For many years politicians, economists and demographers have been nervously watching a slowly ticking economic and social time-bomb. It is set to detonate – depending on your calculations – sometime after 2025 as an aging population and shrinking workforce combine with explosive effect, undermining the financial foundations of the Spanish pension system and rupturing the welfare state. Prime Minister José Luis Rodríguez Zapatero, who might like to imagine himself as a Hollywood action hero putting his life on the line to cut the red wire and defuse the bomb, has decided to risk his political future to reform the pension system and soften the retirement blow to today's and tomorrow's … [Read more...] about Saving the pension system