The increasing age of the individuals who make up the Canadian labour force presents challenges that will become evident in the near future. These individuals are collectively known as the baby boomers. The baby boomers were born between the years of 1946 to 1964, following World War II. Research reveals that relevant to their parents, the baby boomers were spoiled children who got everything that their parents did not have. Their parents were deprived of good education, healthcare, and a healthy work environment during the Great Depression. The boomers bought large houses, luxury cars and had a comfortable living. The baby boom generation is now aging and the needs of the growing Canadian economy will increase. As they become senior citizens, economic and social demands will …show more content…
Some believe that the retiring baby boomers have shaped Canada’s economy but it is considered that they have stolen the future of their children. The economy is also depending on low interest rates which are beginning to increase. The baby boomers are seen as a burden on Canada’s economy because their children have to deal with high taxes, the healthcare for baby boomers is going to pose challenges for families and Canada’s population will suffer economically due to the baby boomers’ withdrawal of RRSPs and government savings bonds. The baby boomers’ children have to pay the price of their parents’ luck by facing the burden of paying high taxes without receiving any benefits in return. The baby boomers’ children will receive less government benefits in the future and will be required to pay high taxes because the baby boomers earned high salaries and will in return receive high