There are different issues affecting the aging services today and I would be discussing one of them in this paper. “Time bomb: Aging population may explode global economy by 2050” was the headline of the article I read a few days ago. What was the article about? The article brought my attention to some really surprising facts. Firstly, the population of people hat were over 60 years of age is “double” the amount it was 30 years back and is believed to even double its present amount by the year 2050. (RT, 2013) A united Nations report also stated that by the end ‘middle of this century’, over three million people would be 100 years of age or older which more two million times the present amount. Better “healthcare, improving technology and new discoveries” help increase the average lifespan of the future generation but this could ultimately lead to world crisis. One example of such crisis is a fiscal collapse which is when “increasing pension payments weigh on local budgets”. In the United States for example, healthcare and insurance programs account for about ten percent of the total GDP and even in Europe, “pension costs” compromise of thirteen percent of total GDP and because the percentage of people above the age of sixty is increasing, the percentage of unemployed people is also increasing and this means there would be less tax for “local budgets” and “local budget taxes are the reserve for pension payments”. (RT, 2013) However, China appears to be the economy with the fastest “aging”.
…show more content…
By the year 2050, one-quarter the population of China is estimated will be sixty-five or above the age. The head of the Center for State Policy Brookings, Tsinghua Wang Feng calls the situation “a real time bomb”. Another issue in China is that in the 1980’s, the ration of mother to children in the country was one to six, now the ratio due to the induced policy by the government is one to two. This drastically increases the ratio of adults that sixty or above to those that are younger and China could see its economy lose its main source of economic success; Labor. (RT, 2013) Also, in Russia people sixty years of age or older make up a fifth of the economy and that figure is expected to rise to about twenty-eight percent by the year 2030 as stated by RBC. The reason this issue has not been resolved in …show more content…
Peterson believes a “Global Aging” summit should be held just like a summit for global warming was held. This would of course cause global attention and therefore increase global awareness. The summit should focus on critical issues like; “what countries will be hit the earliest or hardest”, “what might happen to interest rates, exchange rates and cross-border capital flows under various political and fiscal scenarios?” (Peterson, 1999) The simple and intangible goal of this paper is present a global aging problem, explain how this affects the society, explain why these issues have not been addressed yet and offer viable solutions. Everyone that has or has had a relationship with an elderly friend or relative and would agree that we receive or received far more than we give in the relationship and everyone ‘wins’ when the elderly are well integrated in the society but for the society to have the right balance, the future of the younger adults also have to be paid attention
By the year 2050, one-quarter the population of China is estimated will be sixty-five or above the age. The head of the Center for State Policy Brookings, Tsinghua Wang Feng calls the situation “a real time bomb”. Another issue in China is that in the 1980’s, the ration of mother to children in the country was one to six, now the ratio due to the induced policy by the government is one to two. This drastically increases the ratio of adults that sixty or above to those that are younger and China could see its economy lose its main source of economic success; Labor. (RT, 2013) Also, in Russia people sixty years of age or older make up a fifth of the economy and that figure is expected to rise to about twenty-eight percent by the year 2030 as stated by RBC. The reason this issue has not been resolved in …show more content…
Peterson believes a “Global Aging” summit should be held just like a summit for global warming was held. This would of course cause global attention and therefore increase global awareness. The summit should focus on critical issues like; “what countries will be hit the earliest or hardest”, “what might happen to interest rates, exchange rates and cross-border capital flows under various political and fiscal scenarios?” (Peterson, 1999) The simple and intangible goal of this paper is present a global aging problem, explain how this affects the society, explain why these issues have not been addressed yet and offer viable solutions. Everyone that has or has had a relationship with an elderly friend or relative and would agree that we receive or received far more than we give in the relationship and everyone ‘wins’ when the elderly are well integrated in the society but for the society to have the right balance, the future of the younger adults also have to be paid attention