“Well, I would imagine this only to make sense if the old people would have to pay for their own retirement and health care completely.”
Yes, they do. This plan is very successful here in Panama.
There are great doctors and hospitals with the latest care.
All retirees get special rates on various things such as restaurants (not to include adult beverages), medicines, and many other things.
Also, no tax on one’s retirement income or any other income.
Etc., etc., etc.
That is quite an interesting way to increase domestic demand. And you use dollar I understand, right?
How about security and english usage and things like that?
Best wishes, from a similar free market oriented small country.