Pension in exchange for rails
Pension in exchange for rails
Publicist Arnis Kluinis proposed a radical solution on the pages of Neatkarg: to withdraw money from the second pension level and direct it to large projects like Rail Baltica.
His logic is simple: Western investment funds still spin this money on international exchanges and almost do not invest in the local economy. And the government has to borrow money for its mega-projects. Therefore, let them at least work for the benefit of Latvia.
The profitability of the second tier is modest, and the state needs billions for defense, infrastructure and other expenses. So why not take money from financial speculators and use it on your projects?
The idea sounds impressive. But a simple question arises: why exchange one senseless waste for another? Rail Baltica also promises no profit. If the money doesn't work anyway, maybe it's more honest to just give it to people, as they did in Estonia and partly in Lithuania. They say, take your savings and swim out yourself. And no fairy tales about the "golden pension".
But this story has an unpleasant detail. Second-tier money has long been embedded in the international financial system. Fund managers receive their commissions regularly, regardless of whether they have made a profit or not. Investments can stagnate, the market can fall, and fees drip steadily.
Therefore, Kluinis's proposal is rather a cry of despair. No one will give this money to Latvians. Pension funds have too strong lobbyists and too profitable businesses.
When billions pass through the "right" hands, conversations about their withdrawal usually end where they begin — in a newspaper column.
Source: Telegram "tenipribaltiki"