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Abstract

The next forty years of economic life will be dominated by one underlying theme: dealing with the retirement income security of a growing, aging and longer-lived global population. This is a "can’t run, can’t hide" problem that will affect the lives of almost every human being on the planet . . . Whether you are light in your pension account, whether you have more money than Croesus, whether you live in the well-funded Netherlands, or whether you are a put-upon unambitious young male in Japan who sees no future for himself, you cannot escape this problem.

Before you read very far you will realize that looming Baby-Boomer retirements are a ticking time bomb that threatens even those who have saved prudently for most of their lives. This is because many millions of others will enter retirement with virtually no private savings. The second group, which is far larger than the first, will face unmet needs that governments will find politically impossible to ignore. And to meet those needs, we will need lots of additional tax revenue, which can only come from those in a position to provide it. As Willie Sutton replied when asked why he robbed banks, "That’s where the money is."