WASHINGTON, D.C. – A new paper jointly released by The Concord Coalition and the Global Aging Institute (GAI) identifies five goals that should be high priorities for policymakers as we confront the long-term challenges created by the nation’s shifting demographics. The paper, which is the fourth in a quarterly series of issue briefs on the aging of America called The Shape of Things to Come, details those five imperatives:
- Limit the extent of population aging by increasing the fertility rate and net immigration above today’s low levels;
- Offset the demographic drag of population aging on economic growth by encouraging longer work lives and leveraging the productive potential of the elderly;
- Control the growth in health-care spending, which is the main driver of long-term structural budget deficits;
- Stabilize the national debt as a share of GDP, since its continued rise threatens to exact a heavy toll on future generations of workers and taxpayers; and
- Resist the rising tide of protectionism, which if unchecked will deprive an aging America of the immense benefits that can flow from open global capital markets and labor markets.
“None of these goals will be easy to achieve,” said Richard Jackson, president and founder of GAI. “Some may prove to be elusive, but all deserve the serious attention of policymakers.”
“Later this year, President Biden and Congress will turn their attention from immediate COVID-19 relief to a broader discussion of the post-pandemic economy. To be meaningful, that discussion must confront the realities of our aging demographics. Looking at potential solutions to these longer-term problems need not await a full rebound of the current economy since many policy options could be phased-in over time. Simply ignoring the challenge would be an abdication of generational stewardship,” said Robert L. Bixby, executive director of The Concord Coalition.
To read the whole paper visit: “Five Imperatives for an Aging America.”
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- The first issue brief in the series, “America’s Demographic Future,”
- The second issue brief, “The Case for Longer Work Lives,”
- The third issue brief, “Are Health Span Rising Along with Life Spans?“
To hear and see Jackson and Bixby discuss the paper on Concord’s podcast, Facing the Future, click here.
The Concord Coalition is a nonpartisan, grassroots organization dedicated to fiscal responsibility. Since 1992, Concord has worked to educate the public about the causes and consequences of the federal deficit and debt, and to develop realistic solutions for sustainable budgets. For more fiscal news and analysis, visit concordcoalition.org and follow us on Twitter: @ConcordC