Breach of the intergenerational social contract: my letter published in the FT

The Financial Times has today published my letter on pensions and intergenerational accounting responding to Janan Ganesh's article about how lucky the baby boomers have been. It can be downloaded from here.

I argue that it is not only bad luck but also a changed social contract - as neoliberalism replaces social solidarity as the principal idea underpinning pensions - it means that the young not only have to be satisfied with inferior pension arrangements but in addition are having to pay the transition costs of switching to this inferior situation.

In addition, I make the point that the intergenerational conflict is not as it is often portrayed - a zero sum game between young and old - but the young themselves will become the old in due course, so they have a direct personal interest in good pension arrangements.

Dennis Leech : 14 Jan 2014 13:10 |  Tags: Contract Pensions; Social |  Comments (1) |  Report a problem