IPE 360: Financial literacy can lower political cost of pension reform

first_imgA good pension reform was one that triggered changes in behaviour to ensure that it lived on in society, according to Fornero.One of the reasons that reform was so difficult was because it had to involve reducing benefits for some and giving or reducing the burden on other generations, she said.“Don’t believe when they tell you that they’re doing a pension reform where nobody has to pay a price,” she told delegates. “It’s simply something that does not exist in nature.”Fornero said it was important to narrow the gap between the technical and the popular view of pension reforms. She did not like the view expressed by Jean-Claude Juncker, who once said: “We all know what to do, we just don’t know how to get re-elected after we’ve done it.” She and a fellow academic at the University of Turin, Anna Lo Prete, carried out research to test whether this view was empirically justified, and whether the political cost was reduced when people better understand the reform.She said the research, which analysed 20 years of pension reform in different countries, showed that implementing change reduced the chances of a government being re-elected, but that in countries with higher “economic financial” literacy, governments were penalised much less.“This is good news,” said Fornero. “We need to work on financial literacy programmes exactly because we need to involve people in social change.”Harking back to the situation in Italy around the time of the pension and labour market reform she introduced, Fornero said the political parties approved the reform but then attacked them in a bid to rebuild their reputation.“It was of course natural for them to say our work was so bad, which is exactly the opposite of the message that should have been given,” she said.The message should have been that the reform was done for the benefit of the country, and not for any single party, trade union, or interested parties, she said.“It’s difficult but it was worthwhile,” she said. “And the reform is still there.” Financial literacy can help reduce the electoral cost of pension reform, according to research carried out by economics professor and former Italian labour minister Elsa Fornero and a fellow academic.Fornero, who is professor of economics at University of Turin, was the labour minister in Mario Monti’s technocratic government from 2011 to 2013. She introduced a pension reform that helped save Italy from financial collapse, although it was seen by many as amounting to austerity.Speaking at the IPE 360 conference at the London Stock Exchange yesterday, Fornero said public pension systems were full of political risk, as it was easy for politicians to make big promises given that they have a short-term horizon but pensions are long-term.Today that short-term horizon favoured the older generation, she said.last_img read more

Support grows for euthanasia

first_imgDominion Post 14 Sep 2012Almost 63 per cent of New Zealanders support proposed law changes that would allow ill people to end their lives, a new poll shows.Today’s results come a day after after Auckland man Evans Mott, 61, was discharged without conviction for assisting his wife to commit suicide.Labour MP Maryan Street has drafted a member’s bill that would make it legal for people who were terminally ill or suffering from an irreversible disease, to take their own life or have someone help them to die.The bill has to be drawn from the member’s ballot before it will be debated in Parliament and that could take some time.A Horizon Research poll released today found 62.9 per cent of respondents supported the move, 12.3 per cent were opposed.The poll involved 2969 adults who self-selected to participate online between July 5 and 20.It has a margin of error of 1.8 per cent.“Watching mom [sic] nurse dad to the end at our home was enough to make up my mind that at some point ending it faster is a kindness,” one respondent wrote.Men were slightly more likely to be opposed (14.2 per cent) to the law change than women (12.2 per cent) while the level of support was reasonably even between the sexes at 62.6 and 63.1 per cent respectively.There was also majority support amongst ethnicities with 65 per cent of Maori, Pakeha and Indian people supporting it, 61.5 per cent of Pacific Islanders and 55.3 per cent of Asian people.Support was particularly high among respondents aged 45-54 (71.6 per cent ) and 55-64 (65.3 per cent).The majority of people (66.9 per cent) also supported the introduction of End of Life Directives – legal documents that outline a person’s wish for medically assisted death should the issue arisehttp://www.stuff.co.nz/national/politics/7678617/Support-grows-for-euthanasialast_img read more

UFC fighter Alistair Overeem suffers GRUESOME injury with lip hanging from his face

first_img COMMENT After a brief fight of four rounds, Alistair Overeem held a superior place in the judge’s scorecard but as Mike Tyson said, “Everyone has a plan until they get punched in the face”. Undefeated Jairzinho Rozzenstruik planted a deadly punch over Alistair Overeem’s face, leaving him strangled with a horrific cut in the final minutes of the fight. If you have the courage, take a look at Alistair Overeem’s injury. Alistair Overeem is one of the finest heavyweights to have ever played the sport of MMA. “The Demolition Man” has gifted fans a lot of spectacular moments in his career till now and his latest fight was definitely one of them. Well, Alistair Overeem got brutally knocked out by Jairzinho Rozenstruik in the final round of their five-round fight but Overeem’s ability to take dirty shots impressed UFC fans all over the world. WATCH US LIVE Written By Getting stitched up. Lip not to sexy at the moment.. a little bit a fast stoppage if u ask me – but hope u guys enjoyed the fight 💪🏽💪🏽💪🏽💪🏽😌— Alistair Overeem (@Alistairovereem) December 8, 2019 LIVE TV Also Read | UFC Attacks Mark Hunt And Demands $388,000 In Attorney Fees Following Court WinUFC: Throwback to Alistair Overeem’s another horrific nightThis is not the first time for Alistair Overeem since “The Demolition Man” has been victimised with brutal knockouts in the past. No doubt he has done the same to many of his opponents but Overeem’s fate has not been on his side in a lot of fights. Before Jairzinho Rozenstruik, Francis Ngannou did something similar with Alistair Overeem. Take a look at Francis Ngannou’s deadly right hand that left Alistair Overeem out cold at UFC 218 co-main event. Raj Sarkar Last Updated: 9th December, 2019 16:50 IST UFC Fighter Alistair Overeem Suffers GRUESOME Injury With Lip Hanging From His Face Alistair Overeem put down a massive show in his latest fight at UFC on ESPN 7. However, Jairzinho Rozenstruik got the last laugh with a deadly knockout. Also Read | UFC News: Frankie Edgar Replaces Brian Ortega At UFC Fight Night 165Also Read | UFC: Justin Gaethje Baits Conor McGregor For A Future Fight By Ridiculing His Comeback First Published: 9th December, 2019 16:50 IST Also Read | UFC: Former Champion Renan Barao Released From UFC After 5 Straight LossesUFC: Alistair Overeem suffers horrific lip injuryThe UFC veteran with 45 victories faced the 18th loss of his MMA career on Saturday night against the undefeated Surinamese. Well, Alistair Overeem was about to break Jairzinho Rozenstruik’s undefeated streak but fate turned out differently in the fifth round, as Alistair Overeem faced one of the most horrific injuries of his UFC career. SUBSCRIBE TO US FOLLOW USlast_img read more

Wellington Police Notes: Monday, May 23, 2016

first_imgWellington Police notes: Monday, May 23, 2016:•7:51 a.m. Anthony M. Moody III, 21, Wellington was issued a notice to appear for seatbelt violation.•8:17 a.m. Austin L. Treft, 22, Wellington was issued a notice to appear for seatbelt violation.•8:24 a.m. Natacha L. Tidwell, 38, Wellington was issued a notice to appear for seatbelt violation.•8:54 a.m. Steven K. Yearout, 54, Wellington was issued a notice to appear for seatbelt violation.•9:24 a.m. Troy E. Nading, 42, Independence, was issued a notice to appear for seatbelt violation and illegal registration.•9:40 a.m. Dennis W. Metzen, 73, Mayfield, was issued a notice to appear for seatbelt violation..•9:50 a.m. Rhonda L. McLevain, 44, Wellington was issued a notice to appear for seatbelt violation.•9:53 a.m. Curtis R. Moody, 36, Wellington was issued a notice to appear for seatbelt violation.    VELAZQUEZ•10:50 a.m. Non-Injury, hit and run accident in the 1200 block N. B, Wellington involving an unknown driver and a vehicle parked and unoccupied owned by Julie A. Stone, Wellington.•2:36 p.m. Linda M. Rollings, 60, Wellington was issued a notice to appear for driver’s license violation and illegal registration.•3:37 p.m. Officers took a miscellanous Report in the 400 block S. H, Wellington.•5:14 p.m. Officers investigated a theft in the 1600 block W. 8th, Wellington.•5:52 p.m. Joshua D. Fairbanks, 36, Wellington was issued a notice to appear for seatbelt violation.•5:58 p.m. Officers investigated possession of substance by a known suspect in the 700 block E. 16th, Wellington.•5:58 p.m. Officers investigated a probation violation by a known suspect in the 700 block E. 16th, Wellington.•6:31 p.m. Officers investigated a theft of gasoline in the 1000 block W. 8th, Wellington by unknown suspect.•7:10 p.m. Officers took a report of suspicious activity in the 500 block E. Lincoln, Wellington.•7:33 p.m. Non-Injury accident in the 400 block N. Terrace, Wellington involving a vehicle operated by Cindy J. Zoglmann, 61, Wellington and a parked and unoccupied vehicle owned by Roy K. Branam, Wellington.•9:05 p.m. Elizabeth J. Hamilton, 29, Wellington was issued a notice to appear for defective headlight.last_img read more