Pension Saving Quotes

Yet they believe blindly in the stock market, and in the abilities of their pension plan manager. Why do they do so? Because they accept that this is what people should do with their savings, because "experts" tell them so. The doubt their own sense, but not for a second do they doubt their automatic purchases in the stock market.

Even as a game of chance, however, Brexit is especially odd. It is a surreal casino in which the high-rollers are playing for pennies at the blackjack tables while the plebs are stuffing their life savings into the slot machines. For those who can afford risk, there is very little on the table; for those who cannot, entire livelihoods are at stake. The backbench anti-Brexit Tory MP Anna Soubry rose to her feet in the Commons in July 2018, eyed her Brexiteer colleagues and let fly: ‘Nobody voted to be poorer, and nobody voted Leave on the basis that somebody with a gold-plated pension and inherited wealth would take their jobs away from them.’ But if that’s not what people voted for, it is emphatically what they got: if the British army on the Western Front were lions led by donkeys, Brexit is those who feel they have nothing to lose led by those who will lose nothing either way.

After the New Deal, economists began referring to America’s retirement-finance model as a “three-legged stool.” This sturdy tripod was composed of Social Security, private pensions, and combined investments and savings. In recent years, of course, two of those legs have been kicked out. Many Americans saw their assets destroyed by the Great Recession; even before the economic collapse, many had been saving less and less. And since the 1980s, employers have been replacing defined-benefit pensions that are funded by employers and guarantee a monthly sum in perpetuity with 401(k) plans, which often rely on employee contributions and can run dry before death. Marketed as instruments of financial liberation that would allow workers to make their own investment choices, 401(k)s were part of a larger cultural drift in America away from shared responsibilities toward a more precarious individualism. Translation: 401(k)s are vastly cheaper for companies than pension plans. “Over the last generation, we have witnessed a massive transfer of economic risk from broad structures of insurance, including those sponsored by the corporate sector as well as by government, onto the fragile balance sheets of American families,” Yale political scientist Jacob S. Hacker writes in his book The Great Risk Shift. The overarching message: “You are on your own.

Don’t worry about me,” he said. “The little limp means nothing. People my age limp. A limp is a natural thing at a certain age. Forget the cough. It’s healthy to cough. You move the stuff around. The stuff can’t harm you as long as it doesn’t settle in one spot and stay there for years. So the cough’s all right. So is the insomnia. The insomnia’s all right. What do I gain by sleeping? You reach an age when every minute of sleep is one less minute to do useful things. To cough or limp. Never mind the women. The women are all right. We rent a cassette and have some sex. It pumps blood to the heart. Forget the cigarettes. I like to tell myself I’m getting away with something. Let the Mormons quit smoking. They’ll die of something just as bad. The money’s no problem. I’m all set incomewise. Zero pensions, zero savings, zero stocks and bonds. So you don’t have to worry about that. That’s all taken care of. Never mind the teeth. The teeth are all right. The looser they are, the more you can wobble them with your tongue. It gives the tongue something to do. Don’t worry about the shakes. Everybody gets the shakes now and then. It’s only the left hand anyway. The way to enjoy the shakes is pretend it’s somebody else’s hand. Never mind the sudden and unexplained weight loss. There’s no point eating what you can’t see. Don’t worry about the eyes. The eyes can’t get any worse than they are now. Forget the mind completely. The mind goes before the body. That’s the way it’s supposed to be. So don’t worry about the mind. The mind is all right. Worry about the car. The steering’s all awry. The brakes were recalled three times. The hood shoots up on pothole terrain.” Deadpan.

Kluger notes that these cases arguably amount to “personal injury claims in disguise,” and that the Supreme Court has ruled that federal cigarette-labeling laws are an effective shield against such claims. Logically, in other words, the states ought to be suing smokers, not cigarette makers. And perhaps smokers, in turn, ought to be suing Social Security and private pension funds for all the money they’ll save by dying early.

Gradually it dawned on me how much people in America depended on their employers for all sorts of things that were unimaginable to me: medical care, health savings accounts, and pension contributions, to name the most obvious. The result was that employers ended up having far more power in the relationship than the employee. In America jeopardizing your relationship with your employer carried personal risks that extend far beyond the workplace, to a degree unthinkable where I came from.

Most of the crime-ridden minority neighborhoods in New York City, especially areas like East New York, where many of the characters in Eric Garner’s story grew up, had been artificially created by a series of criminal real estate scams. One of the most infamous had involved a company called the Eastern Service Corporation, which in the sixties ran a huge predatory lending operation all over the city, but particularly in Brooklyn. Scam artists like ESC would first clear white residents out of certain neighborhoods with scare campaigns. They’d slip leaflets through mail slots warning of an incoming black plague, with messages like, “Don’t wait until it’s too late!” Investors would then come in and buy their houses at depressed rates. Once this “blockbusting” technique cleared the properties, a company like ESC would bring in a new set of homeowners, often minorities, and often with bad credit and shaky job profiles. They bribed officials in the FHA to approve mortgages for anyone and everyone. Appraisals would be inflated. Loans would be approved for repairs, but repairs would never be done. The typical target homeowner in the con was a black family moving to New York to escape racism in the South. The family would be shown a house in a place like East New York that in reality was only worth about $15,000. But the appraisal would be faked and a loan would be approved for $17,000. The family would move in and instantly find themselves in a house worth $2,000 less than its purchase price, and maybe with faulty toilets, lighting, heat, and (ironically) broken windows besides. Meanwhile, the government-backed loan created by a lender like Eastern Service by then had been sold off to some sucker on the secondary market: a savings bank, a pension fund, or perhaps to Fannie Mae, the government-sponsored mortgage corporation. Before long, the family would default and be foreclosed upon. Investors would swoop in and buy the property at a distressed price one more time. Next, the one-family home would be converted into a three- or four-family rental property, which would of course quickly fall into even greater disrepair. This process created ghettos almost instantly. Racial blockbusting is how East New York went from 90 percent white in 1960 to 80 percent black and Hispanic in 1966.

This is the basic root of all happiness. Whether you’re listening to Aristotle or the psychologists at Harvard or Jesus Christ or the goddamn Beatles, they all say that happiness comes from the same thing: caring about something greater than yourself, believing that you are a contributing component in some much larger entity, that your life is but a mere side process of some great unintelligible production. This feeling is what people go to church for; it’s what they fight in wars for; it’s what they raise families and save pensions and build bridges and invent cell phones for: this fleeting sense of being part of something greater and more unknowable than themselves.

It is easy for those of us who have enough, living a secure life, structured by goals that we can reasonably confidently aspire to achieve (that new sofa, the 50-inch flat screen, that second car) and institutions designed to help us get there (savings accounts, pension programs, home-equity loans) to assume, like the Victorians, that motivation and discipline are intrinsic. As a result, there are always worries about being overindulgent to the slothful poor. Our contention is that for the most part, the problem is the opposite: It is too hard to stay motivated when everything you want looks impossibly far away. Moving the goalposts closer may be just what the poor need to start running toward them.

We cannot pick and choose whom among the oppressed it is convenient to support. We must stand with all the oppressed or none of the oppressed. This is a global fight for life against corporate tyranny. We will win only when we see the struggle of working people in Greece, Spain, and Egypt as our own struggle. This will mean a huge reordering of our world, one that turns away from the primacy of profit to full employment and unionized workplaces, inexpensive and modernized mass transit, especially in impoverished communities, universal single-payer health care and a banning of for-profit health care corporations. The minimum wage must be at least $15 an hour and a weekly income of $500 provided to the unemployed, the disabled, stay-at-home parents, the elderly, and those unable to work. Anti-union laws, like the Taft-Hartley Act, and trade agreements such as NAFTA, will be abolished. All Americans will be granted a pension in old age. A parent will receive two years of paid maternity leave, as well as shorter work weeks with no loss in pay and benefits. The Patriot Act and Section 1021 of the National Defense Authorization Act, which permits the military to be used to crush domestic unrest, as well as government spying on citizens, will end. Mass incarceration will be dismantled. Global warming will become a national and global emergency. We will divert our energy and resources to saving the planet through public investment in renewable energy and end our reliance on fossil fuels. Public utilities, including the railroads, energy companies, the arms industry, and banks, will be nationalized. Government funding for the arts, education, and public broadcasting will create places where creativity, self-expression, and voices of dissent can be heard and seen. We will terminate our nuclear weapons programs and build a nuclear-free world. We will demilitarize our police, meaning that police will no longer carry weapons when they patrol our streets but instead, as in Great Britain, rely on specialized armed units that have to be authorized case by case to use lethal force. There will be training and rehabilitation programs for the poor and those in our prisons, along with the abolition of the death penalty. We will grant full citizenship to undocumented workers. There will be a moratorium on foreclosures and bank repossessions. Education will be free from day care to university. All student debt will be forgiven. Mental health care, especially for those now caged in our prisons, will be available. Our empire will be dismantled. Our soldiers and marines will come home.

It was a tough journey, though, and I realize that some people don’t have the endurance, or the faith, to continue in the face of such great resistance. But not a day goes by when I don’t meet someone who’s also put it all on the line and is working their butt off to achieve their professional and personal dreams. Many millennials, in particular, are willing to take a chance and do something outside the box, without the “right” degree or experience or any guarantee of future success. They’re willing to start a business—a tech company, a nonprofit—with a couple of friends or alone in their apartment. They’ve rejected the narrative that most boomers lived by—that you should go to school, get a job, work for the same company for thirty years, trust that the company will take care of you after retirement with a pension and possibly stock options. They’ve rejected that narrative because it doesn’t exist anymore in most cases. Most of the millennials who expect that path are, in my opinion, the ones still living at home. Getting angry at “the man” for keeping them down. Waiting for someone else, the government most likely, to come in and save the day. These are the ones who reject or don’t take personal responsibility. Who get out of college, get their first job, and want to be the boss of the company the very same day. They’re twenty-five, have no experience beyond that one semester as an intern, but they want that corner office and $100K in year one.

They don’t want people who are smart enough to sit around the kitchen table and figure out how badly they’re getting fucked by a system that threw them overboard thirty years ago. They want people who are just smart enough to run the machines and do the paperwork, and just dumb enough to passively accept all the increasingly shitty jobs with the less pay, reduced benefits, the end of overtime—and the vanishing pension that disappears the minute you come to collect it. And now they’re coming for your Social Security. They want your retirement money. They want it back so they can give it to their criminal Wall Street friends. And you know what? They’ll get it! They’ll get it all. They count on the fact that Americans will remain willfully ignorant.” The prophetic Mr. George Carlin “It’s just a ride. We can change it any time we want. It’s just a choice. No effort, no work, no job, no savings of money—a choice, right now, between fear and love. The eyes of fear want you to put bigger locks on your door, buy guns, close yourself off. The eyes of love instead see all of us as one. Here’s what we can do to make this world a better ride. Take all the money we spend on weapons every year and use it to feed and clothe the poor of the world. There will be enough to help every person in the world, not one left out—and we can explore space, both inner and outer, together, in peace.” Bill Hicks “Try to learn to breathe deeply, really taste food when you eat, and when you sleep to really sleep. Try as much as possible to be wholly alive with all your might, and when you laugh, laugh like hell. And when you get angry, get good and angry. Try to be alive. You will be dead soon enough.” William Saroyan

Give us an idea of…” Noya Baram rubs her temples. “Oh, well.” Augie begins to stroll around again. “The examples are limitless. Small examples: elevators stop working. Grocery-store scanners. Train and bus passes. Televisions. Phones. Radios. Traffic lights. Credit-card scanners. Home alarm systems. Laptop computers will lose all their software, all files, everything erased. Your computer will be nothing but a keyboard and a blank screen. “Electricity would be severely compromised. Which means refrigerators. In some cases, heat. Water—well, we have already seen the effect on water-purification plants. Clean water in America will quickly become a scarcity. “That means health problems on a massive scale. Who will care for the sick? Hospitals? Will they have the necessary resources to treat you? Surgical operations these days are highly computerized. And they will not have access to any of your prior medical records online. “For that matter, will they treat you at all? Do you have health insurance? Says who? A card in your pocket? They won’t be able to look you up and confirm it. Nor will they be able to seek reimbursement from the insurer. And even if they could get in contact with the insurance company, the insurance company won’t know whether you’re its customer. Does it have handwritten lists of its policyholders? No. It’s all on computers. Computers that have been erased. Will the hospitals work for free? “No websites, of course. No e-commerce. Conveyor belts. Sophisticated machinery inside manufacturing plants. Payroll records. “Planes will be grounded. Even trains may not operate in most places. Cars, at least any built since, oh, 2010 or so, will be affected. “Legal records. Welfare records. Law enforcement databases. The ability of local police to identify criminals, to coordinate with other states and the federal government through databases—no more. “Bank records. You think you have ten thousand dollars in your savings account? Fifty thousand dollars in a retirement account? You think you have a pension that allows you to receive a fixed payment every month?” He shakes his head. “Not if computer files and their backups are erased. Do banks have a large wad of cash, wrapped in a rubber band with your name on it, sitting in a vault somewhere? Of course not. It’s all data.” “Mother of God,” says Chancellor Richter, wiping his face with a handkerchief.

Satisfying consumers was not a priority. To get an apartment in the 1980s, applicants in Bulgaria had to wait up to 20 years, and those in Poland, up to 30 years; a quarter of the people filling the Soviet waiting lists were already pensioners. Car buyers in East Germany had to place their orders 15 years in advance. In Romania, the dictator Nicolae Ceausescu put all citizens on a low-calorie diet in the early 1980s to save money for repaying the country’s foreign debt. He limited lighting to one 40-watt bulb per room, heating in public buildings to 57 degrees Fahrenheit, and television programming to two tedious hours a day.

some of the structural drivers of inflation have also weakened. Trade unions have become less powerful. Loss-making state industries have been privatized. But, perhaps most importantly of all, the social constituency with an interest in positive real returns on bonds has grown. In the developed world a rising share of wealth is held in the form of private pension funds and other savings institutions that are required, or at least expected, to hold a high proportion of their assets in the form of government bonds and other fixed income securities. In 2007 a survey of pension funds in eleven major economies revealed that bonds accounted for more than a quarter of their assets, substantially lower than in past decades, but still a substantial share.71 With every passing year, the proportion of the population living off the income from such funds goes up, as the share of retirees increases.

Greece can balance its books without killing democracy Alexis Tsipras | 614 words OPINION Greece changes on January 25, the day of the election. My party, Syriza, guarantees a new social contract for political stability and economic security. We offer policies that will end austerity, enhance democracy and social cohesion and put the middle class back on its feet. This is the only way to strengthen the eurozone and make the European project attractive to citizens across the continent. We must end austerity so as not to let fear kill democracy. Unless the forces of progress and democracy change Europe, it will be Marine Le Pen and her far-right allies that change it for us. We have a duty to negotiate openly, honestly and as equals with our European partners. There is no sense in each side brandishing its weapons. Let me clear up a misperception: balancing the government’s budget does not automatically require austerity. A Syriza government will respect Greece’s obligation, as a eurozone member, to maintain a balanced budget, and will commit to quantitative targets. However, it is a fundamental matter of democracy that a newly elected government decides on its own how to achieve those goals. Austerity is not part of the European treaties; democracy and the principle of popular sovereignty are. If the Greek people entrust us with their votes, implementing our economic programme will not be a “unilateral” act, but a democratic obligation. Is there any logical reason to continue with a prescription that helps the disease metastasise? Austerity has failed in Greece. It crippled the economy and left a large part of the workforce unemployed. This is a humanitarian crisis. The government has promised the country’s lenders that it will cut salaries and pensions further, and increase taxes in 2015. But those commitments only bind Antonis Samaras’s government which will, for that reason, be voted out of office on January 25. We want to bring Greece to the level of a proper, democratic European country. Our manifesto, known as the Thessaloniki programme, contains a set of fiscally balanced short-term measures to mitigate the humanitarian crisis, restart the economy and get people back to work. Unlike previous governments, we will address factors within Greece that have perpetuated the crisis. We will stand up to the tax-evading economic oligarchy. We will ensure social justice and sustainable growth, in the context of a social market economy. Public debt has risen to a staggering 177 per cent of gross domestic product. This is unsustainable; meeting the payments is very hard. On existing loans, we demand repayment terms that do not cause recession and do not push the people to more despair and poverty. We are not asking for new loans; we cannot keep adding debt to the mountain. The 1953 London Conference helped Germany achieve its postwar economic miracle by relieving the country of the burden of its own past errors. (Greece was among the international creditors who participated.) Since austerity has caused overindebtedness throughout Europe, we now call for a European debt conference, which will likewise give a strong boost to growth in Europe. This is not an exercise in creating moral hazard. It is a moral duty. We expect the European Central Bank itself to launch a full-blooded programme of quantitative easing. This is long overdue. It should be on a scale great enough to heal the eurozone and to give meaning to the phrase “whatever it takes” to save the single currency. Syriza will need time to change Greece. Only we can guarantee a break with the clientelist and kleptocratic practices of the political and economic elites. We have not been in government; we are a new force that owes no allegiance to the past. We will make the reforms that Greece actually needs. The writer is leader of Syriza, the Greek oppositionparty

The recovery of the stock market—up 175 percent from its bottom in early 2009—has replenished the personal savings of millions of Americans as well as public and private pension funds.

Talking Dog One day, while driving in the country, a man noticed a sign that said “Talking Dog for Sale.”  The sign pointed to a farm house off the road just a bit.  The man’s interest was piqued so he pulled off the road and headed up to the farm house. When he got there and inquired about the talking dog, the farmer told him the talking dog was around the back of the farm house.  The farmer said the man was welcome to go in back and talk with the dog. The man was in a serious state of disbelief, because he knew dogs couldn’t talk.  Still he was very curious so he headed around to the backyard. In the backyard the man noticed a poodle that quickly came up to him.  The man thought to himself, “Hmmm poodles are supposed to be smart dogs.” “Can you really talk?” the man asked the poodle. “I sure can,” replied back the poodle. “Wow,” exclaimed the man.  Wanting to hear more he asked, “So what’s your story?” “I discovered I could talk when I was very young,” said the poodle.  “I knew I had a real gift so I thought I should do something about it.  I joined the CIA and became one of their very best spies.  I was sent on many secret missions.  I traveled all around the world and was involved in many interesting and intriguing cases. I even helped save the life of the President on two occasions. After eight years I got tired of all the jetting around and decided to retire.  I was given several awards for all my achievements and a gala dinner, attended by many important people, was held in my honor.  I was given a full government pension and brought to this farm to enjoy the rest of my life.” After hearing all this, the man was astounded.  He quickly went back to the farmer and said, “I want that dog!  I will buy it at any price.  How much do you want for that dog?” “Ten dollars,” was the farmer’s reply. “Ten dollars?” the man said in disbelief.  “That dog is amazing, why on earth would you sell it for so little?” “Because he’s a big liar; he didn’t do any of those things!

Sec. Particulars Amount 80C Tax saving investments1 Maximum up to Rs. 1,50,000 (from FY 2014-15) 80D Medical insurance premium-self, family Individual: Rs. 15,000 Senior Citizen: Rs. 20,000 Preventive Health Check-up Rs. 5,000 80E Interest on Loan for Higher Education Interest amount (8 years) 80EE Deduction of Interest of Housing Loan2 Up to Rs.1,00,000 total 80G Charitable Donation 100%/ 50% of donation or 10% of adjusted total income, whichever is less 80GGC Donation to political parties Any sum contributed (Other than Cash) 80TTA Interest on savings account Rs. 10,000 1              Tax saving investments includes life insurance premium including ULIPs, PPF, 5 year tax saving FD, tuition fees, repayment of housing loan, mutual fund (ELSS) (Sec. 80CCB), NSC, employee provident fund, pension fund (Sec. 80CCC) or pension scheme (Sec. 80CCD), etc. NRIs are not allowed to invest in certain investments, such as PPF, NSC, 5 year bank FD, etc. 2              Only to the first time buyer of a self-occupied residential flat costing less than Rs. 40 lakhs and loan amount of less than 25 lakhs sanctioned in financial year 2013-14 Clubbing of other’s income Generally, the taxpayer is taxed on his own income. However, in certain cases, he may have to pay tax on another person’s income.  Taxpayers in the higher tax bracket (e.g. 30%) may divert some portion

Why do people put off travel until retirement? What are they saving it for? I understand that people want to be financially secure first, and pay off pension plans, but why consign the most active years of your life to drudgery? Why would you sacrifice today's freedom for a future that will always remain uncertain, no matter how carefully you plan for it? I'm not saying that everyone sitting in an office right this minute should drop everything and take off for Central Europe. I'm saying that if you want to see the world, plan for it and do it as soon as possible. The experience will give you the inspiration and fortitude you need to survive being a grown up.

At the very least, a mortgage had to be pooled with other mortgages of other homeowners. Traders and investors would trust statistics and buy into a pool of several thousand mortgage loans made by a Savings and Loan, of which, by the laws of probability, only a small fraction should default. Pieces of paper could be issued that entitled the bearer to a pro-rata share of the cash flows from the pool, a guaranteed slice of a fixed pie. There could be millions of pools, each of which held mortgages with particular characteristics, each pool in itself homogeneous. It would hold, for example, home mortgages of less than one hundred and ten thousand dollars paying an interest rate of 12 per cent. The holder of the piece of paper from the pool would earn 12 per cent a year on his money plus his share of the repayments of principal from the homeowners. Thus standardised, the pieces of paper could be sold to an American pension fund, to a Tokyo trust company, to a Swiss bank, to a tax-evading Greek shipping tycoon living in a yacht in the harbour of Monte Carlo, to anyone with money to invest. Thus standardised, the pieces of paper could be traded. All the trader would see was the bond. All the trader wanted to see was the bond. A bond he could whip and drive. A line which would never be crossed could be drawn down the centre of the market. On one side would be the homeowner, on the other, investors and traders. The two groups would never meet; this is curious in view of how personal it seems to lend a fellow man the money to buy his home. The homeowner would only see his local Savings and Loan manager from whom the money came, and to whom it was, over time, returned. Investors and traders would see paper. Bob

We think people can spend 35–40 years working and saving, then stop working and go on for another 20–30–40 years at the same comfort level – but with a growing percentage of retirees and a shrinking number of workers paying into the system. I’m sorry, but that’s magical thinking.

I don't receive my TPI Pension because of the heavy wounds I received in the battle action on Crete. I get my TPI Pension because of the inhumane treatment I received in the Concentration Camp. It is a mistake to believe that the Germans had enough spare manpower to staff and run the concentration camps. The Germans only ever guarded the outer perimeter of the camps, we Prisoners hardly saw German soldiers, so it was not the SS or German guards that beat me up daily. No, the daily beatings that left me totally incapacitated, came from two fellow Prisoners called KAPOS. Kapos (or Camp Police) had extra privileges, such as their own room and they also had power, For example the Power to say who got to visit the Camp Sick Bay or the Camp Brothel, and because of the absence of the very disciplined Germans, these Kapos even had the Power over Life & Death. The two Kapos that beat me daily, using a heavy wooden baton they called 'Herr Doktor' (The Doctor) were both fellow Prisoners, both were Jewish, one from Hungary and the other was, I believe, a Ukrainian. I was often witness when they dragged other hapless prisoners from their cells on to the Appelplatz' and beat them to death with 'The Doctor'. So whenever I meet a ' Camp survivor' now, I look him deeply in the eyes to see what sort of a 'survivor' they are....whether they were really a Prisoner just like me, or whether they were one of the many 'Privileged' ones who survived the warbeing more inhumane to other Prisoners than the Germans ever were. As a matter of fact, it was a German SS Soldier who saved my life after the Kapos, who after beating me sent me outside the camp on a work detail, with a dangerously poisoned leg. The SS Soldier walking by, saw my mates helping me, came over and then gave me his medical kit. I now look deeply into the eyes of the 'survivors', because I know that not all Concentration Campsurvivors were innocent victims. I know that a lot of the Prisoners were brutal and inhumane criminals.The world has never been told the whole truth about what life in the Camps was like. All we ever hear or read in the media is , how bad the German guards were and how badly they treated their Prisoners. I was in more than 8 POW Camps and a Concentration Camp, so who would know the truth? Me or the Media !!

The Delhi Sultans and the Mughals may have arrived from abroad, and their progenitors might initially have harked back to distant cities in the Ferghana Valley as their idea of ‘home’, but they settled in India and retained no extraterritorial allegiance. They married women from India and diluted their foreign blood to the point that in a few generations no trace remained of their foreign ethnicity. Akbar’s son Jehangir was half-Rajput; Jehangir’s son Shah Jehan also came from an Indian bride; Aurangzeb was only one-eighth non-Indian. Of course, the Mughal emperors were all deeply aware of their connections to Ferghana; they would ask emissaries from there about the conditions of their ancestors’ Chingisid tombs and donate money for their upkeep. The past was part of the Mughal identity, but their conceptions of themselves in the present and for the future became more rooted and embedded in India. The British, in contrast, maintained racial exclusivity, practised discrimination against Indians and sneered at miscegenation. Yes, the Mughal emperors taxed the citizens of India, they claimed tributes from subordinate princes, they plundered the treasuries of those they defeated in battle—all like the British—but they spent or saved what they had earned in India, instead of ‘repatriating’ it to Samarkand or Bukhara as the British did by sending their Indian revenues to London. They ploughed the resources of India into the development of India, establishing and patronizing its industries and handicrafts; they brought painters, sculptors and architects from foreign lands, but they absorbed them at their courts and encouraged them to adorn the artistic and cultural heritage of their new land. The British did little, very little, of such things. They basked in the Indian sun and yearned for their cold and fog-ridden homeland; they sent the money they had taken off the perspiring brow of the Indian worker to England; and whatever little they did for India, they ensured India paid for it in excess. And at the end of it all, they went home to enjoy their retirements in damp little cottages with Indian names, their alien rest cushioned by generous pensions provided by Indian taxpayers.

The significant burden that taxes impose on security returns causes investors to seek ways to reduce the gap between the pre-tax and after-tax returns. The single most important method available to individual investors lies in the alphanumeric soup of tax-deferred investment vehicles. Individual Retirement Accounts (IRAs), 401(k) accounts, 403(b) accounts, Keogh accounts, and Simplified Employee Pension (SEP) accounts provide individuals with the means to save for retirement in a tax-advantaged fashion.

Ingenious, really: you pour junk-raised cash into a hostile takeover and sell the debt to your savings and loan, which the public ultimately must bail out. Then you mortgage the company to the hilt to pay off the funny money, loot the pension fund, run through the reserves, sell off everything of value, and dispose of the remaining bankrupt husk for whatever you can get. Magic! Loot that pays you extra to plunder it.

Many millennials, in particular, are willing to take a chance and do something outside the box, without the “right” degree or experience or any guarantee of future success. They’re willing to start a business—a tech company, a nonprofit—with a couple of friends—or alone in their apartment. They’ve rejected the narrative that most boomers lived by—that you should go to school, get a job, work for the same company for thirty years, trust that the company will take care of you after retirement with a pension and possibly stock options. They’ve rejected that narrative because it doesn’t exist anymore, in most cases. Most of the millennials who expect that path are, in my opinion, the ones still living at home. Getting angry at “the man” for keeping them down. Waiting for someone else, the government most likely, to come in and save the day.

George, I probably owe you an apology,” Maureen said. “I don’t think I was as friendly as I could have been when we ran into each other at Jack’s a week or so ago. The fact is, I do remember meeting you at Luke’s wedding. I don’t know why I was acting as if I couldn’t remember you. It isn’t like me to play coy like that.” “I knew that, Mrs. Riordan,” he said. She was stunned. “You knew?” He smiled gently. Kindly. “I saw it in your eyes,” he explained, then shifted his own back and forth, breaking eye contact, demonstrating what he saw. “And the moment I met you I knew you were more straightforward than that. I’m sorry if I made you uncomfortable.” She was a little uncomfortable now, in fact. She felt vulnerable, being found out before she even had a chance to confess. “And I was widowed quite a while ago.” “Yes, I know that, too. Twelve years or so?” he asked. She put her hands on her hips. “And you know this how?” she asked, not trying too hard to keep the indignant tone from her voice. “Well, I asked,” he said with a shrug. “That’s what a man does when he has an interest in a woman. He asks about her.” “Is that so? Well, what else did you find out?” “Nothing embarrassing, I swear. Just that you’ve been widowed quite a while now, all five sons are in the military, you live in Phoenix and, as far as anyone knows, you’re not currently seeing anyone special.” Special? she thought. Not seeing anyone period with absolutely no intention of doing so. “Interesting,” she said. “Well, I don’t know a thing about you.” “Of course you do. I’m a friend of Noah’s. A teacher.” He chuckled. “And obviously I have time on my hands.” “That’s not very much information,” she said. He took a rag out of his back pocket and wiped some of the sawdust and sweat off his brow. “You’re welcome to ask me anything you like. I’m an open book.” “How long have you been a teacher?” she asked, starting with a safe subject. “Twenty years now, and I’m thinking of making some changes. I’m seventy and I always thought retirement would turn me into an old fuddy-duddy, but I’m rethinking that. I’d like to have more time to do the things I enjoy most and, fortunately, I have a small pension and some savings. Besides, I’m tired of keeping a rigid schedule.” “You would retire?” “Again.” He laughed. “I retired the first time at the age of fifty and, after twenty years at the university, I could retire again. There are so many young professors who’d love to see a tenured old goat like me leave an opening for them.” “And before you were a teacher?” “A Presbyterian minister,” he said. “Oh! You’re joking!” she said. “I’m afraid it’s the truth.” “I’m Catholic!” He laughed. “How nice for you.” “You’re making fun of me,” she accused. “I’m making fun of your shock,” he said. “Don’t you have any non-Catholic friends?” “Of course. Many. But—” “Because I have quite a few Catholic friends. And Jewish and Mormon and other faiths. I used to play golf with a priest friend every Thursday afternoon for years. I had to quit. He was a cheat.” “He was not!” “You’re right, he wasn’t. I just threw that in there to see if I could rile you up. No one riles quite as beautifully as a redhead.

ALEC is a reason states have cut taxes on income and on corporations; reduced unemployment insurance; shored up private property rights; instituted medical savings accounts; reformed public pension plans; cracked down on trial lawyers; and enacted sunshine laws. Few Americans have heard of ALEC. But there’s a case to be made that no one policy organization has touched the daily lives of more Americans.

Most significantly, it sends a clear message to would-be whistleblowers: We will destroy you. You will lose your pension, your savings, your house. You won't be able to send your children to college or find a job commensurate with your education and experience. We will make your life a never-ending hell. And the courts and your attorneys will be powerless to help you in any way.

Part 1 Milestones 1. Determine what really matters to you and the steps you need to take to lead a happier life. 2. Get serious about your finances. Figure out how much income you can generate in retirement. 3. Map out exactly what you can expect from Social Security, retirement accounts, pension, and taxable investments. 4. Estimate future expenses and needs. 5. Calculate a realistic budget that helps you find your happiness. It’s a lot, I know! But these five steps will help you lay the groundwork for your retirement.

This is the basic root of all happiness. Whether you’re listening to Aristotle or the psychologists at Harvard or Jesus Christ or the goddamn Beatles, they all say that happiness comes from the same thing: caring about something greater than yourself, believing that you are a contributing component in some much larger entity, that your life is but a mere side process of some great unintelligible production. This feeling is what people go to church for; it's what they fight in wars for; it's what they raise families and save pensions and build bridges and invent cell phones for: this fleeting sens of being part of something greater and more unknowable than themselves.

Net wages: “It’s not what you make, but what you net” after paying the FIRE sector, basic utilities and taxes. The usual measure of disposable personal income (DPI) refers to how much employees take home after income-tax withholding (designed in part by Milton Friedman during World War II) and over 15% for FICA (Federal Insurance Contributions Act) to produce a budget surplus for Social Security and health care (half of which are paid by the employer). This forced saving is lent to the U.S. Treasury, enabling it to cut taxes on the higher income brackets. Also deducted from paychecks may be employee withholding for private health insurance and pensions. What is left is by no means freely available for discretionary spending. Wage earners have to pay a monthly financial and real estate “nut” off the top, headed by mortgage debt or rent to the landlord, plus credit card debt, student loans and other bank loans. Electricity, gas and phone bills must be paid, often by automatic bank transfer – and usually cable TV and Internet service as well. If these utility bills are not paid, banks increase the interest rate owed on credit card debt (typically to 29%). Not much is left to spend on goods and services after paying the FIRE sector and basic monopolies, so it is no wonder that markets are shrinking. (See Hudson Bubble Model later in this book.) A similar set of subtrahends occurs with net corporate cash flow (see ebitda). After paying interest and dividends – and using about half their revenue for stock buybacks – not much is left for capital investment in new plant and equipment, research or development to expand production.

Those young-man dreams of living each day as if it were your last, they wore off; showed up, in the cold light of after-fifty, for the magpie treasures they were. Live every day as if it were your last. So come nightfall, you’d have no job, no savings, and be bloody miles away. He wanted to stay where he was. He wanted his job to continue, his pension to remain secure. His life to continue unruffled.

Another commented, ‘QE is a key ingredient in a recipe that is destroying the value of the UK’s retirement savings. It’s a torture for pension funds because it artificially suppresses long-term interest rates’.138

And, as inflation has fallen, so bonds have rallied in what has been one of the great bond bull markets of modern history. Even more remarkably, despite the spectacular Argentine default – not to mention Russia’s in 1998 – the spreads on emerging market bonds have trended steadily downwards, reaching lows in early 2007 that had not been seen since before the First World War, implying an almost unshakeable confidence in the economic future. Rumours of the death of Mr Bond have clearly proved to be exaggerated. Inflation has come down partly because many of the items we buy, from clothes to computers, have got cheaper as a result of technological innovation and the relocation of production to low-wage economies in Asia. It has also been reduced because of a worldwide transformation in monetary policy, which began with the monetarist-inspired increases in short-term rates implemented by the Bank of England and the Federal Reserve in the late 1970s and early 1980s, and continued with the spread of central bank independence and explicit targets in the 1990s. Just as importantly, as the Argentine case shows, some of the structural drivers of inflation have also weakened. Trade unions have become less powerful. Loss-making state industries have been privatized. But, perhaps most importantly of all, the social constituency with an interest in positive real returns on bonds has grown. In the developed world a rising share of wealth is held in the form of private pension funds and other savings institutions that are required, or at least expected, to hold a high proportion of their assets in the form of government bonds and other fixed income securities. In 2007 a survey of pension funds in eleven major economies revealed that bonds accounted for more than a quarter of their assets, substantially lower than in past decades, but still a substantial share.71 With every passing year, the proportion of the population living off the income from such funds goes up, as the share of retirees increases.

The 8 Basic Headers Work Family & Kids Spouse Health & Fitness Home Money Recreation & Hobbies Prospects for the Future Work The Boss Time Management Compensation Level of interest Co-workers Chances of promotion My Job Description Subordinates Family Relationship with spouse Relationship with children Relationship with extended family Home, chores and responsibilities Recreation & hobbies Money, expenses and allowances Lifestyle and standard of living Future planes and arrangements Spouse Communication type and intensity Level of independence Sharing each other's passions Division of roles and responsibilities Our time together Our planes for our future Decision making Love & Passion Health & Fitness General health Level of fitness Healthy lifestyle Stress factors Self awareness Self improvement Level of expense on health & fitness Planning and preparing for the rest of my life Home Comfort Suitability for needs Location Community and municipal services Proximity and quality of support/activity centers (i.e. school. Medical aid etc) Rent/Mortgage Repair / renovation Emotional atmosphere Money Income from work Passive income Savings and pension funds Monthly expenses Special expenses Ability to take advantage of opportunities / fulfill dreams Financial security / resilience Financial IQ / Understanding / Independent decision making Social, Recreation & Hobbies Free time Friends and social activity Level & quality of social ties Level of spending on S, R&H Culture events (i.e. theater, fairs etc) Space & accessories required Development over time Number of interests Prospect for the future Type of occupation Ratio of work to free time Promotion & Business development (for entrepreneurs) Health & Fitness Relationships Family and Home Financial security Fulfillment of vision / dreams  Creating Lenses with Excel If you wish to use Excel radar diagrams to simulate lenses, follow these steps: Open a new Excel spreadsheet.

Money Income from work Passive income Savings and pension funds Monthly expenses Special expenses

list of documents that may be required. It can look intimidating, especially if you’ve not been actively involved in your family finances, but don’t panic. If you can’t find all of them or don’t have access, there is a later step in the divorce process called “discovery,” when you can legally compel the other side to provide copies of anything else you need: •Individual income tax returns (federal, state, local) for past three years •Business income tax returns (federal, state, local) for past three years •Proof of your current income (paystubs, statements, or paid invoices) •Proof of spouse’s income (paystubs, statements, or paid invoices) •Checking, savings, and certificate statements (personal and business) for past three years •Credit card and loan statements (personal and business) for past three years •Investment, pension plan, and retirement account statements for past three years •Mortgage statement and loan documents for all properties you have an interest in •Real estate appraisals •Property tax documents •Employment contracts •Benefit statements •Social Security statements •Life, homeowner’s, and auto insurance policies •Wills and trust agreements •Health insurance cards •Vehicle titles and/or registration •Monthly budget worksheet •List of personal property (furnishings, jewelry, electronics, artwork) •List of property acquired by gift or inheritance or owned prior to marriage •Prenuptial agreements •Marriage license •Prior court orders directing payment of child support or spousal support Your attorney or financial advisor may ask for additional documents specific to your case. Some of these may not be applicable to you.

Gather six to 12 months of checking, savings, and credit card statements, and break your income and expenses down into categories and then line items. I have suggested some here, but add your own as needed. Check to see if your bank or credit card company provides reporting that categorizes charges or lets you assign categories—your work may already be almost done for you: •Income—paychecks, interest, dividends, rents, royalties, business income, pension, social security, child support, spousal support •Housing—mortgage/rent, property taxes, HOA dues, insurance •Utilities—gas, electric, propane, phone, TV/Internet, trash, water/sewer •Food—groceries, dining out •Auto—car payments, gasoline, repairs, insurance •Medical—health insurance, doctor/dentist visits, prescriptions, physical therapy •Entertainment—travel, concerts/shows, sports •Clothing—personal purchases, dry cleaning, uniforms •Personal care—hair/nails, gym/yoga, vitamins/supplements •Miscellaneous—gifts, pets, donations •Children—education, activities, school lunches, childcare You can use a spreadsheet or pen and paper to take note of income and expenses as you go through statements, then calculate a monthly average for each item.

Ambedkar envisaged Partition as a complete territorial separation of Hindus and Muslims, implying an exchange of population between truncated India and Pakistan. He had worked this out in detail, with blueprints for the transfer of pension rights and property rights. It is quite likely that the implementation of his plan for an orderly division, with an orderly exchange of population, would have saved hundreds of thousands of lives. By contrast, Gandhi’s and Nehru’s refusal of this exchange, effectively sacrificing the Hindus in Pakistan to the dogma of Hindu-Muslim unity, made them responsible for the deaths of hundreds of thousands of innocent people.

Second, reducing profits is bad for shareholders. Many business critics don’t care – investors are often portrayed as nameless, faceless capitalists. But investors are not ‘them’; they are ‘us’. They include parents saving for their children’s education, pension schemes investing for their retirees and insurance companies funding future claims.

He suddenly paused in his reflection and stood still. “It shall not be? But what are you going to do to prevent it? You’ll forbid it? And what right have you? What can you promise them on your side to give you such a right? Your whole life, your whole future, you will devote to them when you have finished your studies and obtained a post? Yes, we have heard all that before, and that’s all words, but now? Now something must be done, now, do you understand that? And what are you doing now? You are living upon them. They borrow on their hundred roubles pension. They borrow from the Svidrigaïlovs. How are you going to save them from Svidrigaïlovs, from Afanasy Ivanovitch Vahrushin, oh, future millionaire Zeus who would arrange their lives for them? In another ten years? In another ten years, mother will be blind with knitting shawls, maybe with weeping too. She will be worn to a shadow with fasting; and my sister? Imagine for a moment what may have become of your sister in ten years? What may happen to her during those ten years? Can you fancy?” So he tortured himself, fretting himself with such questions, and finding a kind of enjoyment in it. And yet all these questions were not new ones suddenly confronting him, they were old familiar aches. It was long since they had first begun to grip and rend his heart. Long, long ago his present anguish had its first beginnings; it had waxed and gathered strength, it had matured and concentrated, until it had taken the form of a fearful, frenzied and fantastic question, which tortured his heart and mind, clamoring insistently for an answer.

George VI was dismayed to find that the Duke of Windsor appeared to have misled him about his very substantial savings at the time of his abdication. Before he left England, Windsor had extracted from the king the promise of an annual pension of £ 25000/-. But he also took with him twenty years of accumulated wealth through the Duchy of Cornwall as Prince of Wales, which amounted to a large sum, estimated at between £850,000 and £1.1 million. These savings were intended to ease the expenses of kingship when he ascended the throne. It provided the Duke a handsome annual income of between £60,000 and £80,000 – a fact which he failed to mention when he gave up the throne.

social capital”, which describes an important concept. We can readily measure our material worth or “fiscal capital” – property, earnings, savings, shares, pension, etc – but how can we measure our social worth? The human networks we belong to, the interaction, value, and respect we share with family, friends, work colleagues, and neighbours all count towards our “social capital”. For most of us there would seem to be a direct correlation between the breadth and number of social networks we engage with, our place and respect within each network, and our happiness.

In Zimbabwe, what it meant was that you spent your money as soon as you got it - delay and prices would have gone up. London’s Guardian newspaper reported that pension funds were not sending some clients statements because their savings were worth less than the price of a stamp.

over half of U.S. households are vested in the stock market (though it should be said that the richest 10 percent of families own over 80 percent of the total value of all stocks). We are the shareholders, we lucky 53 percent who have a pension, a 401(k), a 403(b), or any other kind of investment—or we who have parents using 529 plans to fund our education or are enrolled in universities whose endowments pay for residential dormitories and study abroad trips. Don’t we benefit when we see our savings go up and up, even when those returns require a kind of human sacrifice?

Overall, the success of a Treasury auction depends on investor demand. Institutional investors such as insurance companies, foreign central banks, hedge funds, money funds, states, municipalities, Savings and Loans, credit unions, pension funds, and small local banks are all major participants. Depending on who buys a certain Treasury determines how much supply is available in the Repo market. For example, if a large amount of the auction is purchased by securities dealers and hedge funds, there’s plenty of supply around the Repo market. Dealers and hedge funds are leveraged players who loan their securities into the Repo market to finance their purchases. That keeps those securities readily available in the market. If, on the other hand, a large amount is purchased by end-user portfolios, such as investors who are more retail and less sophisticated, then there’s less supply available in the Repo market.

Life as an Enron employee was good. Prestwood’s annual salary rose steadily to sixty-five thousand dollars, with additional retirement benefits paid in Enron stock. When Houston Natural and Internorth had merged, all of Prestwood’s investments were automatically converted to Enron stock. He continued to set aside money in the company’s retirement fund, buying even more stock. Internally, the company relentlessly promoted employee stock ownership. Newsletters touted Enron’s growth as “simply stunning,” and Lay, at company events, urged employees to buy more stock. To Prestwood, it didn’t seem like a problem that his future was tied directly to Enron’s. Enron had committed to him, and he was showing his gratitude. “To me, this is the American way, loyalty to your employer,” he says. Prestwood was loyal to the bitter end. When he retired in 2000, he had accumulated 13,500 shares of Enron stock, worth $1.3 million at their peak. Then, at age sixty-eight, Prestwood suddenly lost his entire Enron nest egg. He now survives on a previous employer’s pension of $521 a month and a Social Security check of $1,294. “There aint no such thing as a dream anymore,” he says. He lives on a three-acre farm north of Houston willed to him as a baby in 1938 after his mother died. “I hadn’t planned much for the retirement. Wanted to go fishing, hunting. I was gonna travel a little.” Now he’ll sell his family’s land. Has to, he says. He is still paying off his mortgage.7 In some respects, Prestwood’s case is not unusual. Often people do not diversify at all, and sometimes employees invest a lot of their money in their employer’s stock. Amazing but true: five million Americans have more than 60 percent of their retirement savings in company stock.8 This concentration is risky on two counts. First, a single security is much riskier than the portfolios offered by mutual funds. Second, as employees of Enron and WorldCom discovered the hard way, workers risk losing both their jobs and the bulk of their retirement savings all at once.

The truth that emerged was that Norton Warburg had been siphoning off funds from their investments company, an apparently gilt-edged set-up, to underwrite the disastrous venture capital side, all those skateboards, pizzas and dodgy cars. Eventually the company founder Andrew Warburg fled to Spain, returning to England in 1982, where he was arrested, charged, and served three years. A lot of people lost their money. Because Norton Warburg had been approved by reputable organisations such as American Express and the Bank of England many people had put their entire life savings or pensions in.

This observation means that if you consider the benefits of the New Deal—among them, saving Americans from starvation and idleness; rescuing banks and the currency; bringing electricity to people who never had it; building a national road network; controlling flooding; eradicating diseases in much of the nation; and establishing the right to join a union, secure an old-age pension, obtain unemployment insurance, and earn a minimum wage; and in doing so, renewing Americans’ faith in democracy because they could see that their government would work for them and attend to their needs—then you can say Americans were able to enjoy all those gains without forgoing a robust economic recovery.

We leaned toward the window on the passenger’s side, watching him hunch around into his driving posture, setting himself casually between the door and the seat, his left arm hanging out the window. “Don’t worry about me,” he said. “The little limp means nothing. People my age limp. A limp is a natural thing at a certain age. Forget the cough. It’s healthy to cough. You move the stuff around. The stuff can’t harm you as long as it doesn’t settle in one spot and stay there for years. So the cough’s all right. So is the insomnia. The insomnia’s all right. What do I gain by sleeping? You reach an age when every minute of sleep is one less minute to do useful things. To cough or limp. Never mind the women. The women are all right. We rent a cassette and have some sex. It pumps blood to the heart. Forget the cigarettes. I like to tell myself I’m getting away with something. Let the Mormons quit smoking. They’ll die of something just as bad. The money’s no problem. I’m all set incomewise. Zero pensions, zero savings, zero stocks and bonds. So you don’t have to worry about that. That’s all taken care of. Never mind the teeth. The teeth are all right. The looser they are, the more you can wobble them with your tongue. It gives the tongue something to do. Don’t worry about the shakes. Everybody gets the shakes now and then. It’s only the left hand anyway. The way to enjoy the shakes is pretend it’s somebody else’s hand. Never mind the sudden and unexplained weight loss. There’s no point eating what you can’t see. Don’t worry about the eyes. The eyes can’t get any worse than they are now. Forget the mind completely. The mind goes before the body. That’s the way it’s supposed to be. So don’t worry about the mind. The mind is all right. Worry about the car. The steering’s all awry. The brakes were recalled three times. The hood shoots up on pothole terrain.

It was later revealed that Fed Chairman Bernanke secretly sent billions over to Europe to save European banks, but zero went to Lehmann.

People who have seen the latest Greek plan said Athens was proposing new savings in the pension system — the biggest sticking point — which will amount to about 0.4 per cent of gross domestic product this year and just over 1 per cent next year. But this is short of the 1 per cent savings this year and next that Greece’s creditors had demanded. It also relies on higher employer contributions which, alongside proposed tax changes targeting corporate profits, could crimp economic growth, some creditor officials fear. The two sides also remain at loggerheads over rates of valued added tax on electricity and processed food. According to officials who attended the eurogroup meeting, Christine Lagarde, the International Monetary Fund chief, was particularly tough.

In 1913, Mabel Nassau, a Columbia University graduate student, conducted a neighborhood study of the living conditions of one hundred elderly people in Greenwich Village—sixty-five women and thirty-five men. In this era before pensions and Social Security, all were poor. Only twenty-seven were able to support themselves—living off savings, taking in lodgers, or doing odd jobs like selling newspapers, cleaning homes, mending umbrellas. Most were too ill or debilitated to work.

The first basic income pilot in a developing country was implemented in the small Namibian village of Otjivero-Omitara in 2008–9, covering about 1,000 people.40 The study was carried out by the Namibian Basic Income Grant Coalition, with money raised from foundations and individual donations. Everyone in the village, including children but excluding over-sixties already receiving a social pension, was given a very small basic income of N$100 a month (worth US$12 at the time or about a third of the poverty line), and the outcomes compared with the previous situation. The results included better nutrition, particularly among children, improved health and greater use of the local primary healthcare centre, higher school attendance, increased economic activity and enhanced women’s status.41 The methodology would not have satisfied those favouring randomized control trials that were coming into vogue at the time. No control village was chosen to allow for the effects of external factors, in the country or economy, because those directing the pilot felt it was immoral to impose demands, in the form of lengthy surveys, on people who were being denied the benefit of the basic income grants. However, there were no reported changes in policy or outside interventions during the period covered by the pilot, and confidence in the results is justified both by the observed behaviour, and by recipients’ opinions in successive surveys. School attendance went up sharply, though there was no pressure on parents to send their children to school. The dynamics were revealing. Although the primary school was a state school, parents were required to pay a small fee for each child. Before the pilot, registration and attendance were low, and the school had too little income from fees to pay for basics, which made the school unattractive and lowered teachers’ morale. Once the cash transfers started, parents had enough money to pay school fees, and teachers had money to buy paper, pens, books, posters, paints and brushes, making the school more attractive to parents and children and raising the morale and, probably, the capacity of its teachers. There was also a substantial fall in petty economic crime such as stealing vegetables and killing small livestock for food. This encouraged villagers to plant more vegetables, buy more fertilizer and rear more livestock. These dynamic community-wide economic effects are usually overlooked in conventional evaluations, and would not be spotted if cash was given only to a random selection of individuals or households and evaluated as a randomized control trial. Another outcome, unplanned and unanticipated, was that villagers voluntarily set up a Basic Income Advisory Committee, led by the local primary school teacher and the village nurse, to advise people on how to spend or save their basic income money. The universal basic income thus induced collective action, and there was no doubt that this community activism increased the effectiveness of the basic incomes.

The Economist has produced a more sophisticated set of ‘back-of-the-envelope’ estimates in an interactive basic income calculator for all OECD countries.4 This purports to show how much could be paid as a basic income by switching spending on non-health transfers, leaving tax revenues and other public spending unchanged. Interestingly, even on this very restrictive basis, a cluster of seven west European countries could already pay over $10,000 per person per year. The United States could pay $6,300 and Britain $5,800. Obviously, for most countries, the level of basic income that could be financed from this tax-neutral welfare-switching exercise would be modest – though, especially for bottom-ranked countries such as South Korea ($2,200) or Mexico (only $900), this largely reflects their current low tax take and welfare spending. The Economist’s interactive calculator also aims to calculate what tax rises would be needed to pay a basic income of a given amount. For the UK, the calculator estimates that the cost of a basic income of one-third average GDP per head would require a 15 percentage point rise in tax take. Its calculations can again be questioned in their own terms. However, all these back-of-the-envelope exercises are flawed in more fundamental ways. First, they do not allow for clawing the basic income back in tax from higher-income earners, which could be done with no net cost to the affluent or to the Exchequer, simply by tweaking tax rates and allowances so that the extra tax take equals the basic income paid. Second, they do not take account of administrative savings from removal of means testing and behaviour conditions. Administration accounted for £8 billion of the £172 billion 2013–14 budget of the UK’s Department of Work and Pensions, much of which will have gone to pay staff in local job centres to monitor and sanction benefit recipients. This does not include hundreds of millions of pounds paid to private contractors to carry out so-called ‘work assessment’ tests on people with disabilities, which have led to denial of benefits to some of society’s most vulnerable people. Third, they compare the cost of a basic income with the existing welfare budget and assume that all other areas of public spending remain intact. Yet governments can always choose to realign spending priorities. The UK government could save billions by scrapping the plan to replace the Trident nuclear missile system, now estimated to cost more than £200 billion over its lifetime. It could save further billions by ending subsidies that go predominantly to corporations and the affluent.

Many men who had spent their working lives in the East were terrified of going home to England and living on a pension. Gone were the spacious home, the servants, the ponies, the cars, and the memberships in every club. But

happiness comes from the same thing: caring about something greater than yourself, believing that you are a contributing component in some much larger entity, that your life is but a mere side process of some great unintelligible production. This feeling is what people go to church for; it’s what they fight in wars for; it’s what they raise families and save pensions and build bridges and invent cell phones for: this fleeting sense of being part of something greater and more unknowable than themselves.

I am often filled with wonder when I see some men demanding the time of others, and those who they ask of it are most indulgent. Both of them fix their eyes on the object of the request for time, neither of them on the time itself; just as if what is asked were nothing, what is given, nothing. Men treat with little respect the most precious thing in the world; but they are blind to it because it is not physical, because it does not come to the sight of the eyes, and for this reason it is counted as a very cheap thing—or of almost no value at all. Men save towards great pensions, and for these they hire out their labour, service and effort, but no one sets a value on time; all use it lavishly as if it cost nothing. But see how these same people grab the knees of physicians if they fall ill and the danger of death draws nearer, see how ready they are, if threatened with capital punishment, to spend all their possessions in order to live!

quarter of Americans over age 65 were classified by the Census Bureau as living in poverty until the late 1960s. There is a widespread belief along the lines of, “everyone used to have a private pension.” But this is wildly exaggerated. The Employee Benefit Research Institute explains: “Only a quarter of those age 65 or older had pension income in 1975.” Among that lucky minority, only 15% of household income came from a pension. The New York Times wrote in 1955 about the growing desire, but continued inability, to retire: “To rephrase an old saying: everyone talks about retirement, but apparently very few do anything about it.”6 It was not until the 1980s that the idea that everyone deserves, and should have, a dignified retirement took hold. And the way to get that dignified retirement ever since has been an expectation that everyone will save and invest their own money.

The Empire was a haven that saved the mediocre from obscurity. Lionel Clifton-Meek was a prime example of the shoe clerk, the railroad ticket seller, the humbled assistant tailor who had wiggled his way into a niche in His Majesty’s far-flung interests. It was a small hole to crawl into indeed, but once staked out it was his and his alone. Clifton-Meek carefully guarded against either taking on responsibility, or making decisions, or outside intrusions. He clothed himself in a blanket of paper work to expand a belief in his own importance. In this safe place he could wait it out and end up with a nice pension for loyal service to the crown.