Because of the near certainty of a major rise in the retiree-to-worker ratio in the next few decades, we now face the pressing need to set policies for the enhanced productivity growth that will be necessary if we are to successfully meet the pending demographic challenge.
How much personal stress--and, some argue, increased inequality, which may be a byproduct of a highly competitive, high-octane economy--have we as a nation chosen? Is the amount compatible with the level of domestic saving and possibly the risk-taking that is consonant with the elevated level of productivity growth necessary to meet the needs of an aging population?