and plan their positions after they leave politics of course!!

[Anna B]

If the government does not take these steps, we will end up without pensions, the NHS, universities, stripped down schools, police, fire services etc. etc. if you want to know what that looks like, go and talk to a Greek.

 

The government can't magically improve the economy, life would be wonderful if it could, wouldn't it?

 

Even if this government does take these steps we will still end up without the things you mention. That has been this government's agenda all along. The economy has given it the perfect excuse.

 

The truth is we cannot pay the debt back. The interest alone is more than we can afford. Either it will have to be written off (it's not real money,) or something will have to happen - rampant inflation, national bankruptcy, a drop to third world standards for the majority (don't worry, the super rich will be OK) or a war.

 

Pensions will be the least of our worries...

[Mecky]

Wait till I'm 77? Got to get there first. If I don't make it, do I get my money back which I've been paying all these years? Thought not

[Daid]

Wait till I'm 77? Got to get there first. If I don't make it, do I get my money back which I've been paying all these years? Thought not

 

If you don't make it what good will the money be to you?

[erebus]

Anna B

 

You it seems are so right...

 

Britain is now one of the most heavily indebted countries in the Western world. That’s official. The only countries that have more debt than us are Japan and Ireland. Our total debts stand at more than FIVE TIMES what our entire economy is worth. When you add in all of Britain’s “unfunded obligations” – promises the Government has made on things like public sector pensions – our debts swell to 900% of our economy. In 2012, for example, the government spent roughly £120 billion more than it collects in taxes. Compare the above facts with the Great Depression America’s total debt hit 252% of GDP. The Weimar Republic’s total debt equaled 913% of its economy and hyperinflation took off, and it was cheaper to decorate your home with bank notes than wallpaper. Today, Britain’s total debt equals 900% of the economy.

 

Which puts a bit of icing on the cake!

 

When you’re in a lot of debt, interest rates are either your lifeline… or your death sentence. When rates move higher… eventually, you’re finished. In Greece people couldn’t get their money out of banks fast enough, businesses collapsed. In that environment, just keeping your family safe is a big challenge. That’s the danger of rocketing interest rates to a country with huge debts.

 

Even a small jump in interest rates would wipe billions of capital off banks’ balance sheets. It’s impossible to say exactly which high street banks – if any – could withstand that kind of hit.

 

What would most people do if banks fold and they are unable to withdraw their savings? What to do if the stock exchange suspends trading?? People who were not aware of the gathering clouds, will be clueless if their pension income dries up. And if their home loses 50% of its value???

 

So if you think that was a bit over the top, get a load of this:

 

Despite David Cameron’s talk of “austerity”, he’s going to add an estimated £700 billion to the national debt in just five years. That’s more than Tony Blair and Gordon Brown added to the national debt in eleven years. It’s more than every British government of the past 100 years put together.

 

WHEN????

 

That is the question

 

When will it kick off.

 

No longer is there a question of IF, its just when?????

 

The dice a re loaded, and the game is in play. Will it be when interest rates creep up 1%... 2%? It might be a long, or slow drawn-out process that drains your wealth over the next decade. Or this time next year, the financial system could be breaking apart. It’s impossible to say.

 

Britain is entering a long, downward cycle. One that is likely to be punctuated by a devastating financial, and even social collapse. Its happening all over North Africa, the Middle East, Asia, South America, and let us not forget Europe, where riots are a daily reality, where the elites, or those with the power, attack, imprison, torture, and kill to keep the filthy plebs from changing things.

 

Meanwhile the plebs, starve, commit suicide, rob each other all in an attempt to stay alive, in a world of chaos, and repression. The suicides have already started over here, and with 33,000 extra deaths last year, of the weak, its time to wake up to a not so rosy future, and plan a survival strategy, because the government is too busy awarding itself a pay rise and extra expenses to really notice, or bother much about us "the common people".