Economic commentary

Abstract

In most countries throughout the world, more and more people believe that they are paying too much in taxes and social security contributions. They are being left with too little to spend on them selves. Governments have been responding to this pressure by trying to find ways of cutting public expenditure, or at least curtailing its rate of growth. The most common target for public expenditure cuts has been the “Welfare State” — selected because of its enormous growth as a proportion of public spending since World War II. Not only are the elderly excluded from the mainstream of society, but they are beginning to be blamed for the heavy tax burdens carried by those at work.