First the UK:
The United Socialist States of 'Mericah (**** yeah! country and doing and stuff and number one and 'murican jobs and stuff):For all our UK readers, who hope some day to collect pension benefits, we have two messages: i) our condolences, and ii) you won't. Why? The answer comes straight from the ONS: In summary, the estimates in the new supplementary table indicate a total Government pension obligation, at the end of December 2010, of £5.01 trillion, or 342 per cent of GDP, of which around £4.7 trillion relates to unfunded obligations.
No Butfatt jingoist tax or eat the rich scheme is going to fix this.Of course, US-based readers should not get their hopes up too much either. With total underfunded liabilities - including SSN and healthcare, in the US well over $100 trillion (on under $16 trillion of GDP) it is only a matter of time before the entire welfare state ponzi scheme blows up.