Properly accounting for demographics is always tricky since in theory folks can alter retirement ages, fertility rates, work-school balance, etc.
FORBES: Japan, Demographics and National Productivity
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One area that has come under special scrutiny is pension-fund accounting, because states have latitude in choosing how to value their retirement debts.
WSJ: Steve Malanga: The Many Ways That Cities Cook Their Bond Books
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Enron founder Kenneth Lay returned from semi-retirement in 2001 to resume control as CEO and reassure anxious employees and investors that rumors about funny accounting and insufficient reserves were untrue.