Peter G. Peterson

In the following viewpoint, Peter G. Peterson argues that as the elderly population grows throughout the developed world, the global economy will suffer serious consequences. According to Peterson, benefit programs to the elderly will require increased funding, and taxes will need to be raised to provide those funds. He asserts that unless alternative solutions are implemented, these tax increases will wreck the standard of living for younger generations. Peterson was the secretary of commerce for President Richard Nixon and is the author of several books, including Gray Dawn: How the Coming Age Wave Will Transform America—and the World.

As you read, consider the following questions:

1. What percentage of the developed world will be elderly by 2030, according to Peterson?
2. According to Peterson, what will happen if the private savings rate falls...