Desperate governments do desperate things. Some of those things qualify as theft if you or I do them. This is one of those things.
The Irish government plans to institute a tax on private pensions to drive jobs growth, according to its jobs program strategy, delivered today.
Without the ability sell debt due to soaring interest rates, and with severe spending rules in place due to its EU-IMF bailout, Ireland has few ways of spending to stimulate the economy. Today’s jobs program includes specific tax increases, including the tax on pensions, aimed at keeping government jobs spending from adding to the national debt.
Yeah. Call it a tax. “Theft” is such an ugly word.
The article contains a link to a slide show of 17 countries that appear poised to use this same tactic. Surprisingly, the USA wasn’t one of them. Il Duce must be slipping.
South Korea was #4 on the list: someone warn bingbing!
Coming in at #1 was — drumroll, please — Japan, a country with an aging population and two decades of economic stagflation under its belt.
But don’t worry if your country wasn’t on the list of those ready to pounce on your hard-earned retirement nest egg. They’ll get to you soon enough.