Panic? I don’t know that there’s panic. At least not yet. And to be clear, I don’t have a problem with de-population as a concept. I have a problem with the racism and nationalism directed toward immigrants across the world, who in many countries are the only thing keeping countries close to replacement rate.

Replacement rate matters for taxation and social services. If trends continue, replacement rates for some European countries are projected to have a scenario of one working age citizen for every two retirees pulling out of the system. That’s unsustainable.