This wouldn't do much for old folks who didn't have retirement savings- who don't have kids, who's kids live far away, so on. How do you handle kids who were raped, abused, abandoned? China also has thousands of years of Confucian values and a largely homogenous population, state enforced morality based on that- oh! And birth limits. How do you stop people from just popping out kids so that they can retire safely? How do you balance the retirement quality for someone with 8 kids who could afford $6k a month for a nice place and 24/7 help and someone with 1 kid who's kids working 2 jobs to get by? Think the prices will reflect the poor or the maximum they can charge for geriatrics? We can't even get parents to take care of kids let alone trying to get kids to take care of parents. We can't protect old people as is from predatory industries, I'm sure legally ensuring financial responsibility by younger generations will make businesses less likely to gouge the elderly.
Not necessarily to looking after their parents, they are opposed to the government forcing them to. Big difference. And as stated, not every parent is deserving of their childs respect and concern.
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