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Monday, March 26, 2007

Boomer politics and the graying of America

There is a downside to all this. Generations below the baby-boomers simply do not provide enough people to fill all the jobs being created by the American economy. That ensures that many elderly people will have to keep working whether they choose to or not: society cannot afford to have them retire.

Some experts believe that spiralling social security costs are already completely unsustainable. Social security and healthcare cost the federal government $1,034-trillion in 2005, more than twice the defence budget. By 2030 the costs could be as much as 75% of the entire federal budget. Yet by 2010 there is expected to be a labour shortage in America of 10-million jobs. That problem could be filled by immigration. "We have a safety valve in this country in that folks want to come and live here," said Quinn. But immigration is a hot-button issue and it is far from certain that it is politically feasible to encourage cheap labour to move to the US. America is already building a wall on its border with Mexico to keep illegal immigrants out.

"Brave Old World: How the Elderly Are Seizing America"
UK Independent

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