| | Older than ever Aging is no surprise; it happens to most of us. And increased life expectancy is a good thing, brought on by medical advances and prosperity. The median age in the US is now 38.9 —the highest it's ever been. But the effects of a large demographic—like the baby boomers—growing older can be profound. The baby boomers, as a working-age population, have driven economic growth for decades in most of the world's largest and strongest economies. This demographic aging out of the workforce means fewer workers and more elderly populations to support. In all of recorded history, no country has ever been as old as Japan, China, the US, and the Western European countries are expected to get. Pretty soon, the best-balanced workforces will mostly be in South and Southeast Asia, Africa, and the Middle East— a shift that could alter both economics and geopolitical power. + ICYMI: "The Boomers Are Retiring. See Why That's Bad News for Workers." + "The Health-Care Staffing Crisis Is Bad and Getting Worse." + "Is America Getting an F in Aging?" | | | | | Aging in politics US leadership is getting older too. The 118th Congress is one of the oldest in US history—and it is driving debates about fitness for office, term limits, ageism, and whether leadership actually represents its constituents. Younger generations entering the political system will change more than the average age of leadership. According to census data, Generation Z (those born since about 2010) will be the last generation of Americans with a white majority. When the nation's "majority minority" generation (dubbed Generation Alpha) begins to enter political life, the racial makeup of leadership is likely to shift as well. Whether that becomes an inconsequential fun fact or fuels more unrest remains to be seen. | | | | | Policies to address the side effects of an aging population An aging population means fewer workers, which dampens production and the economy. Tax revenues decrease just as the need for services increases. And the problem is exacerbated by the growing demand for care workers (who are often among the lowest paid in the labor force). Canada has successfully recruited immigrants (welcoming 1.2 million newcomers in the past 12 months) in order to solve some of the problems that accompany an aging population. The move has boosted economic growth and supported the labor market. But the gains create ripple effects that must themselves be addressed. A recent report says that this sudden increase in the Canadian population has worsened housing shortages and could lead to a drop in wages and inflation. Policies need to be created to deal with affordable housing, childcare, and obstacles to professional employment in order to smoothly integrate new workers into the country. + "Germany Is Overhauling Its Immigration Rules to Bolster a Rapidly Shrinking Workforce." | | | | | What else should we be watching for? Economists have been predicting many of the effects of this aging population—Social Security stresses, economic degradation, worker shortages—for some time. But what are they missing? What services, industries, or products may be affected by this change? And what are the ripple effects of the expected changes—or their solutions? These will be important questions to answer if we don't want the boomers' legacy to be economic collapse and societal disorder. | | | |
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