Saturday, September 30, 2017

What benefits have the baby boomers provided to the Canadian society and economy?

A baby boomer is a person born between the years of 1946 and 1964. The baby boom period was characterized by the explosion of births across various countries worldwide, following the end of the Second World War. It is generally thought that the baby boomer phenomenon came about as a result of the feeling that there would exist a period of peace and stability, that would be conducive to the growth of families.
According to Statistics Canada, the baby boom period lasted for about 20 years, during which more than 8.2 million babies were born. At that time, the average number of children per woman was 3.7. This is higher than the current 1.7 children per woman. The 2011 Canadian census revealed that about 29% of the Canadian population comprised of baby boomers.
The baby boomer generation has impacted the Canadian society and economy in many ways. As the baby boomers grew up, there was an increased demand for education. This meant that more schools had to be built and teachers employed to meet this demand. When they started working, their numbers put pressure on the job market, resulting in increased unemployment. They also created a market for fast foods, popular music, and cosmetics. Since most of the baby boomers today are approaching retirement, there are budgetary concerns related to their retirement benefits. The government will have to contend with a smaller base of taxpayers versus rising costs from retiring baby boomers. It will also be difficult to replace retiring baby boomers that possess key skills in vital areas.
While most baby boomers will retire healthier than other generations, the sudden change from producers to consumers, within this large generation can greatly dent the economy of Canada. The workforce will shrink resulting in slow economic growth. However, immigrant workers have helped to fill the void left behind by the retiring baby boomers. Also, retirement ages have been increased to allow workers to stay in the workforce longer.

No comments:

Post a Comment

Why is the fact that the Americans are helping the Russians important?

In the late author Tom Clancy’s first novel, The Hunt for Red October, the assistance rendered to the Russians by the United States is impor...