Medical Budgets and Boomers

Generation Squeeze's Hard Truths

Economist Kevin Milligan joins us to dig into the Hard Truth about medical budgets. Older Canadians didn’t pay enough in taxes during their working lives to cover the medical care they now use. That means a smaller pool of younger taxpayers are footing the bill for boomers’ ballooning medical needs. Our aging population's medical and long-term-care needs are expected to grow another 50% over the next seven years. All Canadians benefit from a robust medical system, so how can we pay for medical care in a way that's more fair to all generations?

"Whatever problems we have now, they're just growing tremendously...Economists, social scientists, academics, regular folks out there -- they kind of know that the population is aging, but I don't think they know how much that's going to matter over the next 10 years." -- Kevin Milligan

Explore more:

• The Globe & Mail: Recent health care deal is a win for retirees. The finances of younger Canadians are collateral damage.
• Our solutions for investing fairly in all generations and investing where health begins
• Gen Squeeze's takeaways from the BC, ON and federal 2023 budgets