Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
yes, but it's a timing thing from the government's perspective.  they didn't take the pensioner's money and invest it in stocks/bonds so they had it available to pay to him when he retired.  his taxes partially went toward paying the pensions of pensioners when he was working.  his pension is coming out of current taxes.  it's a pay as you go system.
by wchurchill on Tue Apr 4th, 2006 at 07:31:46 PM EST
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