The ‘value’ created in the dot.com era has faded and passed, and the result has been, at least in part, a 0.7% annual decline in the value of pension funds since the turn of the century. The value in all those assets we suggested pension funds should invest in has remained intact for society at large, if undermined in too many specific cases by PFI.
Hmm, OK. For the sake of argument…..the solution is:
People’s Pension will be backed by People’s Pension Funds. These entirely new funds will be created to provide a way in which pension contributions can be invested in the building of new public infrastructure projects such as:
• schools and universities
• hospitals and other health facilities
• transport systems (including railways, trams and bus networks)
• social housing
• sustainable energy systems
D’ye see what he’s done there? He’s compared the private return to investors in the first case to the social return to consumers in the second.
We could, and should, compare the private return to investors in both cases (and who thinks that bonds would be a good investment in current times?) or the social return in both cases. And I’m not all that sure about you but the social, the value to consumers, of things like mobile phones, Google and all the rest appears to be quite large really.