This was my exact same though while reading OP's comment. Taxes will go way up since the number of people having to support all the old people will be fewer and fewer. The increased taxes will cause people to have fewer and fewer children. It's a vicious cycle.
we have the same kind of situation in America just a little behind, so here are my thoughts "as a young person": none of my peers want to pay for that. we're not going to sit around letting old people leech from us instead of working. and at the end of the day younger people hold more physical power and more working ability so we will have the final say regardless of how many old people there are to vote themselves our $. i expect that if they try this a couple things might happen:
1. young people leave for better states
2. young people outvote old people (not likely)
3. young people refuse to pay and force the government to raise the social security age to 83.
i hope it's 3. in 1935 the average life expectancy was 60 to a social security age of 65, so 1.08 times the life expectancy. the life expectancy now is 77, so keep the same 1.08 times and we have a minimum age of about 83.
it really baffles me how the same generation that talks about how "millennials and gen z wont work hard" literally wants to force us to pay for their retirement. they had 65 years to save up money, they can pay for it themselves.
> young people refuse to pay and force the government
How they would be able to "refuse to pay" if payment will come as form of taxes for goods and services? And moreover they won't be able to "force" government to anything since government will be representing and working for the majority of people who voted for them: older generations
Fortunately tax policy can be adjusted to encourage things you want to happen within a society. If taxes are punitive, tax credits for having children would lead to a baby boom based on the same logic.
I'm not sure encouraging more children will help long term though. Eventually we need to figure out how to make society work without population growth.
