A Heavy Burden
Is this Europe’s future–an aging vampire society whose financial IVs are hitched to an ever-smaller pool of working-age taxpayers? We’ve all heard about the “demographic time bomb,” and the pensions crisis that will hit as Europe rapidly ages. But if you think this bomb won’t explode until a faraway future, think again. It already has, and the first tremors are rocking Europe today. The crippling strikes of recent weeks in France, Italy and Austria are all about pensions and retirement–the first of many battles over the distribution of tax money between young and old....