Another of the definitions of insanity: refusal to change policies and programs that are clearly headed for disaster. Also, progressives.
The Census Bureau just released a report on America’s aging population.
The big takeaway is that our population will be getting much older between now and 2050.
And since I’m a baby boomer, I very much like the fact that we’re expected to live longer.
But as a public finance economist, I’m not nearly as happy.
As I explain in this interview with the Wall Street Journal’s Digital Network (and as confirmed by BIS, OECD, and IMF data), the United States is going to get deluged by a tsunami of entitlement spending.
I mentioned that it’s important to focus on the ratio of workers to retirees. This “dependency ratio” matters because economic output largely is a function of an economy’s working-age population.
To cite my famous cartoons, you need a sufficient number of people pulling the wagon to support those riding in the wagon.
Here’s a chart…
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