Talking About My Generation
Baby boomers want decent pensions and a modern health service, but are not putting enough aside to pay for them. That was the message from the boffins who have been mulling the ongoing transfer of wealth from the baby boomer generation to their children.
We are taking out more than we put back, and on a massive scale. If the situation continues, younger people, and the unborn, will have to pick up a tab that by 2030-40 – when the boomers are on Saga holidays or in nursing care – will be overwhelming.
David Willetts reckons that the average boomer will get 118% more in benefits and services over the course of their lives than they have paid in taxes.
We can argue over how and who to tax, but more money for health and pensions needs to come from somewhere.
Or maybe not tax?