Report on the Economic Impact of an Aging Population in the USA

This report examines the economic impact of an aging population in the USA. The author investigates the potential shortage of the labor force due to the retirement of baby boomers. The report outlines the methodology for gathering data from various research organizations, including the associated costs. The analysis explores the workforce distribution and the impact on the economy. The author proposes solutions such as raising the retirement age, encouraging women to participate in the workforce, improving healthcare services, and promoting youth savings and investments. The report emphasizes the need to address potential workforce challenges and suggests strategies for maintaining economic stability in the face of demographic changes. The author also discusses the dissemination of the report's findings through social media and seminars.

Running Head: MEMO 1
Memo
Insert Name
Institution Affiliation
Date

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MEMO
Memorandum
Memo To: Project Instructor
From: Your name
Date: 04/04/2019
Subject: Addressing the Economic Impact of Aging Population in the USA
As Murdock, (2018) states, the problem of a majority aging population in the USA may be an
indication of a possible shortage of labor force in the near future. In regard to the requirement
of all students by the department of economics and business studies to fulfil all the
requirements leading to an award of respective honors, I will study the impact of the majority
aging population on the country’ s economy and propose solutions thereafter. The baby
boomers who are the majority are expected to have retired in the next few years. In my study,
I will evaluate the age group which is prevalent in the skilled, semi-skilled and unskilled
labor market. Consequently, I will propose possible solutions depending on whether the fear
of diminishing labor force is probable or otherwise.
I will gather and analyze reliable data from different opinion research organizations
operating in the 50 American states to ascertain the workforce distribution in terms of age. In
this case, I will write emails and consequently make phone calls requesting for information
based on the statistics in their possession. Assuming that all the factors are constant I would
spend US $ 1000 to acquire all the data. Due to the bulkiness of the data, I would require to
hire 10 data analysts to participate in analyzing the data at a cost of US $50000. The results
of the data will determine the next move I will take. If the baby boomers contribute most of
the workforce in all sectors, urgent solutions need to be sought to prevent a workforce crisis

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in the near future. On the contrary, if the majority of the workforce is provided by the youth
and middle age group, then there is no need for alarm.
Positive results of the data analysis will probably insinuate that reasons likely to be fuelling
the current trend be identified and equally antagonistic proposals integrated. I will evaluate
the state of the health care system and the social system in general; increased life expectancy
can be attributed to good health care. On the other hand, a reduced fertility rate can be
attributed to increased awareness to get 1 or 2 children hence the decrease in the young
population in developed nations.
Lent, (2018) emphasizes that there is a need to deal with the likely diminishing of the
workforce in the near future. I propose that the retirement age is raised, women to participate
more in the workforce, improvement of the health services for all population and encouraging
the youth to save and invest from an early age. I would disseminate the information through
social media and holding seminars to enlighten the people.
Best Regards
Your name

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MEMO
References
Lent, R. W. (2018). Future of work in the digital world: Preparing for instability and
opportunity. The Career Development Quarterly, 66(3), 205-219.
Murdock, S. H. (2018). An America challenged: Population change and the future of the
United States. Taylor & Francis Group. Routledge.