In 1950 there were 16.5 workers for every retired worker. In 2012 the ratio was reduced to 3.3 to 1. By 2020 that ratio is projected at 2.2 to 1 and to almost 2 to 1 by 2030. Is anyone considering these projections and their implications for the U.S. economy?
Actually, there is good news. Thirty years were added tolongevity in the 20th century; Gary Becker, an economics professor at the University of Chicago and Pulitzer Prize winner has called this the greatest gift of the 20th century. The U.S. has moved from an industrial to a knowledge-based economy; in fact, only 11 percent of the civilian workforce is employed in industrial companies and 84 percent in service companies. And we have a large and growing talent pool of Baby Boomers, 80 percent of whom, according to a 2011 survey conducted by AARP, indicate their intent to continue working after retirement.
The reality is that with the dramatic increase in longevity in the 20th century, millions of people are qualified and ready to continue working after the traditional retirement age of 65. This is very good news because we have a large and growing talent pool with experience, expertise, seasoned judgment, and proven performance (we call this EESP) to meet the workforce needs of the 21st century.
View the rest of this blog at The Huffington Post.