Journal #1: Aging Society a threat and an opportunity (Jan. 21, 2004)
Summary

Aging society over the next 20 years raises concerns about an end to rising living standards and perhaps even a decline
 Pension Readiness Committee of the World Economic Forum reported that potentially the number of workers supporting each retiree falls from 3.7 now to 2 by 2030 with increased costs for those still working

Aging society is good news because it shows that we are living longer, healthier lives because of scientific advances

Three ways to boost economic growth and pay for the aging population
1.
Increase the growth of the labour force by encouraging people to retire later. This could lead 3 workers per retiree rather than the predicted 2 by
2030 (35.6% & 21.7% of Canadian men and women 55 > were employed well below the U.S.A.)
2.
Boost productivity through innovation
3.
Transfer savings from Canada to high population growth countries like
China and India who will invest money in business and produce the products Canada’s declining work force will not be able to produce.

Important Canada takes steps now to make the aging population an opportunity and not a threat to the good life we live now
Cause - Effect Prediction
1. If Canadians retire later, then the Canadian economy will benefit greatly because
more income taxes will be paid to the government and less pension money paid
out. This will allow the government to spend money on other important issues like
education and health.
2.
If Canada allows more highly skilled immigrants to enter Canada, then Canadians can continue to retire early because the highly skilled immigrants will replace them and contribute the income tax and products the retirees will need.
3.
If Canadians continue to live long healthy lives, then there will be a greater demand for products that seniors want which will create jobs in these areas (e.g. golfing, fishing, tourism, condos)
Opinion
1.
The Canadian government should offer tax incentives to people aged 55 and over to continue working, so that they will continue working and not make the aging population a threat rather than an opportunity
2.
The aging population should continue to learn new skills, so that they don’t feel as if they have to retire because they can’t contribute to the workforce anymore.
Questions
1.
What are the advantages and disadvantages to the aging population?
2.
What are the best solutions to the aging population problem? Justify your answer.