Did I say yesterday that the changing worker-to-retiree ratio would change entitlements and social patterns? That was maybe putting it too gently. The need to reduce the cost of social entitlements, especially to the elderly, is going to get severe.
It may be starting already in Japan (see yesterday's post).
Just last year a high-ranking government official put things extremely bluntly. Deputy Prime Minister Taro Aso said that "the elderly should be allowed to “hurry up and die” to reduce the burden on a country tasked to pay for their medical expenses." He apologized for his words.
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