Experts have warned of a “silver tsunami” as America’s population undergoes a huge demographic shift in the near future.
The population of the U.S. is ageing. Recent findings from the U.S. Census Bureau indicate that by 2035 older adults will outnumber children—a first in U.S. history. The upcoming changes could lead to a number of problems, with increased demands on health care services, the overall workforce and economy, experts have told Newsweek. It’s not all gloom and doom though, as opportunities may also arise.
The U.S. population is already older than it’s ever been, according to the Population Reference Bureau (PRB). What’s more, the number of Americans aged 65 and older is projected to increase from 58 million in 2022 to 82 million by 2050—an increase of 47 percent—and the 65-and-older age group’s share of the total population is projected to rise from 17 percent to 23 percent, according to the PRB.
The U.S. is not the only country with an aging population. In January 2023, China’s National Bureau of Statistics revealed its population had fallen for the first time in decades, down approximately 850,000 in 2022. In Japan, projections from earlier this year suggest its population could decline by about 30 percent to 87 million by 2070—less than 50 years away—with seniors aged 65 or older making up 40 percent of the population.
A shift not unlike these may be on the way for America.
“The impending demographic shift, in which older adults in the U.S. will outnumber children for the first time in history, presents significant societal and economic challenges and opportunities,” Patrick Mish, CEO of social work firm SilverStay, told Newsweek. “This shift, often called the ‘silver tsunami,’ is expected to impact multiple facets of society profoundly.”
Cause For Concern
Living longer is often touted as a blessing—a long, rich and fortunate life is a privilege not afforded to everyone. But that doesn’t mean it’s without its challenges, for the individual and society as a whole, with experts queried by Newsweek about the incoming shift raising two main areas of concern: the economy and the well-being of older Americans.
“As a gerontologist, there are two things I’m most concerned about in a society where older people outnumber younger people,” Dr. Kylie Meyer, assistant professor at Case Western Reserve University in Ohio, told Newsweek.
“An already challenging landscape in the elderly care industry is likely to get worse unless action is taken,” Meyer explained. “A key issue is the lack of availability of formal and family caregivers for older persons living with chronic illness. More older adults may go without care, or younger family members may be further financially stretched to help older relatives.”
A report from the Schwartz Center for Economic Policy Analysis found that in 2020 about 20 million Americans aged 55 and over needed assistance with daily tasks, such as preparing adequate meals or using the toilet—required to live an independent life. But unfortunately almost eight million people—40 percent of the over 55s concerned—receive no help at all.
The state isn’t in much of a position to help out individuals financially with health care costs with Meyer saying the Social Security and Medicare benefits systems are “unprepared for this change.” The PRB estimates that Social Security and Medicare expenditures will increase from a combined 9.1 percent of gross domestic product in 2023 to 11.5 percent by 2035 because of the “large share of older adults” in the population.
Source: https://www.newsweek.com/americas-population-time-bomb-1898798