I am a middle-aged man. For most of my life, the United States's working-age population, as characterized by the Organisation for Economic Co-operation and Development, has grown at an annual rate of about 1% or more. That means that over any given five-year stretch, the working-age population (15…
I am a middle-aged man. For most of my life, the United States's working-age population, as characterized by the Organisation for Economic Co-operation and Development, has grown at an annual rate of about 1% or more. That means that over any given five-year stretch, the working-age population has grown by more than 5%.
For one, COVID, by killing millions, reduced the working-age population immensely. But also, the working-age population ticked down from mid-2018 to mid-2019, even pre-COVID. Third, the working-age population really slowed its growth in 2008. The Great Recession slowed immigration, then the baby boomers in 2010 started hitting retirement age.
Here’s the thing: It’s about to fall off a cliff. The Great Recession started in 2008. The Baby Bust started that year. We’ve had fewer babies almost every year since then.
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