I see your point, but...
If the liberals - no matter what age - hadn’t screwed us up so badly (yes, we are to blame also, for allowing it), most of those kids would be working.
On the other hand, as streamlined production methods have reduced the need for some of the workforce, our fewer numbers would have been just fine.
Yes, no?
Inelastic means that demand is constant. That means commodities like Corn, Wheat, etc.
Some goods are Elastic, meaning that demand is more variable. As people’s income increases, their demand for elastic goods usually increases. This is why, despite the 1/3rd drop in cohort population why demand for certain goods has held steady.
Demand for basic staples? Has dropped precipitously. When the demand isn’t there, these businesses have to lay off workers. Meaning that the young people don’t get hired.
You are right that increasing mechanization has an effect on the proportion of jobs, but usually, increased mechanization actually increases demand. The increase in production means that the cost to produce these goods go down, meaning that they are more affordable. Cost goes down, Demand will increase, assuming Supply remains the same. Supply wants to increase to meet demand, so more people get hired.
The decline in Elastic goods is what finally triggered the collapse in 2008. Boomers were hitting the crest of their earning years, and have been masking the overall decline in demand for the last 20 years. When their demand for elastic goods declined (it usually does in their 50s), then it exposed the underlying weaknesses in the economy.
So you have boomers getting older and spending less, which lowers demand. Since supply didn’t change, you had falling demand and an oversupply. Which means that prices will fall. At a point prices fall so sharply, that people can’t afford to stay in business, so they lay off folks or go out of business. This means the Kids who are supposed to keep the Ponzi game running are out of work, and can’t pay in.
Which gives us, along with the Marxist clown a 3 trillion dollar deficit when he tries to double government spending in a year.