Memo to the winner of Tuesday’s presidential election: Creating jobs, and how you do your job, Mr. President, will depend on whether and how you deal with the most massive shift of resources the world has ever experienced – the demographic aging of our population. Don’t be lulled into addressing merely the short-term financial needs of this country, serious as they have been since ‘08.
You’ve got to also change the trajectory of the long-term “burden of aging-related spending,” as the S&P report, Global Aging 2010: An Irreversible Truth, warned two years ago. “The sharp rise in government debt as a result of the financial crisis and the recession that followed has made action more urgent,” the report said. It concluded that if urgent action wasn’t taken, 60 percent of countries around the world would be bankrupt by mid-century, including the U.S.