In the News (from The Economist): The rich world’s population is aging fast, and the poor world is only a few decades behind. …labour forces are now beginning to shrink and numbers of pensioners are starting to rise. For the public finances, an aging population is a huge headache. In countries where public pensions make up the bulk of retirement income, these will either swallow up a much larger share of the budget or they will have to become a lot less generous. What can be done? As the IMF puts it, “the fiscal impact of the [financial] crisis reinforces the urgency of entitlement reform.” People in rich countries will have to be weaned off the expectation that pensions will become ever more generous and health care ever more all-encompassing.
My Comment: And the same thing will happen all over the world. Old age is no longer protected, and the hungry will have no one but themselves to count on.