Comment by lotsofpulp

Not in a democracy where the population age histogram gets top heavy and the old vote themselves more and more of the young’s income, explicitly via taxes and implicitly via backstopping asset prices at the expense of the currency’s purchasing power (since wage increases lag asset price increases).

The old need a way to maintain a socioeconomic order where they can continue to get labor from the young, but demographics are going to make that harder and harder.