Nearly half the world’s population has a difficult task ahead. Supporting themselves. You think the US has a Social Security problem? It’s nothing like the one in China and India. What’s happening there will surprise you.
A few billion people are working to support a few billion more who can’t work. Do the math. It won’t work.
China and India both have great armies. Armies of cheap labor and educated engineeers. Both are on a fast track of demographics that hopes to grow prosperity before the growers grow old.
The problem is that researchers who research such things think the workforce of both is shrinking. Fast. Why? Retirement.
In the US, retirement usually starts in the early to mid-60s. In China, many women retire in their 50s and most men by 60.
The peak working age, those 15 to 64, who support the rest of the non-working population will peak soon. That math puts a strain on resources that pay for those who don’t pay for anything.
In another generation or so, according to the math of those who mathematize such things, 10 Chinese will be working to support seven Chinese who can’t.
See the problem?
India has a problem, too, though of a different scale. Middle class.
India’s middle class, many of the ones who speak English and take jobs away from Americans, is growing too fast. India has five times as many engineers graduate from college each year as in the US.
Those who speak and read and write English are the haves, those who don’t (over 75-percent) are the have-nots. 40-percent of India’s entire population is illiterate, compared to China, which rivals the US.
India’s middle class, as with China’s, will be working to support the classes that don’t work, can’t work, or don’t make enough to support themselves.
For the next decade or few, both China and India will take investment dollars from the US and employment from US workers. Then it will change.
The middle class of all three nations will be working overtime to support those classes that can’t support themselves.
It’s a good thing I’ll be retired by then.