Effects of Demographic Trends on Labor Supply and Living Standards

Brief

Effects of Demographic Trends on Labor Supply and Living Standards

July 1, 1999

Abstract

Demographic projections suggest that the percentage of the total population in the workforce will decline as the baby boomer birth cohorts (1946-1964) reach retirement age and will continue to decline thereafter. The main factors in this decline are reduced fertility rates since 1964 and increased life expectancy for adult Americans. The resulting decline in the fraction of the population working will make living standards lower than they would otherwise be.

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