It is always amusing when politicians say such-and-such will be dire in the latter half of this century or in 2050. Most of us will be dead by then! Treasurers in particular are good at saying ridiculous things about the future, just to frighten us I suppose. Few are scared by this though. Most ignore such thoughts as being irrelevant.
An aging population and the imminent care crisis are cases in point. How are these problems to be solved? Well, the elderly could be taken out and shot. Political parties would like that because the aged are the largest voting block.
Many things will change before these crises. In Australia superannuation is mandatory. Apart from the idle few who have managed to stay on welfare throughout their lives, precious few will be eligible to claim the state funded aged pension. Some post-baby boomers will have a difficult time. Starting superannuation late in life will provide just a pittance in income, but they will be knocked back for the aged pension.
The elderly with their memories fading will need state money spent on care for them, So spending will be reallocated from pensions. Not all is lost. Even now, when people are "forced" into government care their houses are sold from under them by the Government. Indeed, a large slice is taken from a lifetime of wealth building. The offspring can complain. Without power of attorney the state wins out.
No matter what happens in the future, ways and means will be found to offset a prevailing problem. One thing is certain - taxes and charges will go up to pay for it.
