The population always plays a major factor in a countries economic outlooks. Its age, growth or decline rate, and the higher demands of an aging populations. The baby boomers have always been a math issue for the US. Not matter what you do, you can't have that many boomers, leave the work force, and start to claim benefits, while having significantly reduced people working, lower paying jobs and contributing less to those programs.
While before this always looked like a short term gap of a few decades until the problem corrected and became more balanced, decreasing birth rates will just compound the impact and the struggles we will face to continue to keep these pay as you go programs afloat without ever increasing taxes.
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In the United States, the Boomers are at least offset by the Millennials. This is something that Western Europe, in particular, did not have. They had their Boomer generation but sans the offspring.
Hence they are in the situation you describe. The US is starting to feel the lack of Millennial offspring. This will come to hurt it decades down the road.
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