To the contrary, appropriate discretionary fiscal responses to these types of situations can have beneficial economic effects, as I suggested earlier in my remarks. However, it is imperative that the nation come to grips with the fiscal implications of the retirement of the baby-boom generation.
One is to talk about the rise of the BRICs and the near-BRICs. This would place the focus on Brazil, Russia, India, and China, two and a half of which countries are in Asia, and one in Latin America. But once one extends the group from India and China to include Russia and Brazil, nearBRICs jostle for inclusion, for instance Mexico and South Korea.