The billionaire, who chairs the world’s largest asset manager, kicked off his 2024 letter to shareholders by telling his readers it is “time to rethink retirement” if they want to dodge America’s looming “retirement crisis”
The billionaire, who chairs the world’s largest asset manager, kicked off his 2024 letter to shareholders by telling his readers it is “time to rethink retirement” if they want to dodge America’s looming “retirement crisis”
The situation is worse than you think. There simply won’t be enough people.
The rate of retirement is already outpacing the rate of new workers by a lot. The rate is only going to get worse because we know how many people were born.
Immigration might be a way to deal with it. The US has been pretty good at using that. Outsourcing dumb production to other countries is another option, it’s what’s kept Japan afloat (Toyotas built in USA for example). But the problem is global. We didn’t have enough babies worldwide, and the boomers have started to retire.
productivity per capita has also been steadily increasing for decades. We have the capacity to produce more with less people, we just waste what’s produced if it can’t be sold for maximum profit.
Not enough people to make up for the loss, although it’s one reason why I don’t agree with datacenter bans. We’re going to need datacenters and llm’s to make up for a lot of missing workforce.