The latter, there are fewer workers per population than in the past. This means supply falls relative to demand since the growing population is seniors with sav

The latter, there are fewer workers per population than in the past. This means supply falls relative to demand since the growing population is seniors with savings. That leads to higher prices. When demographics are in your favor, a youth bulge places fewer demands on society. Now we can tweak things to make them better. However the demographic megatrend is mostly set in place and there's not much we can do to reverse it.