Friday, October 07, 2011

Silence from the Baby Boomer bashers

If it wasn't so tragic it would be amusing.

In the last year it became the thing to give older people a good kicking for "stealing their kids inheritance" and all of that other sort of nonsense that the media loves to publish. Given the fig leaf of respectability by the dreadful book 'Pinch', written by David Willetts, who was supposedly the brightest guy in the Tory Party, the reality is so, so different.

The single, undisputed, policy of this and the previous government administration is to allow inflation to increase. The reason - it diminishes the pile of debt that has be repaid. The resultant outcome - those with savings get hammered. The losers - older people - the group with cash. 

Yesterday, the Bank of England announced another round of printing money or as it better known - increasing inflation. How strange that this is the institution with the single objective of maintaining low inflation. Today' informed commentary in the media agree that it is more about being seen to be doing something than with any expectation of it 'working'  - whatever that is.

Ros Altmann, Saga's Director General, called the announcement a disaster for older people. She is right.

Whilst some of the worthies in the ageing business are prattling on about creating a "minister for older people", Saga has raced to the front as being the primary voice of older citizens. From a PR perspective this has been a brilliantly executed strategy.

Yesterday's move is unlikely to do much good to the UK economy but will certainly reduce the confidence and spending power of older  consumers. Dick Stroud  

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