South Korea's Depopulation Bomb

"The low birthrate has reached the point where a Cabinet member was compelled to say that it is even more menacing and dangerous than a North Korean nuclear bomb," begins this editorial — More babies. "The ramifications of a low birthrate are grave," notes the author:

It means that the people in their productive years will have to support increasing numbers of the elderly. Labor will be in short supply, and the average age of the working population will go up, leading to lower productivity. Overall, the growth potential of the country will be retarded.

The graying of society will also lead to a drop in consumption, slowing growth. The costs of social welfare programs will grow considerably. It is not difficult to imagine generational conflicts in society where the younger people will feel resentful of having to shoulder the increasing burden of caring for the elderly.

The author correctly states that "one of the biggest reasons for couples delaying having children or deciding against having children at all is the skyrocketing cost of education - in particular, the costs of private cram-school lessons and other extracurricular activities that parents feel are essential to give their children an advantage in this highly competitive society." He also notes that "among Korean working women, the higher her income, the fewer children she will have."