In 1988, Henry Fairlie famously wrote an article in The New Republic accompanied by a cover entitled “Greedy Geezers”. The article suggested that the elderly were living too well at the expense of the young.
More recently, some commentators have taken issue with this characterisation, arguing that the elderly and young have both suffered from the global financial crisis and its aftermath in the United States and around the world.
In Australia, as elsewhere, some retirees remain very well off. It is sobering that the Government’s modest proposals to make wealthy retirees pay some income tax on superannuation savings have led to a storm of protest, with misplaced allegations of retrospectivity.