Acknowledging America’s baby drought
Without enough babies a civilization cannot survive
By Peter Morici - - Wednesday, June 16, 2021
ANALYSIS/OPINION:
Policymakers rightly worry about COVID-19’s negative impacts on women in the workplace, but the pandemic has accelerated even more threatening consequences for the economy. Births have fallen precipitously, and the lifetime fertility rate is now at a record low of 1.64 births per woman — an average of 2.1 births over a woman’s lifetime is required to sustain the population without additional net immigration.
Working age Americans produce the proverbial economic pie and cut a slice for seniors. Social Security, IRAs and ordinary savings are mechanisms for determining the size and distribution of that portion.
Retirement savings vehicles do little to enlarge the pie but can make it smaller by encouraging retirement at 66 — the minimum age for full Social Security benefits — and earlier.
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