Okay new tack:
Anatole Kaletsky (born June 1, 1952) is a journalist and economist based in the United Kingdom. He is Editor-at-Large and Principal Economic Commentator of The Times, where he writes a thrice-fortnightly column on economics, politics and financial markets. Has writen:
"Why, for example, are governments everywhere running out of money, not just in Britain and Greece, but also in America, Germany, Japan and France? Why are taxes relentlessly rising in all advanced capitalist countries? And why is public spending being cut on schools, universities, science, defence, culture, environment and transport, while spending on health and pensions continues to rise?
The populist answer to these questions is that we are all about to pay for the greed of the bankers. But this is not true. According to IMF calculations, the credit crunch, bank bailouts and recession only account for 14 per cent of the expected increase in Britain?s public debt burden. The remaining 86 per cent of the long-term fiscal pressure is caused by the growth of public spending on health, pensions and long-term care. The credit crunch and recession did not create the present pressures on public borrowing and spending. They merely brought forward an age-related fiscal crisis that would have become inevitable, as by 2020 the majority of the baby-boomers will be retired.
The rational solution to this fiscal crisis would be for governments to reduce their spending on pensions, health and longterm care. Yet these are precisely the ?entitlements? protected and ring-fenced by politicians, not just in Britain but also in America and many European countries, even as other government programmes are ruthlessly cut.
The politics of the next decade will be dominated by a battle over public spending and taxes between the generations. Young people will realise that different categories of public spending are in direct conflict ? if they want more spending on schools, universities and environmental improvements they must vote for cuts in health and pensions.
Schools and universities are more important for a society?s future than pensions. Yet every democracy around the world has made the opposite judgment. While many politicians claim to be obsessed with education ? recall Tony Blair?s three priorities were ?education, education and education? ? in reality they support health and pensions to the point of national bankruptcy, while squeezing universities. The same applies to the many fiscal benefits heaped on pensioners over the years. Is it, for example, better for society to offer free bus travel to wealthy 80-year olds rather than students or impoverished youngsters looking for their first job?
Why are such conflicts of interest between old and young never debated? Partly because of the myth that pensioners are ?entitled? to their many benefits because they have ?paid their dues? through national insurance and taxes. This is simply untrue. The true value of the average baby-boomer?s benefits is 118 per cent of the taxes they paid, according to Mr Willetts ? and higher according to other calculations."
It's an interesting take on certain things.