Canada's seven per cent national unemployment rate masks the very real fear older workers have about job loss in the years leading up to their retirement. It is true that many employers are developing progressive policies that cover how to accommodate an aging workforce.

We've seen this story before in the mid-1990s, when out-of-control deficits and an impending sovereign debt crisis led to painful spending cuts and tax increases. The government is wrong to make the return to budget balance conditional on strong economic growth. Population aging is already taking its toll on long-term projections, and too many unforeseen events can derail the fiscal path. Only tight fiscal discipline can balance the budget within a reasonable timeframe, protecting Canadians' standards of living from future large tax increases and cuts to government services.

One of the most dramatic consequences of age-related deterioration is loss of independence, and it is more feared by seniors than almost any other outcome. For many, even an untimely death seems preferable to becoming beholden to others, according to surveys. "Aging in place," as it is now widely called, is particularly popular among seniors who cherish the lifestyle they have become accustomed to and wish to maintain for as long as possible.