An aging population also means Florida has the worst old age dependency ratio of any state – e.g. the percentage of working-age taxpayers versus retirees. As a result of declining tax revenues, the state has clawed back public health-care programs and an array of social entitlements.
In 2020 – a short 13 years from now – the average age of Canada’s population will be that of Florida today. In addition to more “early bird” dinner specials and neighbourhood walking groups, Canada too will confront an unprecedented rise in public expenditures and declining government revenues.
Economists estimate the increase of Canadians over the age of 65 to 18 per cent by 2020 will cost $38 billion per year – more than all the money the last federal budget allocated to address the fiscal imbalance through to 2014.
The culprit here isn’t simply rising health-care costs – these make up less than half of the $38 billion annual tab. Rather, our looming social and financial crises are the product of a dwindling workforce and exploding numbers of retirees.
Specifically, decades of comparatively low birth rates are combining with the retirement of the baby boomers to drain Canada’s workforce along with government coffers. At current employment levels, a modest 4 per cent decline in overall employment by 2020 would translate into a loss of $20 billion in tax revenue. This loss would occur alongside an additional $12 billion in pension payments to the 5 per cent more of Canadians over the age of 65 by 2020.
Significantly raising immigration levels to increase Canada’s workforce to drive up government tax revenues will only delay the inevitable as the average age of newcomers is only slightly lower than the population as a whole.
What about increasing fertility rates? Canadian women are having on average 1.5 babies each – half a child short of population replacement. Given the mixed results of Europe’s efforts to boost birth rates by offering generous child benefits, kick-starting another “baby boom” in Canada anytime soon is unlikely.
I have been saying this for years. Now the most socialist newspaper in the country, The Toronto Star, is finally starting to see the disaster that is to befall Canada.
Mr. Lefty, the blame for this country’s collapse lies squarely on your shoulders and with your prophylactics.
Mr. Fiscal Conservative, you bear the shame and responsibility for not having the nominal foresight to see the disaster of not supporting the family and discouraging selfish sexual behaviour.
It looks like Canada before Trudeau wasn’t so damn stupid after all, huh?
You have to wonder whether the sorry-excuse-for-a-Conservative party we have today will have the integrity to actually take some responsibility for the sexual perversion that is leading this country into the gutter.
Maybe Stephen Harper can take some time away from muzzling legislation on abortion to figure out that social conservative issues are critical the very survival of this country.