Celebrating humanity's flourishing through the spread of capitalism and the rule of law
16 Dec 2025 Leave a comment
in budget deficits, economic growth, fiscal policy, labour economics, labour supply, macroeconomics, public economics Tags: ageing society, European Union, population bust
If you want to know why I’m pessimistic about Europe (particularly compared to the U.S.), this chart is a good example. It shows that many European nations have enormous long-run liabilities for their Social Security systems. It’s an understatement to observe that Spain, Austria, and Italy have very grim fiscal futures. Keep in mind that […]
Europe’s Grim Fiscal Future
15 Dec 2025 Leave a comment
in economic growth, fiscal policy, labour economics, labour supply, macroeconomics, population economics, urban economics Tags: ageing society, population bust
I have a five-part series (here, here, here, here, and here) explaining that demographic decline will lead to fiscal crisis. The main takeaway is that entitlement programs are a ticking time bomb, and I castigate politicians who want to kick the can down the road (or make a bad situation even worse). This is a global problem, not merely an American problem, as […]
Demographic Decline, Part I: Baby Subsidies Are an Ineffective Response
03 Dec 2025 Leave a comment
in budget deficits, economic growth, economic history, financial economics, fiscal policy, macroeconomics, population economics, public economics Tags: ageing society, Japan, population bust
I often get asked when the United States will suffer a Greek-style fiscal crisis. My answer is always “I don’t know,” though I freely admit we are heading in that direction. My lack of specificity isn’t merely because economists are lousy forecasters. I tell people it’s all about investor sentiment, and it’s hard to know […]
Japan’s Growing Burden of Government Means an Inevitable Fiscal Crisis
02 Oct 2025 Leave a comment
in development economics, economic history, growth miracles, labour economics, labour supply, population economics Tags: ageing society, China, population bust
09 Sep 2025 Leave a comment
in labour economics, labour supply, population economics Tags: ageing society, economics of fertility, population bust
15 Jul 2025 Leave a comment
in development economics, economic history, labour economics, labour supply, population economics Tags: ageing society, economics of fertility, population bust
12 Jun 2025 1 Comment
in labour economics, labour supply, population economics Tags: ageing society, Japan, population bust
Japan must stop being overly optimistic about how quickly its population is going to shrink, economists have warned, as births plunge at a pace far ahead of core estimates. Japan this month said there were a total of 686,000 Japanese births in 2024, falling below 700,000 for the first time since records began in the […]
Japan facts of the day
29 Feb 2024 Leave a comment
in economic history, environmental economics, labour economics, labour supply, population economics Tags: ageing society, economics of fertility, economics of immigration, population bust
The Congressional Budget Office has published The Demographic Outlook: 2024 to 2054 (January 2024), which offers some recent history and projections of how the US population is evolving. Here are three snapshots: The Role of Immigration in Total US Population Growth The black line shows projected US population growth since 2004, with firm data up…
Three Snapshots of Where US Population is Headed
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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