The U.S. population grew 7% between 2010 and 2020, according to census results. The age breakdown isn’t yet available, but a smaller sample by the Census Bureau and the Bureau of Labor Statistics shows that the working-age population — those 16 to 64 — grew just 3.3%. Because the share of those people working or looking for work has shrunk, the working-age labor force grew only 2%, and actually shrank last year. Some of those missing workers will return when the virus recedes. But many won’t: Baby boomer retirements have soared.
Reversing this move would require either a dramatic increase in births, which has eluded countries with more-family-friendly policies, or immigration, which is politically hard.
The demographic squeeze is far more severe in China, which admits almost no immigrants and for years limited families to one child. Tuesday, authorities said the population in China had grown just 5.4% in the past decade. The working-age population — those 15 to 59 — shrank 5%, or roughly 45 million people. When worker shortages began emerging over a decade ago, factories began moving to poorer inland provinces and then cheaper countries including Vietnam. In recent years some indicators suggest jobs are getting harder to fill, though the data might not be nationally representative.
Author(s): Greg Ip
Publication Date: 12 May 2021
Publication Site: Wall Street Journal