Baby Boomers!!

This article discusses the possible outcomes of the baby boomer generation on our economy as time progresses. The persons above the age of 64 is expected to double by the year 2050 (rising from about 20% now to about 41% in 2050). What does this mean for our economy? Well for starters, it means that unemployment should be extremely low because of the great demand of workers in the workforce with so many retired. It also means that high wages could be expected as a result of the demand for workers. At the same time however, this means that taxes will be relatively high for those in the workforce. As was mentioned in class, one of the main ways elderly will survive in the years to come will be through taxes that the younger generations are paying when they enter the workforce. This impact on the workforce can be viewed as a good or bad thing depending on where you plan on standing in the economy. If you have a job that is already in high demand and do not look forward to helping those "old people" out when you get in the workforce, then you would probably view this as a bad thing. One other thing to consider is the smaller changes this move will have on our economy. For example, the demand for assisted living and nursing homes will rise as the demand for the large suburban homes will be likely to fall. The baby boomers reaching retirement will have an impact on us all.