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
Joe Weisenthal
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.
Heart burning
“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”?
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