Yes, less young folk is lower cost. But more old people is higher cost. So the cost of supporting old folk is higher per young person. Even in a fair world, an aging population is a borden tot the young people. I'm not saying we shouldn't support the old folk, I'm saying there is no magic fix you can achieve by changing how we spend money.
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Ok you can, but you have to pay for it. Were talking about society as a while. In a fair world if the people collectively borrow money, the next generation will have to foot the bill.