Working Past 65
In a recent article "Economic growth means working longer" by Heather Scoffield it points out that in the next few decades people will have to work longer in order to maintain economic growth. Alan Greenspan the former US Federal Reserve chairman spoke of this topic to a group of businessmen in Toronto. This article mentions that we are at the cutting edge of technology and because of this; it is hard to have big growth because of technology. The next place to look for economic growth is to have more workers working. This is not a possibility because the baby boomers are in the workforce right now and the population growth is dwindling. The only answer to maintain economic growth is to work longer. Is Greenspan being a little pessimistic or is this something that the younger generations should start to look forward to? Are those of us entering the workforce going to be working until we are 70 or 80 years old? People are starting to live longer, why not work longer? This to me seems a little pessimistic. I believe that we as a human race will always find ways to be more productive. Technology, although we are right on the cutting edge, will still continue to improve and to help maintain this economic growth. That will be supplemented by more efficiency in the work environment due to learning curves and the struggle for people to get more for less. I think people may choose to work longer and this will be part of the economic growth, but I do not think it will be a consequence.