[F] Younger people today mostly accept that they will have to work for longer and that their pensions will be less generous. Employers still need to be persuaded that older workers are worth holding on to. That may be because they have had plenty of younger ones to choose from, partly thanks to the post-war baby-boom and partly because over the past few decades many more women have entered the labour force, increasing employers choice. But the reservoir of women able and willing to take up paid work is running low, and the baby-boomers are going grey.
[G] In many countries immigrants have been filling such gaps in the labour force as have already emerged . Immigration in the developed world is the highest it has ever been, and it is making a useful difference. In still-fertile America it currently accounts for about 40% of total population growth, and in fast-ageing western Europe for about 90%.
[H] On the face of it, it seems the perfect solution. Many developing countries have lots of young people in need of jobs; many rich countries need helping hands that will boost tax revenues and keep up economic growth. But over the next few decades labour forces in rich countries are set to shrink so much that inflows of immigrants would have to increase enormously to compensate: to at least twice their current size in western Europes most youthful countries, and three times in the older ones. Japan would need a large multiple of the few immigrants it has at present. Public opinion polls show that people in most rich countries already think that immigration is too high. Further big increases would be politically unfeasible.
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