The world's new population time bomb: too few peopleAnd again on Tuesday's front page:
Ever since the global financial crisis, economists have groped for reasons to explain why growth in the U.S. and abroad has repeatedly disappointed, citing everything from fiscal austerity to the euro meltdown. They are now coming to realize that one of the stiffest headwinds is also one of the hardest to overcome: demographics.
Next year, the world’s advanced economies will reach a critical milestone. For the first time since 1950, their combined working-age population will decline, according to United Nations projections, and by 2050 it will shrink 5%. The ranks of workers will also fall in key emerging markets, such as China and Russia. At the same time the share of these countries’ population over 65 will skyrocket.
Previous generations fretted about the world having too many people. Today’s problem is too few.
A nation of 1.4 billion faces a labor shortageNo, it is crazy to worry about China not having enuf people. Most of its problems, from water, energy, natural resources, pollution, politics, and everything else stem from too many people.
Last month, China announced it was abolishing its decades-old policy restricting most couples to one child. But that won’t likely put much of a dent in the country’s looming demographic problem because relatively few Chinese prefer to have more than one child, economists note — and it will be at least 16 years before any additional babies make it to the job market.
Are they worried that companies like Apple will have a harder time hiring Chinese workers for a dollar a day? They should not be, as robots will be soon doing those jobs.
These same people are always pushing immigration into Europe and USA, in order to drive down wages and supply cheap labor to businesses. That may be raising the GDP, but it is lowering the average standard of living.