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Posted on: May 9, 2019 at 13:38:51 CT
Badird MU
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HC for all, as outlined by Australia's method would lead to a few different outcomes. First, as you mentioned before, the older generation is more likely to retire earlier, opening up a host of jobs for younger generations to occupy. That is a good thing for all individuals in the workplace due to wage increases.
It may also reduce unemployment, although that is very low at the moment anyway (and has been for a 3-4 years now). And because skilled people will be taken out of the workforce, it could have a negative effect on GDP.