The Graying of America Essay

4783 Words Sep 17th, 2008 20 Pages
INTRODUCTION AND BACKGROUND

John F. Kennedy once said, “Change is the law of life. And those who look only to the past or present are certain to miss the future.” America has always had its challenges when facing economic issues; however, the government has the tendency to avoid the reality of what approaches in the future. There have been several attempts of reform for these types of economic problems. Nevertheless, most have not been successful, and time is running out. One of those issues is the graying of America. What is the graying of America? It is the demographic trend consisting of all the baby boomers that are aging and getting closer to retirement. Even though it does not seem like an area of concern, there are many
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As the baby boom population begins to retire early in the twenty-first century, the ratio of aged people to workers will rise dramatically. This may signal the advent of financial strains on the slowly growing labor force that must produce the output necessary to support the burgeoning elderly population. The financial strains imposed on the labor force by rapidly aging population will be exacerbated by early retirement trends, slow economic growth, steadily rising life expectancy, and spiraling medical costs, especially to care for growing numbers of the very old . . .Unless fertility or immigration increases sharply, it is reasonable to assume that the future demographic profile of aging nations will be determined by current fertility and mortality rates and existing cohorts of the population.

The government is almost out of time in trying to develop a consistent plan to meet the demands of this rapidly aging population. It should now be apparent that once the baby boomers hit retirement, the economy is going to suffer. One way is through the loss of skilled labor which will affect several employers. Many professions are already facing shortages in the workplace.

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