Employers in the rich world have no choice but to learn how to deal with an ageing workforce, as the baby-boom generation gets older and life expectancies increase.

But even as the baby boomers age, the population of working and young people is also expected to keep rising, in contrast to most other advanced nations.

Its absurdly complicated tax system raises very little, and the ageing of its baby-boomers will push its vast entitlement programmes towards bankruptcy.