THE OLD CURMUDGEON RETURNS!

curmudgeon

CURMUDGEON RANTS AGAIN!

There is an eerie Confluence of entertainment with medical science, demographics, economic reality and the politics of Pension funding.

In reverse order:

Most Pensions are generally pre-funded by contributions invested under actuarial models that earn investment income sufficient to payout the beneficiaries.

Old Age security and supplement payments are not prefunded. They are an ongoing obligation of Government.

Economic reality is that investment earnings are not what the actuaries of the last half of the 20th century forecast for current retirees, nor is the lifespan of beneficiaries as short, so the payout obligations are correspondingly greater – let’s call it the “economic shortfall”.

Demography is the composition of a population by age, sex, nationality and other non-financial social characteristics. It is that which informs us of the ever greater imbalance between the pre and post retirement cohorts of our society – there are relatively ever greater numbers collecting than are contributing to the “economic shortfall”

It is Medical Science that we thank for our better health and greater longevity, funded in operation and ongoing research by private premiums, foundation grants, and taxation.

The current world of Entertainment seems unduly pre-occupied with the possibilities of vampirism and armies of undead marauders. Perhaps it is conditioning the tax paying cohort to re-think its role in funding the “economic shortfall”, and a re-thinking of the definition of who is entitled, and to what.

Now in the last quartile of my century here I am very aware of Seniors with frailty, declining faculties (as in Dementia), costly health issues, and the growing political and legal acceptance of assisted suicide. So, maybe I should add eugenics to my opening sentence.

 

*The Old Curmudgeon is a regular, featured segment authored by wrinkly old bastard who doesn’t care for your opinions, anyway*