It's little surprise that America is rapidly
getting older — but now that we're at the brink of that demographic shift's major consequences, we're still
completely unprepared.
Why it matters: It's not just that seniors are an increasing share of the population, which is a huge challenge in itself. The seniors of the future may also require care for longer, and aging inequalities are becoming more stark.
The big picture: Americans 65 and older will make up more than 20% of the population by 2030, according to
Census Bureau projections, up from 17% in 2022. By 2050, they're projected to make up 23%.
- One of the most obvious impacts of the aging population is on the federal budget, as spending on health programs — namely Medicare — is expected to swell.
- But the change will be felt economy-wide: A smaller share of the population will be working age and, without drastic course correction, more may drop out of the labor force for caregiving responsibilities.