The primary asset of any society is its people. That’s true in the lofty spiritual sense and in the crass financial one: Other people produce both the economic goods and the tax revenue that sustain the nation.
Like any other asset, this one needs to be replenished by continual reinvestment. A society that stops replacing itself is like a trust-fund kid dipping into the capital. The accounts empty at an accelerating pace, and a bill eventually comes due that cannot be paid.Details