Home > Miscellaneous Musings, Predictions > When the sh*t hits the fan the government steals (rinse and repeat)

When the sh*t hits the fan the government steals (rinse and repeat)

On retirement Australian ex-ministers get around $200k total package per year in pension/super tax free, risk free, guaranteed, come hell or high water, for life. The pouting, preening, spiteful Kevin Rudd will get $600k per year.

This makes them “fabulously wealthy” according to the Labor government’s own rhetoric.   If you had the same fixed $200k retirement income in the private sector you would have had to accumulate $5 million – $5 MILLION – to earn that income (generously assuming a 4% long term government bond yield).

But public serpents and ex-ministers get that guaranteed income because…well just because.  I note that for some ungodly reason a “private sector” Kevin Rudd would have needed to accumulate around $15 million to get his package for life.  $15 million.  What did Kevin have to do?  Sit and pout for 3 years.

Now, instead of slashing government pensions from these idiots who couldn’t make it in the private sector to save $$$s, the Labor government has decided to change the rules on “private” individuals who have saved and scrimped for their retirement.  They are now slugged 15% on earnings above $100,000.  In RETIREMENT.  Whilst saving the government having to pay a PENSION.

Outrageous?

Only if you’re one of the 0.15 percent who are affected. Then it’s stealing.  A breach of faith.

If you’re the other 99.85 percent you don’t care.

If you’re the other 99.85 percent who happen to be the 0.50 percent who are ex-ministers, ex-senior public serpents or ex-prime ministers, you call this “earnings”.

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