In comments to the Senate budget committee on Wednesday, the Republican senator from Utah said that the spiraling costs of retirement programs had to be tackled to bring national debt under control. Romney raised the politically controversial idea of cutting benefits, but only for younger generations before they reach retirement age.

“For younger people coming along, we got to be able to find a way to balance these programs or we’re gonna find ourselves in a heap of trouble,” he said. He added that he was not in favour of raising taxes as a way of balancing the books, but was open to adjusting “long-term benefits not for current retirees”…

The backdrop to the issue is America’s ageing population. By 2034 projections suggest there will be 77 million Americans aged 65 and older – more than the projected 76.5 million under 18s.

That means that for the first time in US history older people will outnumber children.