Political parties are about to pass up a gaping opportunity to reform pensions instead of just taking a chainsaw to pension tax relief in a blind attempt to make next year's accounts look less sickly. Firstly private provisioning hasn't worked and can't work simply because most workers won't save what's needed, regardless of incentives. Secondly the haute cuisine public sector pension model which is set to cost us over €108 billion is unaffordable. Reform is staring everyone in the face but nobody is seizing upon it.

The only fair way of providing for all citizens to retire to a reasonable standard of living is through a universal pension. That means scraping tax breaks in the private sector but simultaneously capping all public sector pensions above the average wage and replacing the whole sorry, convoluted and dysfunctional mess, with a universal scheme into which we all contribute. Could it be done? In a snap. It means cheaper centralised administration using the best of modern technology from world leaders which we have in this country and centralised asset management from an agency like the NTMA.

The scheme, funded by scraping tax relief and capping public sector pensions above the level of a teacher or garda, would take in a minimum compulsory contribution from everyone for a basic benefit entitlement to top up the old age pension. Anything above that level could be purchased from the scheme or could be built up by taking investment risk within the private pension industry.

Is Gilmore in Speedos or in the Buff?

It's no time for bluffers. The tide is going out and we'll soon see who isn't wearing shorts. The briefings given by Dept of Finance officials to opposition parties mark the end of the game. Each political party now is now possessed of the hard facts. Don't be surprised to find that the extra cuts in annual spending aren't €7.5 billion as previously thought or €10 billion but closer to €15 billion over the next four years. Time's up, the tide is out. Time for Gilmore to reveal whether he's in speedos or in the buff.

The Future cannot be in a socialist past

Reganomics changed everything but the last to hear the penny drop are old style politicians whose careers and doctrines were tempered in campuses and union culture that predated the modern economic world. That was a time of more isolated economies with tight control of currencies, fiscal policies and much less free thinking. It was before the internet. Since the 80's trade barriers have been smashed, experiments in socialism defeated by their own people and economies have looked outward for oxygen, for development and growth.

But from Greece to France and here at home, some political leaders and many opinion writers cling to a romantic view of an age gone by with feather-brained notions of a utopia where everyone is rewarded equally but which simply doesn't chime with human behaviour. It's a populist flag to wave about, especially after another blowout but, save for protecting the most vulnerable in society, how can the future be found in a past that no longer exist?

Like it or not, Ireland, if it is to survive this crisis and flourish once again must re-embrace the fast integrating global economy and relearn how to stay a nose ahead of the competition. Those that advocate policies that deny the Irish people that opportunity, by promoting damaging levels of taxation for fear of wielding the scalpel to the over-spending boil, must be challenged to prove their case with hard evidence, hard maths and hard decisions–otherwise we risk being destroyed by the folly of their good intentions