NORTHERN ECONOMIST

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An Aging Society: Another View

The debate over the sustainability of public health care has often focused on an aging population as one of the key drivers with apocalyptic scenarios of a silver tsunami of sick seniors washing over the health care system and bankrupting it.  While health spending does rise with age, most academic studies have found that the determinants of spending are somewhat more complex with technological extension, inflation, and income growth being collectively more important drivers than age alone.  However, aside from aging being a cost driver, it should also be viewed as a major human accomplishment.  One of the remarkable achievements of the human species over the last 150 years has been the extension of the lifespan. Visit my latest post on Worthwhile Canadian Initiative for a discussion.