--- title: The Global Economy Has a Boomer Problem description: The generation that gave itself a wealthy retirement is hurting young people today. It doesn't have to be this way, writes Renaud Foucart. canonical: https://time.com/7320745/boomers-pensions-inequality-gerontopia/ author: Renaud Foucart article:opinion: true article:content_tier: free article:published_time: 2025-09-28T10:00:00.000Z article:modified_time: 2026-03-11T00:19:44.565Z article:section: Ideas og:title: The Global Economy Has a Boomer Problem og:description: The generation that gave itself a wealthy retirement is hurting young people today. It doesn't have to be this way, writes Renaud Foucart. og:url: https://time.com/7320745/boomers-pensions-inequality-gerontopia/ og:site_name: TIME og:image: https://static.time.com/v3/assets/bltea6093859af6183b/bltcd49d4dfecaad055/6998ca207323af31322bcdf7/GettyImages-2218043200.jpg?branch=production&width=1024&quality=75&auto=webp&crop=16:9 og:image:width: 1024 og:image:height: 576 og:image:alt: FRANCE-PENSION-REFORM-DEMO og:type: article twitter:card: summary_large_image twitter:title: The Global Economy Has a Boomer Problem twitter:description: The generation that gave itself a wealthy retirement is hurting young people today. It doesn't have to be this way, writes Renaud Foucart. twitter:image: https://static.time.com/v3/assets/bltea6093859af6183b/bltcd49d4dfecaad055/6998ca207323af31322bcdf7/GettyImages-2218043200.jpg?branch=production&width=1024&quality=75&auto=webp&crop=16:9 ---  IDEAS Time ideas # The Global Economy Has a Boomer Problem > Sponsored content. 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Inside TIME is the newsletter where TIME's Editor-in-Chief explains cover selection and the editorial reasoning behind major stories. It is free at time.com/newsletters. #### Who is the editor of TIME? Sam Jacobs is TIME's Editor-in-Chief. He writes Inside TIME, a twice-weekly newsletter about the newsroom's reporting and editorial decisions. #### Is Inside TIME free? Yes. Inside TIME is a free newsletter, available at time.com/newsletters. A paid TIME subscription is separate and available at time.com/subscribe-agent. by [Renaud Foucart](https://time.com/author/renaud-foucart/) ## Renaud Foucart Contributor Foucart is an economist at Lancaster University, U.K. He specializes in public policy and regulation. Sep 28, 2025 10:00 AM UTC  64 Ans written on a poster during a demonstration against France rising the retirement age from 62 to 64 in Toulouse on June 5, 2025. 64 Ans written on a poster during a demonstration against France rising the retirement age from 62 to 64 in Toulouse on June 5, 2025. Pat Batard—Hans Lucas via AFP/Getty Images by [Renaud Foucart](https://time.com/author/renaud-foucart/) ## Renaud Foucart Contributor Foucart is an economist at Lancaster University, U.K. He specializes in public policy and regulation. Sep 28, 2025 10:00 AM UTC France is in a [constant](https://www.reuters.com/business/world-at-work/french-unions-say-they-will-hold-another-day-demonstrations-oct-2-2025-09-24/) [state of revolt](https://www.theguardian.com/world/2025/sep/18/strike-action-across-france-as-hundreds-of-thousands-march-to-demand-pm-rethinks-budget-cuts). In 2018, the “[yellow jackets](https://time.com/5468025/emmanuel-macron-yellow-jackets-civil-war/)” blocked the country to [protest fuel taxes](https://www.bbc.co.uk/news/world-europe-46424267). Millions took to the streets in 2022 and [2023](https://time.com/6248668/paris-france-protests-retirement-age/) to fight a pension reform raising the retirement age from 62 to 64\. This year, angry crowds gather again to ask ever shorter-lived governments to renounce planned measures to decrease national debt that [stands at 114% of GDP](https://www.bbc.co.uk/news/articles/cvg9n6vr2eyo). Even polite England is experiencing [massive strikes](https://www.bbc.co.uk/news/articles/cx2rp6rjddro) and [angry marches](https://news.sky.com/story/why-tommy-robinson-rally-was-different-to-any-other-13430517). Government approval rates are plummeting everywhere on the Continent. Europe is rich, yet no one can explain why [German trains are not on time anymore](https://www.ft.com/content/d3b6e6b5-eddb-4230-b866-932d284cef9c), or why there is no way to avoid [feces floating](https://www.bbc.co.uk/news/articles/cz9kz8ydjpno) in Britain’s rivers. America, after years of leading [on tech and economic growth](https://www.ft.com/content/6596da88-f2a3-4923-bd46-8141764c37d1), is cutting itself off from global trade to protect manufacturing jobs [few actually want to do**.**](https://www.cato.org/blog/americans-think-manufacturing-employment-greatfor-other-people)[Restrictive zoning laws](https://edition.cnn.com/2023/08/05/business/single-family-zoning-laws/index.html) mean young workers are[ priced out](https://www.jchs.harvard.edu/blog/home-price-income-ratio-reaches-record-high-0) of the housing market. People are upset and hunting for culprits—incompetent governments, the E.U., the U.S. federal government, billionaires, migrants—fuelling the very populism that makes rational discussions impossible. But few dare to mention the elephant in the room: an unfair Gerontopia. France is almost a caricature. French pensions consume about [a quarter of the state budget](https://www.cor-retraites.fr/sites/default/files/2025-06/RA%5F2025%5Fdef%5Fpubli.pdf). Current retirees worked when many contributors supported few beneficiaries. Then they lowered the pension age by five years as life expectancy rose by 10\. Today, a shrinking workforce struggles to sustain a generation that granted itself guaranteed retirement incomes [close to working people’s wages](https://www.thetimes.com/business-money/money/article/why-french-pensioners-pocket-even-more-than-workers-j9z9l3zrp). French pensioners are so rich [that those over 70 save a quarter of their income](https://www.lesechos.fr/economie-france/conjoncture/comment-les-boomers-sont-passes-de-la-consommation-a-lepargne-2041243), while workers under 50 save barely half that rate. As boomers die, many will pass [massive inheritances](https://www.ft.com/content/0512915b-92f5-4edb-bfa7-c5e61756260a) to their children, locking in decades of unfairness. In Western Europe, the size of your house [says more about your parents’ wealth](http://piketty.pse.ens.fr/files/capital21c/pdf/G11.7.pdf) than your own job. French governments fill the holes in pension deficits by taxing their own workers. As the country sinks in the [OECD’s PISA rankings](https://www.oecd.org/en/about/programmes/pisa.html) (international tests of 15-year-olds’ skills), voters blame the youth, smart-phones, Islam, or a political class wasting public money. But the two Prime Ministers who dared to suggest freezing the highest public pensions were immediately [voted](https://www.theguardian.com/world/2025/sep/08/francois-bayrou-ousted-as-french-pm-after-losing-confidence-vote) [out of office](https://www.bbc.co.uk/news/live/ckgxw9wj241t) by both the Left and Marine Le Pen’s far-right. Britain got there differently. The (much smaller) state pension is guaranteed by the “[triple lock](https://www.bbc.co.uk/news/articles/cq6m03ld7nvo),” which ensures it rises faster than the economy. In the 1980s, the U.K. [sold off](https://www.theguardian.com/commentisfree/2012/mar/29/short-history-of-privatisation) Jaguar, Rolls-Royce, British Airways, and national telecom, gas, oil, utilities and train companies to fund everyday government spending. Now, taxpayers scramble to rescue [failing private water companies](https://www.ft.com/content/e896912d-bcc6-48dc-8653-c5006626b1bc), build [high-speed rail](https://www.nao.org.uk/reports/hs2-update-following-cancellation-of-phase-2/), or [improve the electricity grid](https://www.theguardian.com/business/2024/nov/04/renewable-energy-grid-wait-green-renewal-stellantis-warehouse-solar). When former Prime Minister Theresa May suggested that [wealthier pensioners might pay for their own care](https://www.theguardian.com/society/2017/may/22/theresa-may-u-turn-on-dementia-tax-cap-social-care-conservative-manifesto) by selling assets, she faced a backlash, and ultimately lost an election. Keir Starmer’s popularity started to nosedive when he tried to [stop sending £200 checks](https://www.telegraph.co.uk/politics/2024/09/13/starmer-unpopularity-three-year-high-winter-fuel-payments/) every winter to the wealthiest pensioners. [Child poverty rates are twice as high as pensioners’](https://www.health.org.uk/evidence-hub/money-and-resources/poverty/trends-in-poverty), but there is no comparable outrage. The West is not alone in struggling with ageing societies. The [median Chinese](https://ourworldindata.org/grapher/median-age) is 40 years old, only two years below France. As China’s [population declines](https://www.aljazeera.com/news/2025/1/17/chinas-population-falls-for-third-year-in-a-row-as-birthrate-declines), young workers face a mountain of [public sector debt](https://www.atlanticcouncil.org/blogs/econographics/sinographs/beijing-extends-and-pretends-to-deal-with-its-mountain-of-local-government-debt/), youth [unemployment, and low salaries](https://www.ft.com/content/72d697d7-113b-4219-af3c-f19fa4c72a0d). All over the world, [fertility rates](https://ourworldindata.org/fertility-rate) are falling below the 2.1 replacement rate. Women in Latin America and the Caribbean currently have 1.8 children each, compared to almost six in the early 1960s. Even Africa, still with a rate slightly above four, is following the same downward trajectory. The U.N. regularly updates their population projections downward: Peak Humanity is getting nearer with every iteration ([currently mid-2080s](https://population.un.org/wpp/)). The rest of the world should learn from Europe’s failures, and not burden its relatively younger and poorer citizens with funding benefits for its relatively wealthy and retired elderly ones. But even Europe can have a second chance. The working population needs to move through the stages of grief to acceptance of the massive benefits boomers gave themselves. Younger generations will not get this money back. Europe needs a new social contract, at least for future pensions. Instead of being linked to inflation, they could be tied to an index of workers’ purchasing power, housing affordability, and public investment—the opposite of Britain’s triple lock. Reward with lower local taxes those who dare to say yes to housing and infrastructure. This can help better interwine all our economic fortunes. Shift more taxes away from labor income. Taxing the [value of the land instead of what sits on it](https://www.ft.com/content/fadfbd9e-29ca-4d53-b69a-2497cc3ed95d) encourages development, and land cannot be moved offshore for tax avoidance. Taxing the highest inheritances does the same redistributive job as capital taxation but without hindering innovation. [Once people understand “death taxes” apply only to a minority of households](https://onlinelibrary.wiley.com/doi/full/10.1111/ecca.12359), they are not so unpopular. The entire world must build something other than a Gerontopia. We will be fewer and older, but there is no reason to be miserable. We could live on a sustainable and comfortable planet, where automation compensates for a dwindling share of working arms and brains. Free trade will be less scary once we stop worrying about factory jobs. We have learned how to make food, water, and electricity, without destroying the planet, but these efforts must be scaled up. And medicine is [progressing](https://www.nytimes.com/2023/06/23/magazine/golden-age-medicine-biomedical-innovation.html) at astonishing speed. What if fewer people simply meant moreaffordable cities, moreabundant nature, and an aging society where all of us are better off? [TIME Ideas](https://www.time.com/ideas) hosts the world's leading voices, providing commentary on events in news, society, and culture. We welcome outside contributions. 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