As populations in Europe and Japan age, the demographic pyramid is rapidly inverting – and a war of generations, rather than of classes, is emerging. The war is fought primarily at the ballot box – old people win elections, while young people stay home – and the spoils lie in the national budget, in the balance among education, pension, health-care, and tax regimes. With this clash, the intergenerational pact that long underpinned social and political stability has been broken.
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