Earlier quoted context omitted.
How do poorer countries manage to avoid getting outright bankrupted by social care? Why is it such a black hole money-pit in the UK particularly?
It’s a black hole money-pit everywhere. There is no return on spending money for people who will never be productive again. The only way that kind of wealth transfer works is with a growing proportion of workers, but that has long not been the case in many developed countries. The solution for all these countries (even the US) is to dismantle all wealth transfer to old people. It might be the only way to incentivize…
Unfortunately, there's no easy way for democracy to correct this. older people vote and are wealthier. Both of those mean they have large political power.