Exactly. Besides dying and leaving millions of properties that no one wants, inability to spend, and penny-pinching regardless, will severely contract discretionary spending --- the engine of the real economy.
However, there's another way unemployment + boomers is effecting the economy right now. Unemployment numbers do NOT count the number of people (mostly boomers) who in the last years finally opted for EARLY RETIREMENT, including AGE 62 ENROLLMENT IN SOCIAL SECURITY ("early" enrollment) because they could not get or keep their jobs.
Early enrollment in Social Security has skyrocketed! Functionally (their effect on the economy right now), these SS payments are the same as a never-ending unemployment benefit.
They affect the economy by drawing out present dollars for payout. Moreover, this means that boomers, who not only would not have draw out of the SS fund for a few years, are also not paying in for the next years, as they otherwise would have if they'd been employed.
At the same time, they are coming into their years of potentially high medical expenses, much of which now will be paid by the government.
Every discussion of unemployment needs to include figures on early enrollment in Social Security over the last year or so.
It is interesting the goobermint never considered adjusting SS payouts in the past and partial investment of SS fund intakes into something like federal toll road building bonds, etc.
They affect the economy by drawing out present dollars for payout. Moreover, this means that boomers, who not only would not have draw out of the SS fund for a few years, are also not paying in for the next years, as they otherwise would have if they'd been employed.
One thing is fer sure...now way this side of h$ll is the goobermint going to be able to fund its retirement programs for its employees becasue of all the goobermint debt and continued growth of goobermint.
The monster has to be killed with regards to spending and unfunded liabilities.
Many at the top advocate killing off the old, sick and disabled because of just what you and I realize.
One thing that also never gets talked about is the skyrocketing SSDI costs. That is a drain on th system with a few deserving folks and many scammers.