I disagree. To your first point, please put on your Keynesian hat Paul: the government can issue bonds  and deficit spend to provide benefits to the elderly until the working age population and retiree population stabilizes.To your second point, the current capital investment in China is at its highest level ever, and with less workers coming of age in the next few decades, wages will rise and jobs will be available. Also, the bloated real estate sector (which is a drag on the economy because it prevents young people from finding affordable housing and housing is always the biggest expense) will come down - a good thing for China. In a recent NYT article about Japan's falling population (01/03/23), the owner of a thriving business is giving away for free his business to a young man instead of being gobbled up by some private equity blowhard. That's a good thing. Now, debt free, this young man will be able to carry on the business. I know you know economic history and remember the Black Plague in the Middle Ages? What happened? After the plague was over it was the very best times for the remaining working folks of Europe. Remember that.

I disagree. To your first point, please put on your Keynesian hat Paul: the government can issue bonds  and deficit spend to provide benefits to the elderly until the working age population and retiree population stabilizes.To your second point, the current capital investment in China is at its highest level ever, and with less workers coming of age in the next few decades, wages will rise and jobs will be available. Also, the bloated real estate sector (which is a drag on the economy because it prevents young people from finding affordable housing and housing is always the biggest expense) will come down - a good thing for China. In a recent NYT article about Japan's falling population (01/03/23), the owner of a thriving business is giving away for free his business to a young man instead of being gobbled up by some private equity blowhard. That's a good thing. Now, debt free, this young man will be able to carry on the business. I know you know economic history and remember the Black Plague in the Middle Ages? What happened? After the plague was over it was the very best times for the remaining working folks of Europe. Remember that.

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