Mr Gordon Cameron-Clegg

Gordon Cameron-Clegg is a regular guy. Married with two children both in full time employment and off his hands, Gordon has just retired. He has never been in debt but has spent what he earned.

He believed in following his Government’s lead and implied guidance. He has never bought a house; the curtailment of mortgage interest tax relief guided him here. He opted out of his employer’s pension scheme; the removal of c£5 billion a year ACT recovery from pension funds sent him a clear message. He had inherited some gold based shares but he sold these when his Government sold the national gold reserves thinking the timing must be right. He never fancied putting his hard earned taxed income into a stock market that could crash nor saw the point of cash investments, which were eroded without tax relief by Government planned inflation, yet were taxed on interest earned: often a negative net return.

Who will now pay for Gordon’s food and housing, his escalating medical care with expensive drugs and the long period nursing care resulting from his medically extended life? Although Gordon is debt free, his Government has borrowed extensively to fund current running expenses. They have borrowed for him. Who will repay the principal and interest on this debt? The simple answer to both questions is the same. The current and future generation of productive workers will pay for Gordon’s and their own upkeep plus repay Gordon’s debts, all from taxes from money they have yet to earn. The business equivalent is a company that contracts to pay its employees healthy pensions and plans to pay for them from profits it has yet to make.

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