The Spanish government has announced that contributions made by immigrants to the country’s old-age pensions have delayed the insolvency pension system by eight years.
“Wow,” you say, “and here we thought that the immigrants were a net drain on the economy! Now we know that they’re going to help keep us comfortable in our nursing homes for an additional eight years!”
Yes, think about it: all those millions of legal and illegal immigrants, the destruction of traditional Spanish culture, the establishment of mosques, the suppression of Santiago Matamoros, the reversal of the Reconquista — and for what? An extra eight years of temporary solvency in the country’s pension system.
Do the Spaniards really think they made a great deal?
Spain, like the rest of the Western world, has sold its birthright for a mess of socialist pottage. According to ANSAmed:
Pensions: Spain, Immigrants Guarantee System Until 2029
MADRID, OCTOBER 23 — The Spanish pensions system will not go into deficit over the aging population until 2029, eight years later than predicted in 2005, and this is thanks to contributions from immigrants. This was one of the conclusions of the 2008 report on the national pensions strategy published today by the Government.
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Based on the study, explained Labour and Immigration Minister Celestino Corbacho the executive predicts that the social security reserve fund, the so-called “pension piggy-bank” which will be 60 billion at the end of 2008, will not need to be used before 2023, and even then 8 years later than the date predicted in the 2005 report.
The increase in the margin is thanks to the arrival of immigrants, economic growth and employment growth in the last few years. The Executive predicts that measures to reform the pensions system “will come after 2029”. Corbacho said that the predictions take account of the current economic crisis “which will continue until mid-2009”.
He warned though that “we cannot rest on our laurels” given that new demands for unemployment benefit today “will be the pensioners of the future”. Unemployment continues to grow. The Employment Secretary Maravillas Rojo predicted today that data on unemployment for the third quarter of 2008, published tomorrow, show “a very difficult and harsh situation”. Unemployment reached 11.3 pct in September.
Hat tip: Insubria.