Though populations in Western countries are getting older, the proportion of young people in developing countries is extremely high. There are no fears of a future labor shortage because of this. However, Western economies will probably face higher unemployment and lower tax revenue if they do not employ older citizens. Countries that go through boom times seem to end up with societies that do not produce enough children to "even out" the general population over time. A case in point is Japan. It was a strong economy from the 1960s. Now it is struggling but the propensity not to have children persists. Savings were high in Japan. Elderly people have already sold off assets that they had accumulated to fund their retirement. Savings have fallen from 15 per cent of GDP to only 3 per cent. Baby boomers experienced the highest standard of living ever so they had the opportunity to save. Younger Japanese workers today do not have the income surplus to put aside for the...
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