PRINCETON - Throughout the industrialised world, governments are rushing to hand out money to the elderly. Germany’s government has not only reversed an increase in the retirement age intended to make pensions more affordable; it has recently announced a 5 per cent increase in benefits, the largest such rise since 1993 (when, unlike today, Germany was actually experiencing inflation). Poland’s Law and Justice government, in one of its first moves after taking power last year, decreased the pension age and increased payments.
At a time when public budgets are strained, t...
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