America’s Shrinking Workforce: How Demographic Trends Are Reshaping the U.S. Economy

For the first time, the U.S. is facing a future where each generation is smaller than the last, even as people live longer than ever. Luke Pardue, co-editor of the Aspen Economic Strategy Group’s landmark report series “Demographic Headwinds: The Economic Consequences of Lower Birth Rates and Longer Lives,” joined us to explore what these trends mean for labor markets, public finances and businesses – and the strategies that could ease the pressure ahead. Read the report series: https://www.economicstrategygroup.org... This program is presented as part of the Travelers Institute’s Forces at Work initiative, an educational platform to help today’s leaders navigate the shifting dynamics of the modern workplace and prioritize employees and their well-being. Learn more: https://institute.travelers.com/workf... The Travelers Institute’s webinar series explores pressing topics at the intersection of insurance, business and public policy. Learn more: https://travl.rs/3mQ3wRR. View descriptive transcript: https://travl.rs/48KDynL 0:00 - Welcome. 3:18 - Two major U.S. trends are creating economic challenges in business and government: declining fertility rate and increasing life expectancy. 10:30 - U.S. birth rates started dropping in 2007, later than some other high-income countries. 18:00 - By 2035, taxes are projected to cover only 75% of Social Security benefits scheduled to be paid out, according to the U.S. Social Security Administration¹. 22:51 - Policymaking may help ease the congestion effect in the workforce. 32:34 - State and local governments can learn from each other in navigating demographic shifts. ¹ https://www.ssa.gov/policy/docs/ssb/v...