What impacts will the Baby Boom have on the 21st century in Canada? In order to comprehend the influences the Boomers bring upon this era, a brief explanation of the Baby Boom Generation is required. The Baby Boom was a time period consisting of people born from 1946 to 1965 (Aging Population: Impacts and Challenges). They lived in a time of great prosperity, thanks to improvements in the Canadian economy. This generation is special in various ways, moreover, they have tremendous impact on the Canadian population, government revenue and spending, also public services.
To begin with, the impact of Baby Boomers on the Canadian population. There are 2 main reasons that created the Baby Boom Generation in the 1940s to 1960s. First of all, American …show more content…
The strong Canadian economy primarily affected by the country’s strong employment performance (Effects on Economic Growth and Finances). However as time pass, the Baby Boom has shifted the demographic curve, which produced an escalation in struggle of Canada employment performance, and slowed down the economic growth of Canada. The government only has one source of income, which is taxes from citizens. However, there are many money used in public services. The amount of expenditure will soon increase as the Baby Boomers retire, hence, the consequences all Canadians share will be higher taxes, and less free public services. At the present time, the Prime Minister of Canada, Justin Trudeau. He is planning to legalize Cannabis, also known as marijuana (Powers). This policy is a potential, in order to increase tax revenues for the government, therefore allowing the government continue its mostly free long lasting public services. On the other hand, unless labor market participation and productivity improve, population aging will bring negative impact to Canada. At the meantime, population aging is also expected to put upward pressure on public expenditures, notably for age-related programs such as elderly benefits and health care (Update of Economic and Fiscal Projections — 2014: Part 4 of
To begin with, the impact of Baby Boomers on the Canadian population. There are 2 main reasons that created the Baby Boom Generation in the 1940s to 1960s. First of all, American …show more content…
The strong Canadian economy primarily affected by the country’s strong employment performance (Effects on Economic Growth and Finances). However as time pass, the Baby Boom has shifted the demographic curve, which produced an escalation in struggle of Canada employment performance, and slowed down the economic growth of Canada. The government only has one source of income, which is taxes from citizens. However, there are many money used in public services. The amount of expenditure will soon increase as the Baby Boomers retire, hence, the consequences all Canadians share will be higher taxes, and less free public services. At the present time, the Prime Minister of Canada, Justin Trudeau. He is planning to legalize Cannabis, also known as marijuana (Powers). This policy is a potential, in order to increase tax revenues for the government, therefore allowing the government continue its mostly free long lasting public services. On the other hand, unless labor market participation and productivity improve, population aging will bring negative impact to Canada. At the meantime, population aging is also expected to put upward pressure on public expenditures, notably for age-related programs such as elderly benefits and health care (Update of Economic and Fiscal Projections — 2014: Part 4 of