Comments by "Aden Wellsmith" (@adenwellsmith6908) on "The UK’s precarious £15 trillion of wealth" video.

There's £16 trillion of government pension debts. Debt is just negative wealth.
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Wrong 1. Poverty has been imported. Millions of poor people have come to the UK 2. Poverty is a lack of wealth and a lack of income. So you have to ask, where's the wealth? The workers have paid the welfare state trillions for their old age. Where's that wealth gone? Until you address that you are sadly deluded.
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A lot of poverty is imported. Discuss.
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@stephfoxwell4620 No, that 16 trillion is present value, not future value. It's also inflation linked. So 2.5 trillion GDP now, and you are saying 120 trillion future. A 48 fold increase. That means the pension debts will be around the 768 trillion mark. Now what?
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Another test. Go to a website Put in married couple aged 65, 100K a year inflation linked. See how much that costs. Now look at top civil servants etc, and see what they are pulling in. Doctors, surgeons, ... That gives you a good indication of the cost. Then for the masses, they get a fraction of that, but there are millions of them.
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@snowiecat456 So you need to earn 38.5K a year to pay more into the system than you take out. What percentage of migrants meet that criteria? Nothing to do with the NHS, WW2.
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@snowiecat456 Still waiting. Nothing to do with the NHS, WW2. We've imported poverty from the 3rd world, from Europe, Afghanistan, India, Pakistan, Bangladesh, ....
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@kevinsyd2012 Free Schooling. 9K a year per head Health care, £3K a year You're missing Common Goods, another 3K a year We are importing poor people who then get all these things without paying tax to cover the total cost. On poverty, I've seen it. I've even seen people with beri beri.
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@12theotherandrew What percentage of migrants earn more than 40K a year. That's break even.
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@12theotherandrew On the second bit. Low paid jobs means they are not net contributors. They are net consumers. They make the UK poorer. Your argument is the same as the plantation owners in the deep south. They sad who will pick our cotton without slaves. You've got the same mentality.
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@12theotherandrew It's interesting too that you provide the evidence that you are wrong. Migrants work low paid jobs which means they are poor. Poverty has been imported.
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@12theotherandrew Your number is old. The last number was 38,500. Now there's a deficit. That means Mr Average doesn't generate sufficient tax on average to fund the state. So we are importing poverty. A simple solution. A minimum tax code on economic migrants of 38,500 helps prevent the issue. Easy to implement.
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@12theotherandrew Mr Average is key. Mr Average doesn't generate enough tax to fund his state services. Simple there is a deficit. Notice generate. That includes all sources of tax. So lets have a minimum tax code that makes sure they pay more. The OBR is wrong. If you look at Cream research, into migration, even with their fiddles they couldn't show that the average migrant pay their way. Dustman and Fratelli, fiscal effects of migration. The big fiddle is the foot note to table 4 on common goods. The number is clear in table 5. You can search on line. On government stupidity, I agree. Migration of poor people is just one example of many
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So here's a simple set of rules. 1. No criminals - barred and deported. Any reasons why not? 2. No discrimination. e.g No special rules for 97% white EU nationals. 3. Net contributors only Easy to implement with a minimum tax code. No need for points etc. Remember, not paying your tax is a crime. See point 1.
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@12theotherandrew If those with the highest incomes paid proportionately the same as those on low incomes ========= Then the poor would be shafted. The poor as it stands get a major negative tax rate. Huge subsidies. The top 10% pay the same amount of income tax as the other 90%. So your plan would completely screw the poor. So lets have that minimum tax on economic migrants, including dependents who currently pay no tax at all but come with costs Raises billions, slashes costs. Cures the housing crisis. Of course you might want migration. Here I would suggest we set up a sponsorship scheme. You can sponsor a migrant. You cover any short fall in tax against costs. If they commit a crime, you pay the damages, you pay for the investigation, the cost of imprisonment. And no bankruptcy allowed
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@12theotherandrew f those with the highest incomes paid proportionately the same as those on low incomes, the tax revenue would be billions ========= ie. The above is a complete myth. It's in the same league as if only the state could catch leprechauns everything would be happy ever after. It's fairy story.
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@12theotherandrew CReAM. Discussion Paper. CDP No 23/13 The Fiscal Effects of Immigration to the UK. Christian Dustmann and Tommaso Frattini Lots of evidence of imported poverty. Easy fix, change the tax code.
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@12theotherandrew Asylum and economic migration are different issues. Economic migrants - that minimum tax. Asylum lets start with a list of safe countries. No asylum from safe countries. Asylum is temporary. ....
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@12theotherandrew On point one. There are DBs of criminals. If countries want VISA free travel one condition can be that passports can be checked against those databases. You also have declarations, like the US, that you have no record. If you lie on that form, its a criminal offence. That solves most of the problems on entry. On conviction, automatic deportation at the end of sentence, or from the court to the deportation sentence for a non custodial sentence. You can appeal the conviction, not the deportation. People who have acquired UK nationality lose their nationality on conviction too.
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@12theotherandrew On the processing. Does two weeks sound reasonable? Why not a one week turn around?
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@stephfoxwell4620 It is a ponzi. However its multiples of the income. The state "earns" 1 trillion. It's 16 times geared. So why would the debt be hidden off the books? What are the consequences of that ponzi? 1. Wealth inequalty 2. Austerity 3 Low take home pay 4. Cost of living crisis. 5. A large chunk of poverty.
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@stephfoxwell4620 Pensioners are just one part of the debt. You have the money that will be paid to those that have paid in, in the past. **A liability/debt is a present obligation of the enterprise arising from past events, the settlement of which is expected to result in an outflow from the enterprise of resources embodying economic benefits** ie. A contribution tomorrow is not part of todays debts.
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@stephfoxwell4620 The numbers come from the ONS, extrapolated forward based of their rate of growth in the pension debts. They also "assume" that the discount rate for liabilities is an asset rate and that there are no defaults. i.e AA corporate bond rates. The correct rate is the risk free rate, but that 's negative, which makes the debts even larger.
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@stephfoxwell4620 So what number do you have for the current pension debts? Unfunded pension debts, such as public sector pensions [1] and state pension? [1] Some schemes have some assets. MPs, Bank of England for example.
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@stephfoxwell4620 You expect us to believe the Government owes each pensioner over £1.3 =========== Again, you have to include what is owed to people still working for their past payments. =========== Why have the markets not bankrupted us then? =========== Look at the credit rating of the UK. Ask what that credit rating covers? Or look at Credit Default Swaps. Insurance on government debt. What triggers the default? Neither cover pensions. If the government defaults on pensions, then the CDS's aren't triggered. Same for the credit rating. They are only about the money owed to bankers. Not to the peasants. So what number do you have for the current pension liabilities? I'd accept the same approach that the government insists that companies and others use for actuarial valuations. I'm also interested in why you don't know the number? Isn't that misleading?
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@stephfoxwell4620 I suspect your replies might have disappeared. What number do you have for the current value of the pension debts? Includes pensioners and those who have paid in, yet to retire.
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@musiqtee Debt is negative wealth for people who have to pay the debt back.
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1. Stop taking the workers money and using it on debts. Instead have the workers invest their wealth and own their wealth. 2. Don't import poverty. A minimum tax code of 40K a year on migrants per head.
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