Money, power, and old age

posted by
February 20, 2011
Ludwig von Mises Institute
by Jan Iwanik  
Posted in Commentary

"I suspect that funded retirement plans like American 401(k)s British private pensions, or Polish open pension plans (OFE) cannot survive in a centralized democracy. The only alternatives are unfunded schemes such as American social security, British state pensions, or the Polish Social Insurance Institution (ZUS). But such systems naturally lead to a conflict of interest between age groups, out of which the older generations emerge victorious. As a result, an internal gerontocracy is formed within the democratic system." (02/19/11)  

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