The Pension Idea — Paul L. Poirot

//The Pension Idea — Paul L. Poirot

The Pension Idea — Paul L. Poirot

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Pensions in America as we know them today began during World War II. Before that time the idea was practically non-existent. Everything was “frozen” during the war. When you went to buy gasoline it didn’t matter how much money you had. The limiting factor was the A, B, or C sticker on the windshield of your car. Some government bureaucrat determined how much you “needed.” When the housewife went to buy groceries, there were “ration points” that determined how much meat she could buy, how much of the other staples of life, etc, etc.” A Socialist’s paradise! The same idea applied to wages – they were “frozen”. Under such an environment, how can you give someone a pay raise without “giving a pay raise”? Benefits, of course!! This was also a function of the IRS Code, which began in 1913. The monster has accelerated and now the inevitable results are beginning to manifest themselves. Pension plans and all other such “IRS qualified plans” are self-destructing. Not long after WWII, in 1950, Paul Poirot of the Foundation for Economic Education wrote a little book, THE PENSION IDEA, in which he demonstrated that the idea would never work. His prophecy is now apparent.

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Pensions in America as we know them today began during World War II. Before that time the idea was practically non-existent. Everything was “frozen” during the war. When you went to buy gasoline it didn’t matter how much money you had. The limiting factor was the A, B, or C sticker on the windshield of your car. Some government bureaucrat determined how much you “needed.” When the housewife went to buy groceries, there were “ration points” that determined how much meat she could buy, how much of the other staples of life, etc, etc.” A Socialist’s paradise! The same idea applied to wages – they were “frozen”. Under such an environment, how can you give someone a pay raise without “giving a pay raise”? Benefits, of course!! This was also a function of the IRS Code, which began in 1913. The monster has accelerated and now the inevitable results are beginning to manifest themselves. Pension plans and all other such “IRS qualified plans” are self-destructing. Not long after WWII, in 1950, Paul Poirot of the Foundation for Economic Education wrote a little book, THE PENSION IDEA, in which he demonstrated that the idea would never work. His prophecy is now apparent.