Is an Aging Population Hurting the U.S. Economy?
U.S. economic growth has been underwhelming for some time, averaging around 2% these days. In recent months, economic commentators have intensified their search for the underlying reason why the economy can’t kick into higher gear. They’ve landed on this highly disputable explanation: Too many old people.
That’s right. The dreaded “silver tsunami.” The economic core of the fear-based narrative is that — with more Americans expected to be 65 and older than 18 and younger by 2035 — there’ll be too few young workers to financially support too many dependent elders. Consequently, these analysts say, the U.S. economy is condemned to a permanent state of stagnant growth at best, and possibly much worse.
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