For all of history, humans have lived in societies dominated (in numbers at least) by children. By 2060 children will be barely more numerous than any other age group up to 65. And looking after parents and grandparents will be as big a, or a bigger, social requirement as bringing up children and grandchildren. The year 2015 is, roughly, the halfway point in this astounding transformation.
What we’re seeing in Greece is the death spiral of the welfare state. This isn’t Greece’s problem alone, and that’s why its crisis has rattled global stock markets and threatens economic recovery. Virtually every advanced nation, including the United States, faces the same prospect. Aging populations have been promised huge health and retirement benefits, which countries haven’t fully covered with taxes. The reckoning has arrived in Greece, but it awaits most wealthy societies.