The U.S. economy is performing better than expected with inflation pressures moderating even as 517,000 jobs were added in January and the unemployment rate fell to 3.4%. The jobless rate for workers 55 and older dropped from 2.7% in December to 2.3% in January.
That said, there is an underlying unease in many corners of Wall Street and in Washington, D.C. The worry is that the risk of long-term stagnation and the aging of the population gets much of the blame. Read: ‘Adaptability is my superpower:’ 103-year-old basketball celebrity Sister Jean on what she’s learned in her life We know the numbers, but to give one illuminating figure, the Census Bureau expects America’s 65-and-over population to exceed those under 18 in 2034 — a historical first. Labor-force growth is expected to stay low, thanks to the combination of lower fertility rates (fewer children) and longer life expectancy (more retirees). The combination of too few working-age adults supporting too many dependent elderly people is considered toxic to growth by many economists. The costs of paying for Social Security and Medicare will weigh on the economy. Read: 7 tax tips for seniors to make the most of your deductions The dire demographics of aging were captured recently by Ross Douthat, a columnist with the New York Times. He was reacting to the news that China’s population fell in 2022 for the first time in decades. “This means that just as China emerges as an almost-superpower, it’s staring into a darkened futu …