If anyone thought that Covid lockdowns and the war in the Ukraine were not only costless but actually economically beneficial, you need to reconsider that point of view. Throw in years of zero percent interest rates which have devastated retirement earnings and you now have a lethal combination.
“With living costs rising, I have to work permanently,” she says. “I have three small occupational pensions totalling about £1,000 a month, and my husband has a teacher’s pension, but we can’t afford to live without working. When our energy bills rose to £400 a month, there was no choice but to go back.”
Apart from feeling the pinch because of high inflation, the couple are having to clear debt they accrued during the Covid lockdowns, when they had to financially support their three grownup children. “They are all living in or around London, and two of them were made redundant during the pandemic. We took out a £10,000 loan to help out with their rent and other things for four, five months. I’m working to pay that off, and we still help out now and again. ”
The woman who took out a bank loan so her temporarily unemployed adult kids could pay their rent – why is SHE paying off the loan? She says they were laid off during the pandemic, but presumably they’re working again, so why don’t they pay it off? I would be ashamed if my elderly, ill parent had to return to work in order to pay off a loan she took out for MY benefit.
I TOTALLY AGREE WITH YOU………that’s what “entitled” people expect is for everyone to give them free stuff……..
It should be a huge embarrassment to any parent who needs to help $$$ three grown off-spring with their cost of living. What are they? morbidly obese? … retarded? … lazy? … or just too stupid to know how to live on their own. Or maybe they were just spoiled, entitled brats. Who knows. Helping-out upon occasion is normal, but all three … for several months????
Perhaps they should all three enlist in the military, then they will be ‘looked after’ …. lots of growth in that profession at this time.
If you are renting in old age you are in trouble. For most retirees the paid off house is their real retirement fund.
Yes, you sell the house and rent smaller space.
Getting out of London should be number 1 on the list, then some help from the adult brats they “educated”.
“when they had to financially support their three grownup children.”
I found the problem.
alla unMeDORK
No, you miss the point, it’s the parent’s fault for being idiots raising their progeny as incompetents.
I’m not sure our points are entirely different. However I will add in ridiculous government spending that has made retirement less feasible.
Welcome to cradle-to-the-grave socialism. Now you get to learn about the ‘to-the-grave’ part.
In canaduh it’s known as “Freedom 95”.
Fankfully my daddy left me a twust fund and a Mercedes so I don’t have to worry about money like a peasant.
And my fwend Gerry is making something called a slush fund for me for when I twade places with that nasty Harper man again. Or maybe I’ll use it to shut up another prepubescent girl I definitely didn’t diddle.
Toodles.
Junior Potato
I think Justin and the rest of the liberals will make off with plenty from all the EV factory deals they’re making.
Thank you src, I needed that.
When you begin to realize all the financial, social, and political chaos of late is every bit intentional, then it all begins to make sense. The increasingly left wing/communist-sympathizing political and managerial class hates the normies and wants us all dead.
Neil Oliver has it figured out that the power brokers only number perhaps 8,000 … and they’re dictating how 8 billion souls should live their increasingly miserable existences. So the ratio is about a million to one, but generational inertia and dependence has paralyzed the masses into resolute inactivity.
A ridiculously trifling number of evil little tyrants has been ceded control.
Think of what a thousand good assassins could accomplish…..
Sigh…
The years of zero (or even negative) interest rates had lots of costs, many of which are only starting to show up. Retirees, pension funds, insurance companies, and many more took serious hits. The damage from that has barely begun to be fully felt. Add soaring inflation and a whole lot of people are a lot poorer than they used to be. The endless QE and ZIRP was not costless.
Um.. currency destroying inflation is the feature not the bug. It’s how governments keep their populations working.
Inflating the currency deflates the debt, but these idiots are piling it faster than it can shrink. It will end gradually at first, then all the sudden.
Zimbabwe and Venezuela happened right before our eyes.
And Canadians still claim;”It can never happen here”..
As we duplicate every socialist stupidity that these countries imposed on their citizens.
“Maths is hard” the sheep bleat..
Starvation and civil collapse?
They must be priceless,to our Progressive Comrades.
It’s 50 years ago, but we bought our first home and had a 9.5% mortgage. Okay, the home cost $24,000 but – even then – we looking at “affordable” rather than “desirable” neighbourhoods, though the home was really nice. Some six years later moved on (traffic) and ended up where we are now. Fortunately we had left the bank which held our first mortgage and went to the company credit union which was much more flexible in allowing extra payments against the principal. Because of that, we were able to weather the rise to 16.5% and then back down; provincial government did give some assistance but we were okay without. We struggled and did without a fair bit, but we made it.