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Felipe Muller
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The Great Demographic Reversal: Ageing Societies, Waning Inequality, and an Inflation Revival, by Charles Goodhart

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the data (Diagram 6.1) show that age-related consumption is flat, or even rising, with age. This must, and does, imply a considerable transfer from workers to the old.
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The Great Demographic Reversal: Ageing Societies, Waning Inequality, and an Inflation Revival
The Great Demographic Reversal: Ageing Societies, Waning Inequality, and an Inflation Revival
by Charles Goodhart
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