Europe is aging. Its fertility and mortality rates are decreasing as its life expectancies increase. In Germany, the median age is almost 47; in Italy, 45; in Austria and Greece, 44. By 2030, it is predicted that the share of Germans in the labor force will drop seven percentage points. By 2050, only 11.5 percent of Portugal's population is projected to be under the age of 15, while 18.8 percent of Italy's is to be older than 65. It doesn't take much number crunching to realize that these trends pose a very serious challenge to European society. As Europe ages, the costs of health care and pensions will increase dramatically while tax revenues decrease ...
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