The current aging population is presenting a very serious economic challenge. This is very well evidenced in most of the research documents, and it gives us some right on how we are to perceive this whole perspective. When we commence asking ourselves about some questions such as who is responsible for the care of the Americans who are aging then we will begin to appreciate the relevance of this whole concept. As of now, the ultimate answer is no one specifically. This brings forth the social disaster that could be facing us. In this respect, this paper seeks to reconnoiter on the current trends of an aging population and how we ought to perceive the whole aspect about aging. This will be a stepping stone in elaborating why aging ought not to be a ticking time bomb (William, 2014).
Of late Joe Hockey sent a fair fax opinion about the issue with the ageing trend. He was of the opinion that this age bracket has of late spurred mixed feelings in the political and economic arena. Contrary to what most individuals could suggest is that he opinionated that ageing of the population ought to be celebrated on account that people are then living longer. However, this was an opinion that dimmed the moods of federal treasurer (William, 2014). This was on account that he Hockey was of the opinion that as the population aged, the total participation rate declines. This was on account that the ever rising life expectancies are never offset by the rates of immigration, and this can result to a very great number of approximately sixty five percent dependants on the taskforce or even the declining taskforce. This is one economic problem that have been deeply presumed and accepted.
Foremost, to get the big picture about this, we need to examine whether the age structure in the Australia is immensely influenced by the impact of immigration. For instance, in the 1999, Australian parliamentary research on how the population future for Australia, it espouses on the allegations on how immigration could end up offsetting the ageing population. In this respect, it was the contention of the research paper to bring forth the fact that to sustain the proportion of the population that is aged sixty-five years and above to the present levels. This would require an enormous number of the immigrant commencing from the year 1998 which recorded 200,000 per annum that is postulated to rise to approximately four million per annum by the year 2048 and to 30 million per annum by the year 2098. This evidences that by the end of the next century, these trends of immigrations will lead to the population reaching approximately one billion. This paper evidenced that it would be a demographic nonsense to believe that immigration could assist in keeping the population young. This was further accentuated by the productivity commission reports.
In getting to acknowledge the fact that ageing is not a detrimental issue, it also becomes necessary to investigate the effect of the ageing population on the entire workforce participation. This unravels a serious flaw on the federal treasure’s analysis on account that the working population is assumed to be of the age fifteen to sixty-four by definition. On the contrary, this is obsolete on the account that M.r Hockey’s dad could work fulltime till he reached the age of seventy. Moreover, it was until seventy five years when he could still perform his duties as expected besides working fulltime. This showcases a broad perspective whereof a relatively increasing number of individuals of approximately sixty five years and above are setting an increase in the average number of the working population. This is concrete evidence that age is not one factor that needs to decline a country’s labour force (William, 2014).
Idealogues such as Matt Wade opinionated that the baby boomers are bringing significant change in the United States economy. It was notable that the taskforce participation rate for the male work force was particularly sixty five years and above, and it rose by approximately ten percent in the 1990 decade to above fifteen percent in the succeeding decade (William, 2014). However, the treasury is of anticipation that these figures are to rise by about twenty percent by the end of the year 2028. For instance, the women who are above the average of sixty-five years will be more than doubled to approximately seven percent by the mid two thousand. Specifically, in Australia there is a comparatively increasing number of individuals who are working voluntarily and are above sixty five years. This tells why we need to be optimistic about the whole issue about aging .
The proposition that we ought not to lay a lot of emphasis on the age when it comes to ability to provide workforce is furthered by the ability of almost the people who are above sixty five years ability to provide labor . For instance, when we evaluate the demography of the Australia in the 1980 decade, it is very apparent that average age of the population has increased to thirty-seven years. In this respect, the workforce participation has relatively increased from sixty two to sixty five percent. This is a clear indication that there exist some other factors that work hand in hand to determine the labour force participation. Such factors have heavily contributed to the general economic performance, a national job availability, the age gap discrimination and the discrimination on the basis of age (William, 2014).
As outlined in the discourse, the relative change in the age composition is very likely to reduce the number of the working population and result to increase in the share of the de[pendent elderly. However, it is equally important to note that as the elderly population increases, it is equally logical to postulate that the number of the working population will relatively increase in equal measure. It would be rather nonsensical to only presume that the numbers of the elderly population will be increasing after a period of time hence increasing the dependency ration whilst holding the levels of the working population constant. On the other hand, we ought to weigh both sides of the matter and discover that the population behaves just like an ecosystem – a self balancing environment whereof it is self maintaining.
Whilst it is very important that we consider ageing as a global phenomenon and not just a nation’s phenomenon, It would also be equally important to understand that it is in the elderly population that we have concentrated workforce that have enough experience. Research encapsulates that one in nine individuals reaches an age of sixty and above every year. This ought to be appreciated by first offering health care and other legal protection so that we can reap the advantageous perspectives of this population. For instance, when we seek particular experience or we are in the contention of deciding on who is to be creative so as to perform what, it becomes imperative to first look at the particular skills test that individuals could deliver and thereafter builds on the skills. In this case, a younger individual could perform the alleged duties – the physical perspective of the duty whereas the older individual could be the one to think creatively about how to go about the initiative. This showcases the essence of wisdom, skills and the ability to employ institutional memory that can be deployed in older to solve problems in our generations. This tells how this age bracket needs to be appreciated.
References
William, B. (2014, April 24). Ageing Is No Ticking Time Bomb. Retrieved June 1, 2014, from http://www.smh.com.au/comment/ageing-is-no-ticking-timebomb-20140424-zqyy8.html
