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The ‘Aging Crisis’ Is Actually Just a Labor Crisis for the Wealthy
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 July 23, 2019 | ECONOMY | We see endless news articles and columns implying that the prospect of a declining number of workers supporting a growing population of retirees is some sort of crisis. The people making such assertions really need some knowledge of demographics…If simple arithmetic shows that the people shortage story is nonsense, then why does it continually appear in the media? The most obvious explanation is that the concerns over a smaller workforce fall into the well-known “it’s hard to get good help” problem. This is the standard refrain of rich people, employers, and major media outlets. A smaller labor market could present employers with a world where workers have more bargaining power and can, therefore, demand wage increases that are equal to, possibly even greater than, the rate of productivity growth. As workers move from lower-paying to higher-paying — and therefore higher productivity jobs —, it will be harder to get people to work at many of the lowest-paying jobs… Truthout
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