The declining US birthrate has implications beyond Social Security

Source: Washington Post
by Megan McArdle

“The United States used to be the only big, rich nation to have above-replacement fertility. That stopped being true during the Great Recession, and our birthrates keep slipping. The latest data put expected lifetime fertility at about 1.6 births per woman, a record low — and this was the trend before the pandemic. Nor does this reflect a delay as women settle down later: Birthrates declined for women ages 15 to 44. Yet President Biden’s new budget, which proposes massive deficits for the rest of the decade, is a proposition for a young country whose best growth years are still ahead. … Running up debt like this signals one of two things: desperation in the face of an existential threat, such as a pandemic or world war, or a bet that incomes will grow even faster than the debt, so that over time it gets easier to service obligations.” (06/03/21)

https://www.washingtonpost.com/opinions/2021/06/03/declining-us-birthrate-has-implications-beyond-social-security/