Aging has his hands all over the world and statistics say that Asia and Europe are in the lead where an enormous portion is of aging population. There was no such problem in the earlier generations. The aging population has out grown the in number compared to the population a couple of decades ago.
With the advanced medical technology available and extended lifespan for humans aging may be a surprise to all of us now. Our social strategies and lifestyle has drastically changed with the sudden boom on medical technology. And all of us believe that there still a long way to change the existing trend paving way to more younger people in the population.
Government Policies And Their Shortfalls
The aging population has a huge impact on us as well as our society. The economy will not be able to put up if the assumption that older people save more than they spend, comes true. This is true with the economic trend in Japan, where even after the crash in interest rates consumers prefer to save than spend the money.
The growing aging population has today placed other economic sectors also at a risky end. The health care system through out the world is already overly stretched and the rise in this sector of population can make the health system go further haywire. Cost of health insurance is on hike and if this is the case many people will not be able to afford the costly insurance after a certain point in their lifetime.
Governments should be ready to face a lot of questions from the public, issues regarding the aging population. With the increase in the retirement number, people will tend to stop their tax contribution which means the government is forced to hike tax, market prices of consumer durables, social security and health care systems. It means ostracized hike in tax to counterweigh the revenue loss in the aging sector. Again with rising cost expenditure is cut short elsewhere. And the education sector is one of the foremost areas where the government stops funding.
These issues that come up due to the aging population should also be prioritized and attended to. We should keep a check on the government policies that are ment for us and our children. We should agree that government policies should be long termed but not at the cost of our present. Even though the concerns may seem tough initially, but once a balanced is attained it may satisfy most of our concerns regarding the aging population of the country.