Do as I say, not as I do
It isn't only in the US that investment professionals, economists, and other learned people worry about too little money being saved for retirement. It seems that's a concern in Europe, too. Why, just last week, federal Finance Minister Peer Steinbrueck warned in a magazine interview that his fellow Germans will confront rising costs in the decades ahead – particularly for healthcare. Without a doubt, he told the publication, "That means ... we must abandon a [vacation] to provide for later." Alas, his words did not go over well with the national tourism association. Tourism is a strong pillar of the German economy and a reliable generator of tax revenue to the state. Harrumphed the managing director of one company in the travel business: "Perhaps [Steinbrueck] needs a holiday, which would help him to ... come back with better ideas." There's another side to the dispute, too. As a public servant, Steinbrueck enjoys a generous pension, which in theory should better insulate him from rude surprises in his retirement years than may be the case for ordinary Germans. Oh, and it also should be noted that the interview that brought this whole situation to light came just after Steinbrueck returned ... from his own summer vacation.