By Robin Blackburn
A searing examine the financial predicament of an getting older society, with radical new proposals.
Most international locations face the long run with an aging inhabitants, but such a lot governments are reducing on pensions and the care prone wanted via the aged. Robin Blackburn exposes the perverse reasoning and certain pursuits that have mixed to supply this nonsensical scenario. This up to date paperback version of Age surprise encompasses a new preface explaining why the credits crunch and eurozone quandary have had this sort of devastating effect and outlining how to warrantly respectable pensions and care provision.
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Extra resources for Age Shock: How Finance is Failing Us
I insist that existing provision needs to be supplemented by finding an extra 4 per cent of GDP to cover mid century ageing costs in most countries. I urge that new resources must be found to meet them. Some countries will find this easier than others because of more ad vantageous demographics. Immigration can help ± but only within limits, as immigrants either return to their native lands or will themselves join the ageing population. Raising the age of retirement can also help ± but only if the jobs are there.
Barofsky, `Where the Bank Bailout Went Wrong', New York Times, 29 March 2011. com), 23 June 2011. See also Philip C. Huang, `Chonqing: Equitable Development Driven by the ``Third Hand''', Modern China, forthcoming. 300 Billion Surprise from the Fed', Financial Times, 2 December 2010. 21 Employee Benefit Research Institute, `The 2011 Retirement Confidence Survey', EBRI Issue Brief No. org), March 2011; and for the 2007 figures see George Magnus, The Age of Aging: How Demographics are Changing the Global Economy and Our World, London 2008, p.
The Washington deadlock over the country's debt ceiling and the prevarication of the eurozone leaders told a similar story. Standard and Poor reduced the credit rating of US public debt and China's eagerness for cooperation had subsided. Because the various crises centre on public debt the elements of a solution will have to include the levying of new taxes and the collection of old ones. There should be an audit of public debt, leading to selective debt repudiation, with odious debt wiped out entirely.
Age Shock: How Finance is Failing Us by Robin Blackburn