Remember how prices exploded when we had supply chain problems last year? Labor is not exempt from supply and demand, and an individual's baked-in demand for la

Remember how prices exploded when we had supply chain problems last year? Labor is not exempt from supply and demand, and an individual's baked-in demand for labor doesn't decline just because they retire (in fact, in a lot of ways it increases). With a slowly tapering demography, you can do a lot of neat tricks like using technology to improve productivity and make up the difference that way. When your demography falls off a cliff, there is no recourse - the cost of labor is going to massively increase. This is great for working-age people but retirees end up having to pay most of the cost (or rather - it comes out of their pensions both public and private). So a social problem is baked in with this and possibly an economic problem as well because at some point the working-age cohort is going to have to have its resources redistributed to the retiree class to support them.