Today, with the exponential rise of technology, we no longer live in an agricultural, industrial, manufacturing or even service economy anymore. We live in an information economy. Simply put, there are fewer jobs. Technology has reduced the global number of jobs needed or available. Hence, crises where jobs do not match the number of young people in abundance – like the Great Recession and the Arab Spring. A young population meets a job shortage.
It is better to have a kid’s entire college fund paid for, instead of hoping a kid will become rich and take care of the prior generation. We act like an aging population is a problem, when the flip side, a young population, is a far more unstable situation. As more and more people move from pre-modern, to modern to post-modern societies, they will realize that there are fewer jobs and that the price of having a child is higher than it was in the past. People will be incentivized to work longer in the jobs they do have, and have fewer kids, later, when they are better financially equipped to take care of them. This is a global phenomenon.
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