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Monday, May 2, 2022

Who going to pay for Social Security?

     The population of the USA grew last year by just under 400,000 for the entire country.  That is a 0.0% growth and it is the slowest in the entire history of the USA.  The declining birth, increased death rate from COVID and a slowing of immigration are the reasons for the slow growth.  This might be a different story than what you hear on Fox News.  Almost 50% of the growth was in the Hispanic population which you probably did hear on Fox News.  Asian, Black, and multi-racial populations make up almost all the rest of the growth.  The White population actually decreased in total numbers.  This isn't the first time we have had a the fear of immigrants.

    Without more immigration, our country will be in the same situation as Japan and Russia with a declining population of an increasingly aging population.  Currently, the only place with a high birth rate is Africa and South America.  The health of an economy depends on a healthy working population making programs like Social Security and Medicare viable.  The ratio of workers to people collecting Social Security has gone from 16 workers per recipient in 1950 to 2.8 workers in 2013.

   The future looks like fewer schools and more senior centers.

     

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