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An elderly couple hold hands at a trade fair at the “Seniorentag 2012” senior citizens convention on May 3, 2012 in Hamburg, Germany. The three-day long convention caters specifically to the needs of elderly people, who in Germany, as in the rest of Europe, are becoming an increasingly higher portion of the overall population. Europe as a whole, through its low birth rates and improving health care, is undergoing a demographic shift that has far-reaching consequences for labor markets, public policy planning and government budgets.
The shrinking number of immigrants coming into California means fewer children are born here. That, combined with an oncoming tidal wave of retirees could have serious consequences for the Golden State, according to a new report out this week.
For more on these shifting demographics and what they could mean for the state's financial outlook, we're joined by Stephen Levy, Director of the Center for Continuing Study of the California Economy, an independent research organization which focuses on the long term trends in this state.