Aging Population In Canada Essay

Aging Population In Canada Essay-59
In a 2011 Macdonald-Laurier Institute (MLI) study, Professor Christopher Ragan calculates that slower economic growth coupled with higher spending on age-related programs and health care will result in an all-government deficit of 4.2 percent of GDP in 2040.A deficit of this magnitude today would be roughly billion and would be in addition to deficits being run for any other reason.

In a 2011 Macdonald-Laurier Institute (MLI) study, Professor Christopher Ragan calculates that slower economic growth coupled with higher spending on age-related programs and health care will result in an all-government deficit of 4.2 percent of GDP in 2040.A deficit of this magnitude today would be roughly billion and would be in addition to deficits being run for any other reason.

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“If the growth in immigration levels that we saw from 2015 to 2016 repeats itself in the coming year, it could surpass that most optimistic figure by 2017,” says Attorney David Cohen.

“Prospective immigrants to Canada may be encouraged that statistics and research support the Goverment’s agenda to increase immigration.

It is projected that without significant policy changes, including a substantial increase in immigration, the costs required to support retirees could undermine the strength of Canada’s economy in the coming decades.

The report proposed four scenarios for the future of Canada’s population growth.

In particular Clemens argues the federal government must allow the provinces greater flexibility and autonomy in the design, regulation, financing, and provision of health care while retaining the principles of universality and portability.

Labour Market Reforms Among the authors there is broad support for measures to improve the incentives for Canadians to work.

For example, if more men and women come to start careers and families in Canada, the country may benefit from their economic input and the input of their children for future generations.

The report declares that although immigration may not entirely solve the challenges posed by Canada’s aging population, nevertheless new immigrants are essential in order to reduce the side effects.

MEDIA RELEASE February 7, 2012, Ottawa, ON - Canada will soon face the full burden of an aging society.

The greying and eventual retirement of the baby boomers will cause national income growth and tax revenues to slow and public programs such as health care and income support for seniors to become more costly.

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