THE SPINE OCTOBER 20, 2010
-
Read Later
READ LATERAvailable only to subscribers. SUBSCRIBE TODAY
-
Listen
ARTICLE AUDIO
- Font Size
The average Frenchman will live to 81.5 years of age...and growing.
And since France is nearly broke one of the steps -but just one of
them- it has to take is to raise both the ages for minimum retirement
and for full state pensions. The fact is that the Wall Street
Journal editorial page is the site where the argument is made the
most honestly and persuasively.
Still and without alternative, the French are looking "for another
Bastille to storm." Nicolas Sarkozy's proposal is to raise the age in
both categories by two years. One would think from the protests
affecting every area of civic life that the government was breaking up
the national health system.
The fact is that France may be a harbinger of similar dilemmas in
other countries. The United Kingdom is already facing comparable
choices. Greece and Spain are choking on them. And don't forget that
the war over taxes in the United States is just another expression of
the same problem. For the moment Social Security is protected by
silence. But the crisis in private retirement programs is also about
to burst. God help us. What's certain is that President Obama won't.
As you can tell, I don't believe that, given its financial
circumstances, France has any other alternatives...and that there will
be more shocks not so far down the road.
Schools closed, refineries blockaded, public employees walking off the
job... Sarkozy will welcome all the relief he can get.
Unfortunately, he's received the most corrupting solace. It came from
the European Union which suspended its human rights case against Paris
for pushing Gypsies (or, as they are also called, Roma) out of the
country without any process at all. This is fascism endorsed by the
portentous legion of continental democrats.
6 comments
"God help us. What's certain is that President Obama won't." Just couldn't help yourself eh? An otherwise reasonable piece, crowned with the usual problem that it's all Obama's fault. While we may wish that more was done in the HCR effort, it's not like he didn't sacrifice a lot of political capital on just this exact topic.
- Nari224
October 20, 2010 at 3:29pm
What's your solution, Peretz? Privatize it? How would social security have fared when your boy Bush, and his SEC chair Christopher Cox handed the keys to the crooked hedge funds to loot the 401Ks, 403Bs and the nation's retirement. That would have been a swell idea. It's incredible that you've NEVER EVER criticize Bush for the crash of the stock market the 60% loss of wealth. But these are the jerks you want to put in charge?
- OscarPeck
October 20, 2010 at 6:52pm
Retirement obligations bankrupted two of America's largest companies in GM & Chrysler. Myriads of companies have dropped their defined benefit plans and have gone with 401(k) contributions. Rare is the company today that offers retiree health care. Medicare is out of control and Social Security could use a few more dollars to balance their books. I've already been booted up to age 67 to recieve the same benefits that the previous participants recieved at age 65, with more of my annual pay taxed. We have choices. But the smart thing to do is start your personal savings. I have little hope the government will balance the books to assure the money taken from our paycheck is returned. I fully expect my Social Security to be taxed as 'Means Tested' or as part of a tax the rich scheme to pay for other programs. The good news is that people like me won't march in the streets. We'll complain and move to low tax states, and leave the fight to the desperate.
- CRS9TNR
October 20, 2010 at 7:50pm
Marty never supported Bush (he endorsed Al Gore for President) and I doubt that he supports privatizing social security. And while Peretz does seem obsessed with Obama blaming him for events he neither caused and over which he has no control, that doesn't mean that he support the conservative economic agenda.
- jdyer
October 20, 2010 at 7:51pm
Maybe if Bush II had not signed the repeal of the estate tax law, a tax law which, if repealed, would have saved him personally in excess of $30 million dollars on the death of both his parents, we could have put the revenues from existing law into the social security system. But that's what you get when the leader of a government believes the government he is leading shouldn't be.
- Nusholtz
October 20, 2010 at 8:41pm
Jackson, If my memory serves me well, MP backed Bush over John Kerry, although the rest of the TNR editorial board, and hence TNR itself, endorsed Kerry. Indeed many, myself included, think that MPs endorsement of Obama was motivated in large part as personal penance for having backed Bush over Kerrry. Hershel Ginsburg Jerusalem / Efrata (usually) Brooklyn (currently)
- ginzy
October 21, 2010 at 11:54pm