EconAir

Age and Class in America             As an economist, I define class in economic terms. In the past, income and income inequality were usually the main determinants. Now it is a combination of income and wealth (actual and potential) as more Americans grow old and retire.   There are four classes in America:   1) seniors over 65 with assets (wealth) and their inheriting children or relatives. Demographically, the fastest growing class.The number of seniors is expected to double over the next 35 years while the number of all Americans is expected to decre           Total U.S. household net worth reached a record  $166.7 trillion  in the first quarter of 2026, according to the   Federal Reserve's Financial Accounts of the United States . This reflects the total value of all assets (like real estate, equities, and bank deposits) minus all liabilities (like mortgages ...

The Future Manufacturing Labor Force   SUMMARY This post is a summary of some of the themes of previous posts on demographic and population projections, with an emphasis on how demographics impact economic growth. See bibliography at the end of this post. For a list of all blog posts on a wide variety of topics, see  List of Posts by Topic   on my blog.   Two-thirds of countries are experiencing birth rates below replacement. Almost all countries outside of Africa have or will soon have below replacement birth rates. The latest countries that have below replacement birthrates are India, Bangladesh and the Philippines. Without immigration, this could lead first to smaller labor forces with greater numbers of retired citizens. Eventually, however, both the number of workers and retired citizens will decrease. During both stages of the transition, there will be issues of how to increase total output, maintain standards of living, and allocate income between the two majo...