Parliament Says 'No' to Pension Savings Again - MPs Believe Only They Can Handle Other People's Money

The same show has happened in Parliament again - one we see more often than sunsets at Liepaja beach - MPs reject the opposition's proposal to let residents withdraw their second-pillar pension savings. Apparently parliamentarians believe they know better than people themselves how to handle their money.

The opposition proposed quite reasonable things - allowing the money to be used for medical treatment, buying an apartment, or paying off debts. But the ruling coalition responded like the Baltic Sea in summer - cold and inaccessible. 'We know better,' say the MPs, sitting in their warm offices and planning how to spend taxpayers' money on their next business trips.

Particularly entertaining is Bank of Latvia Governor Mārtiņš Kazāks' reasoning that the money would go to short-term consumption. Of course, it's better for it to sit in the bank earning interest for bankers than for people to pay for operations or buy apartments. As my neighbor Jānis from Ezerkrasts said: 'They're afraid we'll spend our money on our needs, but spending theirs on their needs - that's normal.'

Interestingly, Estonia and Lithuania already have this option, but our MPs believe Latvians can't be trusted with their own money. Maybe because they themselves handle state money so responsibly - like wind with sand at the seaside, scattering it in all directions and hoping no one will notice.