28 Sep '11, 9am

Four Fallacies about the Singapore Welfare State: excerpted from Social Dimension Online: – The last and possibl...

The last and possibly most damaging case against Western-style social welfare is that it is financially unsustainable and will eventually bankrupt the state. At a seminar on Singapore’s Central Provident Fund (CPF) last year, a senior politician likened European pay-as-you-go pensions to political Ponzi schemes that were never going to pay up on their promises. This view is misinformed. It is true that pensions constitute the heaviest fiscal burden among all sources of social spending in Europe and have come under pressure from population ageing and economic stagnation. But this area is complex and dynamic. Research done at the London School of Economics has found that reforms in recent years have addressed policy constraints to different extents across Europe and in some cases have put pension systems back on a more sustainable path. The reference to Ponzi schemes is also...

Full article: http://theonlinecitizen.com/2011/09/four-fallacies-about-...

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