This article is good at pointing out the problem. The author did understate the problem in Greece adn Europe. In Greece there has been rioting and strikes and the economy is in shambles... the uncertainity is spreading. It could happen here.
Looking for Something Else to Feel Bad About? - CNBC: "The global population is aging — and those demographic shifts are causing major structural, long-term economic challenges. In an Op-Ed in yesterday's International Herald Tribune, the authors point out some of the grim challenges:
In the U.S., the youngest Baby Boomers will become eligible for full Social Security and Medicare benefits in 2011. And that's just the kickoff to a 'two-decade cost spiral' - which is projected to double government benefit spending as a percentage of G.D.P.;
In Europe, the growth in pension expenditures was a significant factor in this year's debt crisis;
In China, the aging population is causing the so-called '4-2-1 problem' — one child who must care for both parents and all four grandparents.
What's to be done about the problem?"