PC510 Ideas and Opinions Blog
live to 100, work for 40
Well How much can you spend now ?
Different ways of putting it

- during his /her working life a Brit has to pay enough tax over 40 years to support 1 parent & over 20 years to support 1/2 his children A working Brit has to pay enough tax over 40 years to support his parents & over 20 years to support his children

- if we live to 100 we are paying into system 40 years & take out 60 yrs so 60% of each couples earnings shud be set apart for other people (parents + kids)

- - so total tax needs to be 60% + costs just to be fair, but add all in and it probably is actually we pay in but we get out so tax is quite low

- compare that to country like US where gov doesn't hand back much cash ?

#UKgov Over 40 yr working life where each person spends £4K/year a worker has to pay £160K for 1 parent + £80K for each kid

- For #UKgov to breakeven on tax a UK worker who spends £4K/year on himself, would have to pay £4k for 1 parent & £2K for each kid

- For #UKgov to breakeven on tax a couple with 2 kids would have to pay system 1.5 times what they spend on selves if there was no gov, you'd have to keep 60% of your salary aside to pay for the 60% of your life not working

- if there was no gov, how much or your salary would you have to keep aside ? , living to 100 working 40 means you'd have to keep 60% of your salary aside to pay for 60% of your life not working

- older would be spending more on health younger more on houses

- old model doesn't fit Cos some live long pension payments can't be what they used to be. A blokes father lived so long he was paid more pension than he earned in his entire life in wages.

BBC TV thicko non-economist Robert Peston prog
The Party's Over: How the West Went Bust BBC2
Can Peston add up ?

- Firstly spot the irony this BBC TV prog "UK's a disaster ..no manufacturing industry is left" on BBC2 was immediately followed by the Rolls Royce documentary "we have orderbook of £40bn, and 50% of the world's large jet engines are supplied by us, as there is only one other manufacturer in the world whocan build them"

- I can't believe Robert Peston is repected and the BBC's top economics reporter, he doesn't see far enough away to have perpective on reality. Wasn't he the one who basically kicked off the crisis by telling pensioners to line up outside Northern Rock to demand savings which were guaranteed by government anyway .

- Likewise this prog was full of crap & logical fallacies. Doom talk like this causes loss of confidence and loses peoples jobs. With BP, Shell, Smithkine and countless other multinations ..the UK is still the world's 6th largest manufacturing country on 60m population. China on the other hand is #3 with 1.4bn population that's 23 times the UK ..yes UK productivity is still much higher than China's on average (most Chinese are still peasant farmers)

... UK salaries much higher ..the prog finally got around to talking about the still ongoing property bubble here .. and that's a large reason why UK people are not saving money ..they've been putting it iinto the mortgage... However Peston might want to check the savings rate in areas with China's property bubble like Shanghai .. savings there might be very high there cos people don't have the possibility of buying there anymore.

- You can't compare apples with oranges anyway .. aswell as property bubble mortgages UK people salaries quickly go to pay for NHS & benefits, which are costs the Chinese government don't have ..hence the increased saving for a rainy day.

- and in a world where things are Russian doll inside a Russian doll no-one knows who really owns multinationals anyway ..and with an eastern culture of non-transpanrency & telling people what they want to hear China like Japan is bound to have some nasty banking secrets.

- Peston has a pattern

Talking UP the disasters e.g. Climate Change certain catastrophe

- Talking DOWN any positives e.g. Our Economy is terribel compared to Germany .. no it's not so bad

- There are 4 blogs ... travel and then I eventually edit and filter off material into
Current 507Ideas and Opinions Blog, ideas index 2, Irrational World Blog

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