Skip to comments.Heartbreaking Video Of Italian Minister Bursting Into Tears While Announcing Pension Reforms
Posted on 12/04/2011 6:04:01 PM PST by blam
WATCH: Heartbreaking Video Of Italian Minister Bursting Into Tears While Announcing Pension Reforms
Dec. 4, 2011, 5:05 PM
We're not sure exactly what Welfare Minister Elsa Fornero saying, but obviously announcing reforms to pension systems is an emotional subject, as it means more pain for seniors on fixed incomes. (via Hugo Dixon).
A commenter translates part of her statement: "I'm sorry. The people who work have no more money to give you. As a result, the pension age will go to 62 years old for woman, and 65 years old for man. No longer can we afford to give you a raise every year for inflation of prices, so you will not get this
(Go to the site to view the video)
(Excerpt) Read more at businessinsider.com ...
“Heartwarming” is what I think they meant to say.
One measure that's raising a lot of eyebrows: All cash transactions over 1000 euros will now be banned outright.
So, they are admitting running out of other peoples money top spend?
Maybe it’s time to break the mob and get that money into legitimate circulation?
Well, you spent yourselves broke and the bills have now come due.
Your predecessors should have taken care of business when the the pain was small.
“socialism works great until you run out of other people’s money”?
No matter how the deficits in these countries, including ours, are resolved, seniors will suffer. Either their defined benefits will be cut to cut the deficit and achieve a balanced budget, or some countries will inflate away their debts, but keep the payments the same, therefore cutting the purchasing power of the benefit.
The ‘new’ normal...
3-5 years away from happening here.
That's my expectation for what will happen here.
It’s one thing to tell them they have to work longer; but are there any jobs for them?
That’s a problem we’re going to have here—pension cuts (except for unions and government employees, they’ll be the last to feel it) and few jobs for those that will need them.
That's the timing forecasted by Kyle Bass too.
What an amazing distillation by this Minister: "The people who work have no more to give you"
I'm thinking the average Joe would respond to that.
I remember an article about FIAT’s workforce from a while back. Basically, the assembly line was retiring so young (still in their fifties) that periodically, there was effectively a whole new crew with very few senior cadre to break in new hires. Consequently, FIAT had to spend most of their revenue on human resources, both in training new people and paying the benefits and pensions of ‘old’ retirees.
It is mine too. The EU and the USA will have a lot of pain, but the EU will cause its pain through austerity because they have no means to inflate their debts away. We do, and so we will, not because it is a better or less painful solution, but because it is the least painful to the politicians who are the ones making the choices.
Personally, I would prefer austerity, because I think it will be less painful and we can get it over with quicker, but whether we go to zero or infinity, it will end up largely the same.
I believe you are overly optimistic. I see it by next year.
I think 2013....Obomba has to make sure he gets re-elected first.
Interesting. It doesn't ban cash, but it might be the start of something like that. Europeans need to keep as much money, in Euros, as possible in cash outside their banking systems right now.
62 and 65?? What was the retirement age before these so-called “reforms”?
“Heartwarming is what I think they meant to say.”
Is in my book. Socialism sucks.
There is no “heartwarming” associated with socialism or socialistic policies. =.=
“pension age will go to 62 years old for woman, and 65 years old for man.”
What? Where’s the equality in this rule?
But to see socialism meet its consequences and corrections is heartwarming, indeed.
The Italian government adopted a progressive increase in the legal age of retirement for private and public employees as of 2015. According to the National Pensions Institute (Istituto Nazionale Previdenza Sociale - INPS), the increase in age will be at least 3 years by 2050 and will be tied to life expectancy.
Italy's pension system allows for several retirement options. By 2050 the retirement age for all civil servants and for male private-sector workers will rise from 65 to 68 years and 4 months; the retirement age for female private-sector workers will rise from 60 to 63 years and 5 months. While those who have contributed for at least 35 years can currently retire at age 62, this will rise to 65 years and four months by 2050; those with more than 40 years of contributions will be able to retire regardless of age.
The current reforms were included in a package of budget cuts presented by the government, building on broad outlines approved in summer 2009, and were approved without much resistance from the opposition or unions. It is estimated that these modifications will amount to EUR 86.9 billion in savings from now until 2050.
In a separate decision in June 2010 at the behest of the European Union, the Italian government raised the retirement age of female civil servants from age 60 to 65 starting in 2012, so that it will match that of their male counterparts by 2018.
The euros were stuffed into US treasuries by the fund management fairies, and we all lived happily ever after on trillions in debts.
Ignore the debt situation in our USA at your peril. No adequate manufacturing base, no sustainable revenues, no avoiding the default just ahead.
I don’t think there is enough BS to spread through the whole year of 2012. You will continue to being bombarded of good news by the MSM, all the while companies go out of business and more and more people rely on the government.
But eventually, the real truth will come out. Probably, a spectacular crash for the ages. I’ll continue to buy food and lead. Gold is for suckers right now.
Yes and I’ve read over and over again here and elsewhere that I’m a fool to buy gold. Let some government try to stop exchanges in gold once everything breaks down. It will be as effective as the ban on marijuana.
These socialists have been wrecking their economies in the name of helping the lil guy for generations and who gets hurt?
The rich and politicians.
Ah no, check that.
The lil guy.
Can’t wait to see the same thing in California.
YOu say: “ That’s my expectation for what will happen here.”
All too possible. (Already frozen the past 2 years)
We at least have a chance of stopping it here if Newt gets in. He’s the only one who seems to know what happened to Soc. Sec. funds that have been raided - and the only one with a plan to correct that,
Listen as the debate jerk words his gotcha question to Newt, his face aglow with the thought that he has trapped Newt into a corner. Foolish man.
Newt wants to put that TWO TRILLION, FOUR HUNDRED BILLION dollars that belongs to Social Security and take it Out of the hands of the politicians - back into it’s own account, where the pols can’t use it as a slush fund.
Also: Businesses that have been sitting on funds, instead of hiring, because of the Draconian rules and penalties that would crush them, will - the minute they know O’Bumbles has lost and will be heading back to Chicago - start hiring. Putting people back to work means payroll taxes going TOO Washington - instead of tax monies flowing From Washington in record amounts for unemployment and food stamps.
This is not an ordinary election. We need someone with experience who has his ducks in a row and can hit the ground running on DAY ONE. We don’t have time for someone to get up to speed. It’s too late to get up to speed after we’ve gone over the cliff.
Meanwhile back at the ranch...
I wonder if the Italian population still takes the entire month of August off for vacation.
IOW - socialism is unsustainable.
I am probably in the minority in thinking Newt’s “insider knowledge” is detrimental.
I don’t think Foggy Bottoms is a world that most of us can comprehend. He maybe a “politician”, but I believe that may not be all bad.
I don’t take my Cadillac to my next door neighbor if I have a mechanical problem. I’ll take it to the dealership.
(BTW, I don’t drive a Cadillac..just a euphimism for our Cadillac country.)
Maybe tears and “I feel your pain” is like a spoonful of sugar making the medicine go down?
Great analogy ;o)
“The people who work have no more to give you”
Very unfortunate for the U.S. citizen, which has already been rigged by coming Phony-Care.
Phony-Care is the Government Work-Camp.
Yep, seems to be a repetitive fault/insanity of man too...oy, I give up.
I'm sorry. The people who work have no more money to give you. As a result, the pension age will go to 62 years old for woman, and 65 years old for man.
No more Bunga Bunga girls for Berlusconi in his splendid retirement, unless they accept a credit card.
“All cash transactions over 1000 euros will now be banned outright.”
Like I’ve always said, “When cash is outlawed, only outlaws will have cash.”
Still, most likely all this will accomplish is to drive even more of the economy underground.
BTW, it won’t be too many years before cash transactions are outlawed in the U.S.
its not the 1% against the 99%...its the govt workers against the rest of us poor slobs....
Why is it that otherwise intelligent and clever people seem effortlessly to see the obvious, but fail utterly to see the opposite side of the coin :
That when the economy, at all levels, realized that Hillary would not defeat the Chicago thug in 2007, and that his total inexperience and absolute reliance on meaningless empty slogans could only result in disaster, his socialist radical past was seen by those who mattered, and the economy totally contracted and went into hibernation. Uncertainty and overregulation are the greatest poisons to a dynamic economy. People are not stupid
The only systemic failure was underestimating by several orders of magnitude the sheer size of the financial damage the apprentice president could inflict on the country.
Only the texting zombies and the professional parasites have failed to see the obvious.
This is what happens when government replaces family, church, and community. Italy has one of the lowest birth rates of any nation, so there will be no one to take care of the aging population. Socialism destroys the social contract that held generations together.
When The State takes over 'security' the value of human relationship deteriorates.
We need to need each other.
China with their repressive one child rule used extreme force to attempt to accomplish what a safe system of nanny state politics can do in one generation. Tell parents they won't ever need their kids when they're dependent and old, and the stage is set for fewer or no children - and exploited, unloved children. Martin Buber had it right - there's "I-Thou and I-It" relating - we need both..