A lot of these economies are also suffering from a aging workforce where the number of young people are not taking over the older employees jobs, because they are not enough of them to do so. This in the short term is good for a countries economy having a labor force filled with skilled workers who do not have much overhead with children, so they can use their money to buy things, and take risks that wouldn't be wise if you are younger and have a mortgage and car payments and are a couple months away from being broke without your job. These older people have their homes paid off, so they can spend of more stuff and take financial risks which normally will be rewarding.
However in the long term they will die out and not be able to replace the workforce, and if ignored for too long, that workforce that does come in, will not have any cross training from the previous generation and make the same mistakes over again.
We have been wasting time for generations, social media is the newest form, but how far away is it, from water cooler talk, or going out during lunch and getting a bit tipsy.