In Europe, the nature of inequality is shifting from differences between individuals in the same generation (horizontal) to differences between generations (vertical). Young people are increasingly staying in their parents' homes due to high housing costs, while workers in their 30s face high taxes to support the pensions of older generations. The costs of aging are now consuming a quarter of the European Union's gross domestic product (GDP), and this figure is expected to rise as the population ages. For young Europeans, this means they are involuntarily caught in a complex intergenerational economic system. The European welfare state is often compared to a pyramid, with the "baby boomers"—those born between 1945 and 1965—serving as the top. These individuals, now aged 60 to 80, have benefited from generous pensions, which have contributed to a state of economic stagnation in Europe. They inherited a continent in post-war reconstruction and now pass on one that requires significant restoration after the damage they have contributed to causing. Home ownership, once a key path to financial independence, has become increasingly out of reach for young Europeans. Housing prices have risen by 25% in a decade, while rents have increased faster than incomes. As a result, more young people are living with their parents into their 30s. Nearly a quarter of those born in the 1980s still live with their parents by age 30, a 50% increase compared to those born in the 1960s. In most other wealthy countries, retirees over 65 years old primarily rely on part-time work and private pensions they funded themselves. In contrast, Europeans tend to retire earlier, live longer, and depend on the state—supported by taxpayers—to fund their pensions. In the United States, private pension funds have fueled venture capital and private equity, helping American companies grow into global giants. European countries, however, have less capital available for companies, which is one reason few are among the world's largest in sectors like technology. Europe's population has now peaked, partly due to the baby boomers having fewer children. In 1960, more than five active workers supported each retiree in Western Europe, compared to just 2.5 today. As a result, today’s youth are increasingly aware of the need to save for their own retirement, following the American model, while also contributing to their parents’ pensions. The only other way to improve the ratio of contributors to retirees is to welcome more migrants. However, such measures have often led to political tensions, strengthening xenophobic and populist right parties. In the last French presidential election, the median age of voters was 52, partly because older people are more likely to vote. With less than a decade until the actual retirement age, it's no surprise that politicians often prioritize the needs and preferences of the elderly. The Economist, a major British news publication founded in 1843, is a key source of international news. It is known for its liberal stance, supporting free trade, globalization, immigration, and cultural liberalism. It is published in six countries, with 85% of its sales outside the UK. None of its articles are signed, a tradition based on the belief that collective and institutional voices are more important than individual journalists. The magazine's content is consistent across editions, with additional pages in the UK focusing on national news. The Economist is partially owned by the Italian Agnelli family and other British families and editorial staff.