An economy ready to retire
Share Now on:
An economy ready to retire
TEXT OF STORYLISA NAPOLI: The Organization for Economic Cooperation and Development has a report card out today on the state of the U.S. economy. Alisa Roth has details.
ALISA ROTH: The new report says the biggest challenge for the U.S. economy can be summed up in just three words: Baby Boomers’ retirement.
General economic growth as well as job growth are slowing down, in part because there aren’t enough new workers to replace those who are starting to retire.
Among other things, that means less tax revenue while higher Social Security and health care costs mean the government will be spending more.
HANNES SUPPANZ: This is problematic because there are strong demographic pressures starting right now with the retirement of the Baby Boom population and this will increasingly lead to higher budget deficits.
Hannes Suppanz worked on the OECD’s report. The report also says the U.S. will face a budget crisis if it doesn’t do something about health care spending.
The report suggests several fixes, including upping the retirement age and making access to higher education easier.
In New York, I’m Alisa Roth for Marketplace.
Stories You Might Like
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.
