Times are tough all over

[Kitsune]

I'm not able to check through this entire thread, but has anyone mentioned Iceland's woes?

The beleaguered Icelandic stock exchange plummeted by 77 per cent yesterday, following a three-day suspension of trading.

The OMX Iceland 15 Index fell by 2,326.2 to 678.4 - the lowest since April 1996. The fall in shares contrasted sharply with a strong performance by European and Asian shares for the second consecutive day. The Icelandic index has lost 89 per cent of its value this year, making it the worst performing stock exchange globally.

That just can't be good for those people.

What it is like to live on the edge of it: here and here.

A few months ago it costed me 64 ISK to buy one dollar. Last night, it was 127 ISK for one dollar. That means all imports like gasoline, cocoa puffs, Pampers and other necessities are sky rocketing. The stock market has collapsed and it looks like I've lost a big part of my live savings. The future is unknown.

Lots of people have their loans in foreign currency, but income in Icelandic Krona. Those people are in immediate trouble since the loans are much higher now than the house or car they used it to buy - and the payments have doubled.

The world is treating us like we’re dead. Bank accounts frozen. No buziness without cash payments in advance. No currency can be bought. The stock market is closed (not that I have anything left there). Imports have stopped because of closed currency markets and diapers, flour, sugar and other neccesities are selling out in the shops.

Sad to read. Makes me feel like we're freaking out over nothing in comparison.

[DanaC]

@ Ali. The state pension is means tested, but stuff like free prescriptions and bus passes aren't. The government recently reintroduced the pensioner's 'bus pass' giving all over 65s free travel on buses nationwide. There's also something called a pension credit guarantee, which means that if you are at retirement age and your pension (either state or private) doesn't amount to the minimum threshold (£114 p/wk) the government tops it up.

But no, most of the little benefits, and recognitions for being a pensioner come with pension age, rather than the state pension itself. Official retirement age, at which state pension can be drawn is I think 60 for women and 65 for men? I can't recall.

[Aliantha]

I'll tell Dad to move to the uk then, although he'd have to wait another 5 yrs for his bus pass still.

[lookout123]

Originally Posted by DanaC

You're right, taxes are there to pay for what is needed. The act of class war comes in when the legislative class orchestrate a tax system which is inadequate to the country's needs and justifies it by reducing what is considered necessary. The clear winners in this scenario are not just those in jobs paying less than $50k, they're also the billionaires on Wall St. The clear losers: anybody who is economically and socially vulnerable.

Tax the wealthy at a higher rate than the poor, and ensure everyone has access to healthcare, free at the point of need, schools for their children, a comfortable retirement and dignity in the difficult times.

The tax burden on your wage packet doesn't weigh so heavy when you don't have to try and do everything with it.

I don't want the government involved in my healthcare, my retirement, or my kids' school any more than they are now. In truth, a little less would be better. I respect your view but we come at this from two completely different angles. Me: There are few things government actually does well, so why should I trust them to do more? You: Government if properly funded (whatever that means) can and should provide much for the people.

[busterb]

lookout123.
Social Security, survivor benefits, and annuities are income and should be taxed as such.
Have you thought about living on SS? I'm going to redo my budget soon, because my power bill varies with seasons. I'll post the figures later. Tax my money!! No thanks.

[lookout123]

Busterb, I fully appreciate what you are saying. As I pointed out earlier there is exactly zero chance of our politicians setting aside their own interests long enough to consider this idea. So let me just put this out there - if you were given a 2% increase across the board would it kill you to pay 1% in tax along with the rest of the country?

[Sundae]

Ali, there are quite a few benefits that accrue just for getting older in this country. For example an annual Winter Fuel Payment, to help with the rising cost of heating. £250 for the over 60s, £400 for the over 80s.

And a Christmas Bonus of £10 (go crazy Grandad!) although thinking about it, that might only be for people with low personal income.

As well as free bus travel, which Mum & Dad take advantage of now that petrol is so expensive, Grandad gets taxi vouchers, because he has Parkinsons. Dad drives Grandad around when it's needed of course, so he gives my parents the vouchers to use. They tend to use them if they're going out somewhere, so Dad can have a drink!

On the social rather than the Government side of things, there are lots of discounts for OAPs. Mum is still really flattered when she is asked for ID ("Do you have your bus pass on you dear?"). Places like hairdressers, cinemas, cafes, hotels, even some pubs offer special rates. They are always given discounted or free entry to places.

Old people in this country love to moan. Oh they love it, it's an over 80s hobby! But Mum and Dad think they are treated very well by society in general and feel that they are appreciated for what they've done. Just don't get them talking about the benefits availble to teenage mums.

[xoxoxoBruce]

Hah, I'll see your Brit's moaning and raise you a pissing.
Nobody can piss & moan like Americans. USA! USA! USA!

[ZenGum]

Oh yeah? Well down under, we expect the government to do our moaning for us. Nyeah.

[Cicero]

That's the best solution I have heard all day Zen!

Your government must be doing it's job.

[TheMercenary]

Originally Posted by DanaC

The tax burden on your wage packet doesn't weigh so heavy when you don't have to try and do everything with it.

Unless that tax is coming from your wages to pay for all the others.

[HungLikeJesus]

It's just like the ant and the grasshopper.

[barefoot serpent]

Originally Posted by Kitsune

I'm not able to check through this entire thread, but has anyone mentioned Iceland's woes?

Yes, but Iceland is in the top 5 of the Happiest Countries

Researchers at the University of Michigan said Denmark's prosperity, stability and democratic government placed the country at the top of the rankings, with Colombia, Canada, Puerto Rico and Iceland all in the top 5.

[dar512]

Originally Posted by barefoot serpent

Yes, but Iceland is in the top 5 of the Happiest Countries

Are those polls recent? I suspect that should be past tense since they got run over by the world economy.

[barefoot serpent]

Originally Posted by dar512

Are those polls recent? I suspect that should be past tense since they got run over by the world economy.

Just 3 months ago. BTW Zimbabwe was last with it's 4-digit inflation rate. It's gonna get crowded down there -- and I don't mean the Southern Hemisphere.