Wasn’t this predicted long ago, since it was known that the baby boomers would retire and the costs of Medicare would go up, experienced personnel would retire, the work force would shrink relative to the population as a whole, etc?
I think a lot of that was known. One thing I am hearing recently is that a lot of Gen X are burned out and they are retiring early if they possibly can. Well before age 65.
And Gen Z is often considered not suitable for the workforce. So — not to overstate things — the Millennials may suddenly be the key players for the whole workforce. I don’t think too many people were expecting that outcome at this time.
GDP has not gone down, spending has gone way up. I think much of the spending increase is through NGOs and fraud.