(Roughly) Daily

“These fragments I have shored against my ruins”*…

 

population aging

 

The good news is that, as a product of economic, social, and scientific advancement around the world, life expectancy is increasing and birth rates are decreasing.  The other news…

The world is experiencing a seismic demographic shift—and no country is immune to the consequences…

By 2050, there will be 10 billion people on earth, compared to 7.7 billion today—and many of them will be living longer. As a result, the number of elderly people per 100 working-age people will nearly triple—from 20 in 1980, to 58 in 2060.

Populations are getting older in all OECD countries, yet there are clear differences in the pace of aging. For instance, Japan holds the title for having the oldest population, with ⅓ of its citizens already over the age of 65. By 2030, the country’s workforce is expected to fall by 8 million—leading to a major potential labor shortage… Globally, the working-age population will see a 10% decrease by 2060. It will fall the most drastically by 35% or more in Greece, Japan, Korea, Latvia, Lithuania, and Poland. On the other end of the scale, it will increase by more than 20% in Australia, Mexico, and Israel…

As countries prepare for the coming decades, workforce shortages are just one of the impacts of aging populations already being felt…

There are many other social and economic risks that we can come to expect as the global population continues to age:

  • The Squeezed Middle: With more people claiming pension benefits but less people paying income taxes, the shrinking workforce may be forced to pay higher taxes.
  • Rising Healthcare Costs: Longer lives do not necessarily mean healthier lives, with those over 65 more likely to have at least one chronic disease and require expensive, long-term care.
  • Economic Slowdown: Changing workforces may lead capital to flow away from rapidly aging countries to younger countries, shifting the global distribution of economic power.

The strain on pension systems is perhaps the most evident sign of a drastically aging population. Although the average retirement age is gradually increasing in many countries, people are saving insufficiently for their increased life span—resulting in an estimated $400 trillion deficit by 2050…

In many countries the old-age to working-age ratio will almost double in the next 40 years.  How should we prepare?  “The rising ratio.”

* T.S. Eliot, “The Waste Land”

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As we kick off the “Decade of Healthy Aging,” we might recall that it was on this date in 1931 that Dracula premiered in New York.  Directed by the great Tod Browning and famously starring Bela Lugosi (in what many consider still to be the definitive portrayal of the blood-thirsty Count), the film was based on the 1924 stage play Dracula by Hamilton Deane and John L. Balderston, which in turn is adapted from the 1897 novel Dracula by Bram Stoker.  The film was was both a critical and commercial success on its release, and has earned it’s way into the canon, having been selected by the Library of Congress for preservation in the National Film Registry as “culturally, historically, or aesthetically significant.”

220px-Dracula_-_1931_theatrical_poster source

 

 

Written by LW

February 12, 2020 at 1:01 am

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