Patrick Boyle on Finance
Patrick Boyle on Finance

Why Are Politicians So Old?

The average American is 39 years old - which is half the age of the sitting president - Donald Trump. When Ronald Reagan was inaugurated at 69 years old, he became the oldest person to have ever served as president. Donald Trump and Joe Biden are even older and are now - the two oldest men to ever b

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Executive Summary: The episode argues that political leadership is aging worldwide, driven by longer life expectancy, declining competition, and weak turnover in institutions. It highlights America’s especially severe gerontocracy, where older incumbents dominate despite a young electorate, and questions whether age limits or cognitive tests would solve the deeper democratic problem.

Main Topics: Global aging of political leaders: The average age of world leaders has risen substantially over 50 years, with especially old leadership concentrated in populous countries and Africa. Democracy vs. authoritarianism: Leaders in less democratic systems are getting older faster, as incumbents cling to power and citizens have less influence over replacement. U.S. gerontocracy and representation gap: The United States is presented as an extreme outlier, with unusually old presidents, legislators, and congressional leaders compared with peers abroad and with the population. Health, cognition, and governance capacity: The transcript raises concerns about mental and physical fitness in older politicians, while noting that age alone is an imperfect measure of competence. Policy preferences across generations: Older and younger politicians may prioritize different issues, affecting spending and policy choices on childcare, welfare, climate, and other youth-centered concerns. Institutional causes of entrenched incumbency: Safe seats, low competition, polarization, gerrymandering, donor advantages, and weak youth turnout help older politicians stay in office. Debate over age limits and competency tests: Proposed solutions like age caps or mental tests are discussed, but the episode argues they may not fix the structural roots of the problem.

Key Arguments: World leaders are older now than 50 years ago because life expectancy has increased and leaders, especially in autocracies, are less willing to relinquish power. Countries with less democratic accountability tend to have older leaders; dictators average 64 and hybrid-regime leaders average 62, both notably older than half a century ago. The U.S. is unusually unrepresentative by age: its presidents, congressional leaders, and legislators are far older than both the electorate and counterparts in other rich democracies. Aging leaders create concerns not only about competence but also about their ability to understand and represent younger citizens' priorities. Older politicians may systematically favor policies aligned with older voters or their own life stage, as suggested by studies in Bavaria and Japan. Incumbency advantages and declining electoral competition mean many politicians only face a real challenge once, in their first primary, then coast to reelection. Youth underrepresentation is partly political and behavioral: younger adults vote less often, and institutions and districts are structured to favor established officeholders. Age limits or cognitive tests are politically appealing but may be poor fixes because competence varies widely with age and the real issue is institutional stagnation.

Data Points: Average age of world leaders: 55 in 1975; 62 today - Long-term rise in leader age worldwide Most populous countries led by people over 70: 9 of 10 today; 10 of 10 in 2024 - Age concentration among major population centers Central African Republic median age: 14 years - Youngest population example; president is 67 Uganda median age and leader age: 18 years; leader is 80 - Example of youthful population with elderly leader Cameroon leader age: 92 years - Oldest serving state leader in a country with median age around 18 Hybrid-regime leader average age: 62 years - About nine years older than 50 years ago Authoritarian leader average age: 64 years - About 12 years older than 50 years ago Democratically elected leaders under 45: 0 fifty years ago; 3 today - Broader age dispersion in democracies Democratically elected leaders over 75: 0 fifty years ago; 5 today - Broader age dispersion in democracies Average age of U.S. House and Senate members: 59 years - Oldest lawmakers in the rich world Joe Biden age during campaign: 81 years - Oldest sitting U.S. president in history Donald Trump age when first took office: 70 years - Oldest inaugurated president at the time Donald Trump age in this campaign: 78 years - Resetting oldest inaugurated-president record Kamala Harris age: 60 years - Still nearly a decade older than average European leader European leader ages cited: Iceland 36; France 47; Denmark 47 - Europe’s leaders are younger on average Average age of European heads of government: Younger on average since early 1980s - Trend differs from the U.S. Nancy Pelosi age: 82 years - Oldest-ever Speaker of the House Mitch McConnell age: 82 years - Senate minority leader Diane Feinstein age at death: 90 years - Died in office after concerns about decline Leaders vs. governed population age gap: Leaders are on average 40 years older than the populations they govern - Wall Street Journal statistic Americans under 40: 39% of voting-age population - Large youth share in electorate U.S. House members under 40: 8% - Down from 20% historically Competitive House races in 2018: 44 of 435 districts - Toss-up contests Competitive House races in 2022: 36 districts - Even fewer competitive elections Incumbent reelection rate in 2022 House elections: 98% - Shows entrenched officeholders House incumbent reelection floor over 60 years: Never below 85% - Persistent low turnover Young adults who always vote: 44% ages 18-29 in 33-country survey - Lower youth participation Entire population who always vote: 60% - Compared with young adults Americans favoring age limits for elected officials: Nearly three-quarters - 2023 poll result Americans saying Biden and Trump are too old: 77% - Public concern about age Concerned Congress is too old: Six in 10 Americans - Polling on representation and effectiveness

Pivotal Quotes: "the Senate as the most privileged nursing home in the country" — Nikki Haley: Critique of elderly lawmakers and support for competency testing "too old to be a British politician, but too young to be an American one" — Gordon Brown: Joke illustrating the U.S. is unusually tolerant of older political leaders "How old is too old to lead is probably the wrong question." — Narrator: Argues that competence and institutions matter more than age alone

Implications: The episode suggests political systems are drifting toward entrenched older leadership, especially where elections are weakly competitive. Fixing the problem likely requires stronger democratic turnover, not just age caps or tests.

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About Patrick Boyle on Finance

This podcast is all about quantitative finance and financial history. Subscribe to hear about financial markets, derivatives, and how investors use quantitative tools from statistics and corporate finance theory. Included are interviews with some of the most interesting thinkers in finance. Occasional longer form financial documentaries, open up fascinating elements of financial markets history. Patrick Boyle is a quantitative hedge fund manager, a university professor, and a former investment banker. To contact Patrick visit http://onfinance.org Find Patrick on YouTube at: https://www.youtube.com/c/PatrickBoyleOnFinance

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