Commentary
In a recent article in The Atlantic, Derek Thompson writes, “The implications of permanently slumped population growth are wide-ranging. Shrinking populations produce stagnant economies. … Whether by accident, design, or a total misunderstanding of basic economics, America has steered itself into the demographic danger zone.”
It has been said by many over the years that “demography is destiny.” In many aspects of American culture, we’re seeing that being played out on a daily basis, and the destiny, as Thompson points out, isn’t looking good.
For instance, it’s now estimated that the Social Security trust fund, which relies on having enough younger individuals paying into it in order to pay for the benefits of those retiring, will run dry by 2034, resulting in retirees having their benefits cut by at least 20 percent….