…Cash reserves in the National Insurance Fund have plunged in the past few years and could come up short as soon as next year, forcing the Government to dip into money coming in from general taxation, according to the research.
The Centre for Policy Studies report warns under-45 they face tax hikes and a later retirement age, and under-35s they can expect the state pension to be scrapped altogether….
From the wonderfully titled “The End Should be Nigh“;
Timing aside, with the Fund gone, there would be no justification for HMRC to continue to collect the insurance premium that is NICs.
There is a little good news. A little.
Allow me to draw your attention, dear Reader, to Section 5.4 Fund Exhaustion
…Fund exhaustion, whenever it arises, would be of considerable symbolic significance. It would confirm that even with all the recent cost saving measures (such as sending the SPA into rapid retreat) the forthcoming single-tier State Pension is unsustainable. Either benefits are further watered-down, or Generation Y,  in particular, will face rising taxes. This is unreasonable; Generation Y is already faced with unaffordable housing, college debts to repay, fragmented careers and earnings stagnation, and far thinner occupational pensions (DC, not DB, bar the public sector) than their baby boomer parents. It is perhaps no surprise then that the 25-34 years old age group (i.e. core Generation Y) are the least likely to live in households in the top total wealth band. Conversely, only 4% of individuals aged 55-64 years (i.e. baby boomers), and 4% aged 65 or older, live in households in the lowest total wealth band.
 = Under-35s.
It gets better.
..In extremis, perhaps we should gradually put an end Corporation Tax altogether, replacing it with consumer taxes?…
Let’s see The Guardian Media Group and its readers evade those, with their lifestyle of conspicuous consumption.
In short, fuck Baby Boomers. I cannot stress this enough.
If you’re new and think that’s too far or unfair, see Best Post. In short, I refuse to work my arse off until I drop dead so they can spend half their extended lifespan fucking around and spreading STDs on every continent.
They can’t pull the wool over our eyes for much longer.
They’ll starve anyway, idiots failed to
not abort have enough children, expecting they could sponge off other people’s – creating a ‘tragedy of the commons’ because everyone had the same ‘bright’ idea and children ARE the original pension plan, after all. They work for you when you cannot. We’ll vote to drop their “entitlements” when we realise en masse how they screwed us on every conceivable front.