Most countries, above all in the EU, have a system of Social Security which provides for pensions, benefits for the unemployed, illness and medical expenses.....! The definition of what is covered varies from country to country.
Whether successive Governments are on the left, right or centre, they all have the same responsibility to ensure that contributions by participants cover the costs of looking after the beneficiaries of the system.
The real question is therefore whether a Professional valuation is undertaken before each General Election, to inform Political Parties and the Electorate officially of any shortfall between expected costs and expected contributions during the coming 12 months ! Insurance Actuaries already use tried techniques to make such calculations !
The effect of inflation on future costs and contributions, longer life expectancy but unvaried retirement ages, are perfect examples of unexpected costs which if they were known, could change future Government policies and Politicians promises, but also the way electors would vote !
Particularly in the EU, but especially in the EUROZONE,
should such an official evaluation not be prepared and become available as soon as a General Election is decided ! In fact, should it not be part of the standard information included in the notes to National Accounts ?
This would really would permit Electors to understand and judge the effect of the promises being made by Politicians, before they go to vote !
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