The Issue of Growing of America's Elderly Population

The U.S. has reached a new milestone - a population of over 50 million seniors for the first time in the history of the USA. According to the United States Census Bureau, 2017 census states that there is one birth every eight seconds, one death every ten seconds, and one international migrant every twenty-nine seconds. The growth population in America, at 28 percent, will out run many of the economic rivals like Brazil, China, Japan, and Germany.

The elderly share of the United States population grew from only eight percent in 1950 to thirteen percent in 2010. Globally by 2030, one eighth of the population will be elderly that is one billion citizens. Americans that are sixty-five ages and older have been estimated to jump from today’s forty-six million to more than ninety-eight million by year 2060. The age group sixty-five and older population will reach near twenty-four percent from the now fifteen percent. The elderly population is becoming more ethnically and racially diverse within the United States. The share of the older natives that is non-Hispanic white between the years 2014-2060 is estimated to decrease by twenty-four percent from seventy-eight percent to fifty-four percent. The ethnic/racial change of the population under age eighteen has created a diversity gap between generations.

One of the major concerns for Western governments includes the duo of higher spending responsibilities and lower tax revenue. Another concern is the life expectancy rapidly increasing where more people are claiming benefits with few workers which will require tax rates on the already decreasing labor force. The shortage of workers can cause wage inflation which is a general increase in the cost of goods that is preceded by and results from an increase in wage. These workers potentially paying higher taxes could create discouragement to work and obstacles for firms to invest which could lead to growth and productivity falling.

A huge public guideline concerns in the long-term field is the capability of chaos of an aging society will place on the care-giving system and public finances. The “2030 problem” associates the challenge of making sure that acceptable resources and an effective service system are available in decades to come, when the elderly society is doubled what it is today. Much of this growth will be motivated by the aging of the Baby Boomers, who in 2030 will be aged 66 to 84 and will number 61 million people. Also the Baby Boomers, those born prior to 1946 will number 9 million people in 2030.

The United States Census Bureau points out the country’s aging is slowed somewhat by immigration of young people. These individuals tend to be younger than native-born Americans, and to have higher rates of labor-force participation, they mitigate the impact of aging among the native-born population and workforce. Neither current level of immigration nor currents birthrates are satisfactory to completely compensate for the retirement of the baby boomers. The maturing of the population will increase the demand for workers in a wide range of industries and occupations as retiring native-born workers leave the labor force. The BLS projects that there will be 54.8 million job openings from 2010 to 2020, of which 21.1 million will result from economic growth, while 33.7 million will come up from the need to replace workers who either retire or move into different jobs.

It is likely that immigrants and their children will fill even more jobs in healthcare in coming decades as retirements mount and the healthcare demands of the elderly population increase. As of 2010, immigrants comprised roughly 14 percent of workers in healthcare practitioner and technical occupations (which include physicians, pharmacists, dentists, physical therapists, and clinical laboratory technicians) and 18 percent in healthcare support jobs which include home health aides, nursing aides, medical assistants, and dental assistants.

According to the Migration Policy Institute, we spend more funds on immigration law enforcement than all other federal law enforcement programs put together. Granting people who have been living in the United States legal status also makes it possible for more people to work and pay taxes with no constant fear. This will be crucial in protect the social safety net that millions of seniors and people with disabilities depend upon.