RE: [OPE] David Harvey on stimulus failure

It would be necessary to introduce a German or Swedish style pension scheme at the same time.
Savings are eventually illusory -- they feed of the illusion that consumption refrained from now
can be called upon in the future. Political economy teaches us that this is illusory. Only todays
labour can supply todays pensions, only tomorrows labour can supply tomorrows pension.
Tomorrows pensions can onlly come as a deduction from the labour product of the direct
producers in the future, and such deductions should be decided socially and democratically
and met out of income taxes,
 
Paul Cockshott
Dept of Computing Science
University of Glasgow
+44 141 330 1629
www.dcs.gla.ac.uk/~wpc/reports/

________________________________

From: ope-bounces@lists.csuchico.edu on behalf of GERALD LEVY
Sent: Thu 2/12/2009 2:56 AM
To: Outline on Political Economy mailing list
Subject: RE: [OPE] David Harvey on stimulus failure

> The debts cancelled include debts of banks to depositors. It thus wipes out money capital.
 
 
Paul C:
 
It would also wipe out the lifetime savings of millions of working-class families.
Especially hard hit would be older workers nearing or past retirement age. Many
of the later group would be forced back into the labor force to work for capital
or the state until they die.
 
In solidarity, Jerry
 

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