Since the beginning of the modern medical era, the world has been plowing forward in an effort to help people live longer. Doctors and scientists have created new vaccines to combat illnesses, websites and television programs have provided greater accessibility to information about healthy living, and our civilized country has helped foster the ability of Americans stay alive for longer than ever before. In 1912, a child’s chance of becoming a centenarian – someone who lives to the age of 100 – was a mere 0.7%. Today, that number is 29.2%. Over the past 30 years, the number of centenarians living in the United States has increased by 65.8%, while the total US population has grown by only 36.3%. In a recent article published by the Associated
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Many people over the age of 65 are not employees who are driving up production in the private sector, with the majority of those who are still working being employed in low wage, low skill jobs. As baby boomers retire at a rapid rate, businesses will have to work diligently to replace their well tenured employees with young blood. However, generation X has approximately 20 million less members than the baby boomers, revealing an immense labor shortage. Additionally, private pensions will be exhausted, burdened beyond what current actuarial tables suggest due to the increasing life span of pensioners. Small businesses in rural areas will also be affected. The U.S. Census Bureau predicts that by the end of the century, the majority of older persons in America will live in urban areas. This poses a particularly difficult challenge for small businesses in rural areas, many of which generate two thirds of jobs in their communities. As a larger percentage of the population becomes older, less people will be seeking work, potentially leading to a labor shortage. Small businesses have capital constraints that inhibit their ability offer competitive wages, but will have to continually increase compensation in order to attract workers. However, these increases in wages will not produce higher levels of productivity, leading to inflation and an overall decline in U.S. aggregate
Many people over the age of 65 are not employees who are driving up production in the private sector, with the majority of those who are still working being employed in low wage, low skill jobs. As baby boomers retire at a rapid rate, businesses will have to work diligently to replace their well tenured employees with young blood. However, generation X has approximately 20 million less members than the baby boomers, revealing an immense labor shortage. Additionally, private pensions will be exhausted, burdened beyond what current actuarial tables suggest due to the increasing life span of pensioners. Small businesses in rural areas will also be affected. The U.S. Census Bureau predicts that by the end of the century, the majority of older persons in America will live in urban areas. This poses a particularly difficult challenge for small businesses in rural areas, many of which generate two thirds of jobs in their communities. As a larger percentage of the population becomes older, less people will be seeking work, potentially leading to a labor shortage. Small businesses have capital constraints that inhibit their ability offer competitive wages, but will have to continually increase compensation in order to attract workers. However, these increases in wages will not produce higher levels of productivity, leading to inflation and an overall decline in U.S. aggregate