tag:blogger.com,1999:blog-2532313388110978122.post6414433355611533126..comments2023-10-28T00:47:18.069-07:00Comments on Weeks Population: Aging Societies Aren't Necessarily Going to Hell in a Hand BasketJohn Weekshttp://www.blogger.com/profile/04069566137451684355noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-2532313388110978122.post-33862007544469271322015-02-18T10:39:10.944-08:002015-02-18T10:39:10.944-08:00I think the challenge for the US population is tha...I think the challenge for the US population is that a declining GDP could very well happen ... as a result of global economic changes. This would be accompanied by an abrupt change in global currency alignments, if the US dollar stops being the "currency of choice" around the world. It is not a disaster if the change is allowed to happen naturally. But it is a potentially chaotic transition if the powers-that-be attempt to fight the change. Unfortunately, markets and governments are often dominated by short-term greed and not long-term wisdom. The USA is not going to fall off a cliff, by the wealth of the country might diminish if measured in real terms. This matches a "decline" in the apparent wealth of the average American. Which, practically speaking, mean that we will NOT be able to buy cheap goods at WalMart indefinitely. This should be obvious :-)<br /><br />The bigger problem for Americans is MUCH more fundamental. WHY - Ohhhh WHY - should a new generation of Americans foot the bill for Social Security? Stop and tell me why? The current generation of Baby Boomers - and I am one of them - has left this country with an ENORMOUS DEBT. It is a debt that the Baby Boomers have no intention of paying. Therefore, the debt will be passed to the next generation. But how on Earth can they pay off such a debt, and have good lives (economically), and also go through a transition where the USA is not the pre-eminent superpower? It simply does not add up. Therefore, the social situation is ripe for some sort of grass roots revolution - where the next generation refuses to pay for the costs of ailing Americans. And frankly, I cannpt blame them. The Baby Boomers have been the most selfish generation in US history - no other generation left the country with such a huge debt. It represents an abdication of responsibility. <br /><br />This would be a very interesting discussion for your students - maybe challenge them to write a research paper about this. <br /><br />Just my $0.02 :-)<br /><br />Pete, Redondo BeachAnonymousnoreply@blogger.com