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By Bert FLOSSBACH, co-founder of Flossbach von Storch
European countries that have pay-as-you-go pension and care systems are beginning to show signs of generational theft that would be dramatically accelerated by belief in a post-growth ideology, say Bert Flossbach, co-founder of Flossbach von Storch.
If the youth of today have to fund the pensions of the massive baby boomer generation (1955 to 1969) in 15 years, their after-tax earnings will have to decrease more and more. This is even more serious because in addition to the housing shortage and crumbling housing stock caused by a failed housing construction policy, the youth of today are also suffering from high taxes and an ongoing zero interest-rate policy that makes it difficult to accumulate...
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