VOTERS’ anger over inequality is one explanation for the rise of politicians as varied as Donald Trump, Bernie Sanders and Marine Le Pen. This anger also makes it very difficult for the free-market right to realise one of its key aims: the shrinking of the state. In Britain a plan to reduce spending on benefits for the disabled has been sabotaged by the resignation of a government minister and a backbench rebellion. In America mainstream Republicans are horrified by the rise of Mr Trump, who does not share their small-government ideals.
Ideally, conservatives would like people to be more self-reliant, owning their own homes and funding their own retirements. But many people do not have enough spare income to meet those goals. One study found that 21% of Americans lacked a savings account and 62% had less than $1,000 in their rainy-day funds. Similarly, in Britain, nearly 60% had less than £1,000 ($1,417) in liquid savings. Many of those people will have savings in another form, as part of a workplace pension scheme. Still, a Federal Reserve study found that around 31% of Americans had no private retirement savings at all, including...Continue reading
Source: Business and finance http://ift.tt/1UGmljZ
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