A falling is usually reported as a crisis.
It is better described as a shift that arrives slowly and cannot be reversed quickly.
Fewer workers support more each decade.
The is unforgiving and entirely predictable.
Governments have three and all of them are unpopular.
They can raise the retirement age, raise , or cut the pension.
Immigration is often proposed as a fourth.
It helps in the short run and rather than removes the problem.
Immigrants also grow old.
The one lever that compounds is .
If each worker produces more, fewer workers are needed to fund the same pension.
That is why spending on training and health is a pension policy, not a separate one.