I’m Never Going to Get a State Pension, So Why Should I Pay for Yours? | Oscar Rhodes
The modern state pension is one of the greatest Ponzi schemes ever inflicted on the British people, yet our government continues to offer their unwavering support to it. Why? The answer is simple: moronic and selfish baby boomers (the largest and most active voter demographic in the UK) who still believe that it is working just fine.
Now, a lot of our nation’s issues stem from the boomer problem but for the time being, I would like to focus solely on the disgusting nature of the state pension and how it saps the life and well-being of young and working-age people.
Firstly, to circle back to my initial point, pensions are indeed a Ponzi scheme. Baby boomers will endlessly harp on about how they ‘paid their fair share all their working life’, but this is simply not the case. When the boomer was working, they were not putting money into an investment pot (like private pensions); they were, in fact, paying someone else’s pension. The flaw in this system immediately becomes obvious – it relies entirely on never-ending steady population growth. It requires the nation to always have a normal population pyramid with many young people and few old people. Unfortunately for the system, boomers were some of the first generations to have access to free healthcare and cheap prophylactics and abortions. Indeed, many boomers have had one or fewer children and are living considerably longer. Meaning they haven’t even replaced themselves. After the release of the 2021 census, we now know that we no longer have a population pyramid, but instead a population rectangle.
This is bad news and I don’t know how to put this nicely, so I’ll just say it plainly; unless something changes soon, we (along with many other economically advanced nations) are facing a complete demographic catastrophe. There are nowhere near enough children being born to pay the pensions of current working-age people now.
This is the final form of any Ponzi scheme. The initial investors have already been paid back by the newer ones, and soon enough the rug will be pulled and all those people at the bottom will have nothing to show for it.
Let us also not forget that most people over the age of 70 in this country have been recipients of the most glamorous state-subsidised lifestyles ever to exist. The baby boomers are the wealthiest generation in history and it is hard to grasp just how good they have had it. They grew up in a country eager to build a functioning welfare state and a booming population and experienced consistent economic growth for the first 55 years of their lives. Their children and grandchildren, on the other hand, are the first generations in decades to be poorer on average than those who came before them. They have been forced to suffer through stagnant wages and terrible interest rates for most of their lives.
Why do we not fix this problem? Well, for a start, baby boomers vote en masse. Due to the abnormally large amount of them, they were effectively able to establish a voting block which has existed in British politics since they started to turn of voting age (the 1960s/70s). Due to their size, politicians know that they have to pander to them if they hope to win any election. So the government is forced to do their bidding until such a time as there are no longer enough of them to make an impact on elections.
This means that young people (who have remarkably low voter turnout nationally) stand no chance of influencing government policy in comparison to them. The state will, therefore, continue to suck the wealth away from young people to fund the ponzi pensions of boomers.
The important question that young people need to be asking themselves now is, what happens in the future when we run out of new young people? We are already importing about a million people a year via mass immigration to try and plug the gap. But this cannot go on forever. Immigrants also have a habit of getting old, and importing more immigrants to plug the ever-increasing gap is insanity. It would require an unlimited supply of immigrants and levels of housebuilding that have never been seen in this country, it’s hard enough as it is to get permission to build a house let alone a couple million.
Eventually, the state pension will cease to exist. I sincerely believe that I, and other 20-somethings, will never have a state pension. This would not be a problem for me (I can afford to buy into a private one) but I, and all other workers, are forced to pay into a scheme that we will never see the benefit of. There is no opt-out, there is no escape from it.
Young people are not stupid; a lot of them realise that this is the case. They fully understand the fact that they are unlikely to ever see a penny from the state after they turn 67 and it’s absolutely soul-destroying. We are the main cash cow for the subsidised boomer lifestyle, and we will not see a penny or even a word of thanks.
It would be extremely difficult to fix the situation we are in now, but here are some potential solutions:
1. Force the wealthiest amongst the elderly to sell their assets to pay for their own care.
Boomers are the largest asset controlling class in the country. 1 in 4 are millionaires and, as a group, are extremely asset rich. They own vast amounts of stocks, property, and other assets.
2. Reform the state pension system.
It is unfair to abolish the state pension immediately. Many people have handed over considerable sums of money towards it over their lifetimes. If a state pension must exist, it should operate on an investment model like other pension schemes, and not the current Ponzi scheme model.
3. Make the state pension optional.
Give young people the choice to join the state pension, save up their money, join private pension schemes, or just use it when they receive it.
These are just some ideas of ways that we could at least marginally improve the situation for young people, and make our state’s welfare system fairer and less focussed on the elderly. Young people are the future of Great Britain, and our treatment of them is beyond disgusting. Give them some hope and support schemes and policies that actually seek to invest in them. We should not just be transferring their money to old people.