The United States is in the midst of a profound demographic transformation that will long outlast the current economic downturn. In 2011, the first of the baby boomers—Americans born between 1946 and 1964—turned 65 years old. There are 77 million baby boomers, comprising nearly one quarter of the total population, and their eventual retirement will have an enormous impact on the U.S. economy. This daunting fact is central to the January 2012 employment and labor force projections from the Bureau of Labor Statistics (BLS). As the BLS projects, the retirement of the baby boomers will slow labor force growth significantly over the coming decade. Yet, at the same time, demand will grow for new workers to take the place of those who retire from the labor force, as well as for both highly skilled and less-skilled healthcare workers to look after the growing ranks of elderly Americans. In addition, the Social Security and Medicare programs will be called upon to serve a rapidly growing number of older Americans, which will leave American taxpayers hard pressed to fund those programs with their tax dollars.Read more...
Published On: Tue, Feb 14, 2012 | Download File