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Reading Expert 5(2020)
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Reading Expert 5(2020)
UNIT 08 - READING 1 The Longevity Economy
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UNIT 08 - READING 1 The Longevity Economy
In 2015, the world's population included over 1.6 billion people who were 50 or older. This age group already makes up a larger percentage of the population than it did in the past, and experts predict that it will double in number by 2050. This shift is transforming economies everywhere. Some see this change as a negative development. As the ratio of young people to old people goes down, taxes intended to support the elderly could become more burdensome to young workers. More people are taking money out of social security systems, while fewer are paying into them. In Europe, many nations now tax wages at 20 percent or more to make up for this. To meet the medical needs of an older population, more government resources must go towards health care, which could mean fewer resources are available elsewhere. In addition, as the number of elderly people grows, there will be a shortage of skilled workers trained to care for them. These difficulties make many people uneasy about the world's economic future. Others, however, have a brighter view of the economic impact of the aging population. In general, this age group makes large contributions to the financial growth of countries. The economic activities of senior citizens are called the longevity economy, and they could compensate for the rise in public spending on health care. For example, Oxford Economics found that people over SO make up 35 percent of the US population but produce 43 percent of the country's GDP and contribute 55 percent of the money spent on consumer goods. Seniors volunteer and donate to charities at higher rates than younger people, and many of them run small businesses, creating job opportunities for others. Because the longevity economy drives economic growth that benefits everyone, an aging population could actually pay for itself. Longer life spans have created the need for more medical care, placing a burden on younger taxpayers, but they also mean that people can work productively for longer, which boosts the economy. Disagreements over the outcome persist, and the world waits to see whether the positives or negatives will win out.
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1 In 2015, the world's population included over 1.6 billion people who were 50 or older. 2 This age group already makes up a larger percentage of the population than it did in the past, and experts predict that it will double in number by 2050. 3 This shift is transforming economies everywhere. 4 Some see this change as a negative development. 5 As the ratio of young people to old people goes down, taxes intended to support the elderly could become more burdensome to young workers. 6 More people are taking money out of social security systems, while fewer are paying into them. 7 In Europe, many nations now tax wages at 20 percent or more to make up for this. 8 To meet the medical needs of an older population, more government resources must go towards health care, which could mean fewer resources are available elsewhere. 9 In addition, as the number of elderly people grows, there will be a shortage of skilled workers trained to care for them. 10 These difficulties make many people uneasy about the world's economic future. 11 Others, however, have a brighter view of the economic impact of the aging population. 12 In general, this age group makes large contributions to the financial growth of countries. 13 The economic activities of senior citizens are called the longevity economy, and they could compensate for the rise in public spending on health care. 14 For example, Oxford Economics found that people over SO make up 35 percent of the US population but produce 43 percent of the country's GDP and contribute 55 percent of the money spent on consumer goods. 15 Seniors volunteer and donate to charities at higher rates than younger people, and many of them run small businesses, creating job opportunities for others. 16 Because the longevity economy drives economic growth that benefits everyone, an aging population could actually pay for itself. 17 Longer life spans have created the need for more medical care, placing a burden on younger taxpayers, but they also mean that people can work productively for longer, which boosts the economy. 18 Disagreements over the outcome persist, and the world waits to see whether the positives or negatives will win out.