CareTrek Support Group

Support
  • 440 Monticello Avenue, Suite 100
  • Norfolk, VA
  • 23510
  • (757) 985-3624
PUBLIC PROFILE

Aging and a Strong Economy

Posted by Chip Block on December 18, 2019 5:05 PM EST
Chip Block photo

Just now I read a short piece online in MSN.com's Money section which had been published by The Wall Street Journal.  The article was titled "The Demographic Threat to America's Jobs Boom"....

...and it was written by Greg Ip.  It suggested that if the economy continues to grow then we will run out of workers to fill the jobs that are being created as a result of the growth.

Here's a couple of excerpts from the article that grabbed my attention, beginning with the first one below:

"The U.S. job market continues to blow through expectations, generating 200,000 new jobs month after month and driving unemployment far below what economists thought a decade ago was the lowest possible level". 

And a little further, the following quote built on the point that economic success and job creation can be impacted by the aging population, less immigration, death rates, and lower U.S. birth rates.

"Yet eventually it will hit a constraint: The U.S. will run out of people to join the workforce. Indeed, this bright cyclical picture for the labor market is on a collision course with a dimming demographic outlook. While jobs are growing faster than expected, the population is growing more slowly. In July of last year, the number of Americans stood at 327 million, 2.1 million fewer than the Census Bureau predicted in 2014 and 7.8 million fewer than it predicted in 2008. (Figures for 2019 will be released at the end of the month"The U.S. fertility rate—the number of children each woman can be expected to have over her lifetime—has dropped from 2.1 in 2007 to 1.7 in 2018, the lowest on record. From 2010 through 2018, there were 3 million fewer births and 171,000 more deaths than the Census Bureau had projected in 2008. Death rates, already rising because the population is older, have been pressured further by “deaths of despair”—suicide, drug overdoses, and alcohol-related illness".

The bottom line:  while it is very good for older adults to continue to find meaningful work and to enjoy personal economic prosperity well into their retirement years, it's good for the country and the economy for them to do that as well.  Aging baby boomers are good employees, are good consumers and are part of the equation of keeping the healthy economy growing and providing workers with skill, experience and time to offer employers and their customers and stakeholders.

So, here's a link to the entire article, if you are interested in reading it in its entirety: https://www.msn.com/en-us/money/markets/the-demographic-threat-to-americas-jobs-boom/ar-BBY7prC

There are no comments

Sign in to add your comment.

Promotions

  • Try CareTrek for $99
    Sign up and Enroll First Employee
    The first step in recovery journey
    CareTrek Support Group - (Norfolk VA 23510)

Recent Posts

Applicable Lessons from LSU's "Big Easy" National Championship
Having the good fortune of almost a week to reflect on the truly amazing yearlong feats of LSU's...
read more
Keeper's Watch: A Special Life Appreciated and a Dog Well Loved
They are forever blessed. They can't talk, yet they communicate with passion and compassion. They...
read more
John Kotter's Change Management Model Applied to Late Career Wellbeing
A couple of years ago I wrote a blog about applying John Kotter's 8 step process for change...
read more
2020: The Precious Present of Happiness, Health and Prosperity
Quite some time ago, I was given "The Precious Present" a parable-style book written by Dr. Spencer...
read more
2020: Happiness, Health and Prosperity
The year 2020 brings to mind the idea of "focus". Not just "vision" in the long term sense of the...
read more
Strategic Innovation: 10 Business Rules Applied to Career Wellbeing
After taking a quick look at Chip Block's blog from New Year's Even 2019, it became clear that the...
read more
Applying Ten Lessons for Business Greatness to Older Workers' Careers
Since we have posted a series of blogs about career wellbeing for older workers, I thought it would...
read more
Recovery, Reinvention and Aging: Lessons from Handel and Beethoven
One of my favorite rites of passage during the holidays is to listen to Handel’s “Messiah”, an...
read more
The Birth That Changes the World
On this most beautiful day of the year, Christmas Day, we reprint with great pride, humility and...
read more
Aging and a Strong Economy
Just now I read a short piece online in MSN.com's Money section which had been published by The Wall...
read more

Go to blog