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America is getting older — and not just herself (as we officially hit 244½ years old) — but her population is aging, which will have an impact on the economy and the workforce in the coming years.
In the first of its The Shape of Things to Come series, The Concord Coalition looked into how and why America is aging, and the burdens that will be borne by the country's fiscal and health systems.
"Graying means paying"
By 2050, the report states, the elderly share of the U.S. population, which was 12% as recently as 2000, will climb to 22%. (The Coalition uses statistics from World Population Prospects: The 2019 Revision (New York: UN Population Division, 2019).)
By the 2030s, workforce growth will slow to near-zero in the United States. As employment growth falls, economic growth will slow. And as people age, they become more risk-averse and less likely to make investments that carry long-term payouts, resulting in a decline in the rate of savings and investments.
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