Its my understanding that China needs more children because of all the women they sterilized and babies that they aborted. Now they say they are going to have to raise the retirement age to 60 or maybe even higher. Even though work is not available to their old people, businesses mostly hire the young.
Also, the wealthy in the US are very worried about the needs ofthe Baby Boom and have been talking for many deecades about the costs of old age for the Baby Boom, wanting to eliminate entitlements like Social Security because wages have not kept up with the costs and many don’t have enough money to manage. So they want to dump the costs onto them, or push poor people out of government programs, anything to avoid the moral hazard of trying to get people care for a fraction of the cost they need, a burden they feel will fall on them through taxation. Yet at the same time they did not worry about this enough, (because they used the promise of good US jobs traded away via GATS) to increase their yields in all sorts of businesses (drugs is a conspicuously distressing one. People never think of how we got foreign coountries to accept the idea of patents and “intellectual propery” which is what makes drugs profitable when the ingredients typically cost literally almost nothing. ) What happened is trading jobs and market access. to foreign firms to set up here, sell services of all kinds, and use their cheap labor to do it, labor that may cost 1/20 of the wages here. This is coming soon. The Clinton Administration, in 194 agreed to traded away potentially millions of your jobs in exchange for adoption of the TRIPS and TRIMS patent regime, and other key changes, in the WTO. Thank all of you for being so generous, even though your lives will probably change a lot.
the high patent terms and high drug prices were and are being paid for by jobs in dozens of service sectors… they are determined to get that price benefit as they may end up paying a price for it in anger from the people of the USA. Basically, think about a sort of NAFTA for the rest of the jobs, the desk jobs, the ones that didnt go to China. Wherever cheap labor can be leveraed, they plan to. There is a lot of profit ion that and a surplus of degreed highly trained “self entitled” young people in a belt of authoritarian bargain countries stretching more than halfway around the middle of the world. These are the countries where the cheap raw materials come from and this is deemed an essential by industry. They dont want democracy or public healthcare, or public education to break out (they frame it like its a contagion or cancer there. )