September 16, 2005

“” Post: Retractions, Explanations, and Apologies

Filed under: General — Tom @ 9:41 am

Go here to see an updated version of the original “” post with necessary changes at the top to reflect the reality of the situation.

Germany: A Sneak Preview of the US Without Social Security Reform and Entitlement Reform

Filed under: Economy,Soc. Sec. & Retirement,Taxes & Government — Tom @ 9:38 am

What is described below is happening here, though more slowly.

In The Wall Street Journal (requires subscription), from the Berlin bureau chief for Der Spiegel, on this Sunday’s election in Germany and the fiscal challenges that country faces (bolds mine):

A glance at the state’s finances shows how dramatic the situation is: Of 190 billion euros in tax revenues, 80 billion is passed on to the cash-strapped state pension system, 30 billion goes to the unemployed, and another 40 billion belongs to the banks, just to service debt. The rest is not even enough to pay the bureaucracy and to build roads. Ever-new credits are constantly needed so that Germany at least has the appearance of a prosperous country.

Relief is not in sight because the birth-rate has fallen by half since the early 1960s and so the work force will also soon fall by half. Two retirees will then be financed by one worker, which would be too much for everyone — the workers and the state. If nothing changes, the government will need 80% of the state budget in 2050 just to prop up pensions.


Sept. 17 Wizbang Carnival participant.

Positivity: 74 Year-Old Man Rescued in NOLA

Filed under: Positivity — Tom @ 12:35 am

After 16 days (link may require registration):