In “Irish Bombshell: Government Raids PRIVATE Pensions to Pay for Spending,” in the Business Insider, Joe Weisenthal and Gregory White report on what some people consider might be an ominous sign for future policies in the U.S. and other countries to address the gigantic spending and debt crisis.
The Irish government plans to institute a tax on private pensions to drive jobs growth, according to its jobs program strategy, delivered today.
Without the ability sell debt due to soaring interest rates, and with severe spending rules in place due to its EU-IMF bailout, Ireland has few ways of spending to stimulate the economy. Today’s jobs program includes specific tax increases, including the tax on pensions, aimed at keeping government jobs spending from adding to the national debt.
The tax on private pensions will be 0.6%, and last for four years, according to the report. . .
Based on OECD* rankings of “countries across the West . . . facing demographic crises that could cripple revenue growth and make bad budget situations even worse”, here are nineteen other countries in Europe and Asia that might be next to raid private pensions to fund government programs.
*Formed in 1948, the OECD (Organization for Economic Co-operation and Development) is based in Paris, France.