If you were born between 1946 and 1964 in the United States you have been part of great changes in healthcare and economics in America. You have been luckier than you parents who survived the Great Depression and Dust Bowl years. You also have been branded a Baby Boomer!
Now being part of the generation that made America a strong nation after World War II is not a bad thing. However, since the majority of Baby Boomers will be retired by 2030, the stability of America’s economy comes into question again.
There is considerable economic stressors that need to be considered as Baby Boomers reach 2020, because it has been estimated by that year the ratio of people working in the United States will equal the people already retired and living off the social security infrastructure. There is a mounting concern, because the people currently working will likely need to consider what they will face when they eventually retire.
Baby Boomers are part of the largest wages ever offered to employees. They took advantage of industry and unions. They gained much in the way of per-hour wages and were able to set aside assets that they can use in their retirement years.read post here!
However, today’s employees are not so fortunate. The industry has moved out of the United States. Although there are still unions protecting some employees, the majority of the businesses, including the automotive industry, decided it was better to discredit union workers, and moved the majority of manufacturing outside the United States. Businesses continue to outsource their product and services to cheaper labor without the worry of unions getting into the mix.
The demographic of working people in the U.S. has changed with Baby Boomers retiring on fat pensions; their replacements will never see the wages offered to their predecessors. The economics of American industry dictates that Baby Boomers flourished in the land of opportunity and left nothing for their children to make better for themselves.
As the real test of the United States economy nears, we have already seen tremendous financial problems in the recent recession years. Although comparatively, the recent recession was not as impacting as the Great Depression of 1929-39, it has lasted just as long. While most school-age children today plan to go to college, the college graduates today are learning that their once sought-after higher education is not so needed today.see post at http://www.iowafarmertoday.com/news/regional/baby-boomers-experienced-huge-shifts-in-ag/article_fb1f6a50-00f1-11e6-9f84-cb95c19a273f.html
Most college graduates are earning minimum wage, the same wages offered to high school and GED graduates. There are some fields that still seek higher education standards; however, as more and more college diplomas are handed out, the more doors to businesses are closing because the influx is too great to sustain.
The future of the economy is not set in stone. The shifts in the housing market, interest rates, inflation, and stock markets make it impossible to predict what will happen to the United States by 2020. Since we have been living longer through advances in pharmaceuticals and healthcare, the one certain fact we can count on is that there will be more Baby Boomers still around to see what happens next.