Retiring England and New England, Alike
The editorial board of the Providence Journal notes a familiar problem in the old country:
Last month, Britain’s biggest business group, CBI, released a report contending that the total liability for public pensions in the country had reached at least a staggering 900 million pounds — about $1.4 trillion. Some 5 million unionized public employees in Britain may retire at 60, at two-thirds of their highest salary, while 21 million private-sector employees face much less plush retirements, and the prospect of working (if they are lucky) until 70 to make ends meet.
Of course, there are myths and statistical imbalances to be overcome if the untenable situation is to be remedied:
The public employees contend that they get plush pensions in exchange for earning less than their private-sector counterparts. But a study by the Office for National Statistics found that isn’t true; public employees received higher pay than those in the private-sector at all but the highest levels.
Under the Labor Party, the number of public employees in Britain exploded by more than 23 percent between 1998 and 2006, while private-sector employment — which covers most of the cost of government — inched up only 3.3 percent.
Creeping socialism begins to look like a concerted plan, doesn’t it?