While there are some good signs, many first would developed countries appear go in the opposite direction. Germany, despite being the fastest-ageing country in Europe, plans to cut statutory retirement age for some people. In America both Social Security (the public pension scheme) and the fast-growing system of disability benefits remain untouched by reform. Politicians need to convince less-skilled older voters that it is in their interests to go on working. Doing so will not be easy. But the alternative-economic stagnation and even greater inequality is worse.