In 2001 the first Baby Boomers were reaching the age of 55. In 2011 they were 65, and now in 2017 the last of the Baby Boomers is reaching the age of 53. Our population is comprised increasingly of people who are simply no longer productive in many jobs even though they may be counted in the "civilian non-institutional population" for labor force purposes.
Your numbers also don't account for the impacts of automation on labor needs as the population grows. Simply put, I have said for years that this country's capacity to produce things far exceeds our ability to consume them -- which leads to the obvious question of what happens when we no longer need the employment base to support our own population?
We import almost $1T/yr more than we export. We are not producing all we need. We are consuming and borrowing.
Wrong!
Thanks.