The Magic of "only .06%"

Regarding that tax on pensions, retirements, etc being introduced in Ireland, At the 1982 ILWU master contract negotiations, the strike issue was unfunded pension liability.  A new term to me, I had to bone up. Man was that an eye-opener.  If the average Irish pension is only funded at 50% (I am being generous) and the govt is taken .06, well, they are really taking 1.2% of the value.  In 4 years this will be an almost 5% clip.


What is happening in Ireland has been discussed in USA for a while.  There is a technique in government policy making called "policy laundering."  You have a bad idea, get some place overseas to institute it, and then say, "See, the Irish are doing it, so should we!"


In less than 100 years of freedom from foreign tyranny, the Irish have forgotten what it was like.

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