The intergenerational struggle is the economic conflict between successive generations of workers because of the public

pension A pension (, from Latin ''pensiō'', "payment") is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments ...

system where the first generation has better pension benefit and the last must pay more taxes, have a greater

tax wedge The tax wedge is the deviation from the equilibrium price and quantity (P^* and Q^*, respectively) as a result of the taxation of a good. Because of the tax, consumers pay more for the good (P_c) than they did before the tax, and Vendor (supply cha ...

and a lower pension benefit due to the

public debt A country's gross government debt (also called public debt, or sovereign debt) is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit oc ...

that the states make in order to pay the current

public spending Government spending or expenditure includes all government consumption, investment, and transfer payments. In national income accounting, the acquisition by governments of goods and services for current use, to directly satisfy the individual o ...

Notes

{{Generation Social security Welfare economics Pensions