Monday, May 12, 2008

Redistribution of wealth

Yet again from the poor to the rich:

In a speech today Brown will say: "We know too many people fear the prospect of selling their homes and using assets which otherwise they would pass on to family members and friends [to pay for care in old age] ... We can, and must, look to give people the opportunity and the support to save for their old age in a way which insures them and protects their houses and their inheritance."
If you can pay your own way you should, even if that means liquidating assets. There are ways to get at the capital in a house without having to leave it.

The government is proposing a transfer of wealth from every tax payer, including the poor, including people who can't afford to buy a property, to the children of property owners.


dearieme said...

Alternatively, the government are proposing that if you've bloody paid for the welfare state, you can enjoy some of its benefits.

wildgoose said...

Yes, but...

It appears that those who DON'T contribute to the Welfare State get these benefits for free, no doubt paid for by the taxes of those self same property-owners.

Equal treatment for all.

The best solution is that in Hong Kong whereby everybody has mandatory personal retirement savings accounts specifically set up to cover old age needs. Unfortunately we're stuck with a collectivised Ponzi Scheme called "National Insurance".

Peter Risdon said...

Isn't that what a safety net welfare state should do - provide for those who can't, rather than for everyone as an entitlement?