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Baby boomer is a descriptive term for a person who was born between the years 1946 and 1964. This generation makes up a substantial portion of the world’s population, especially in developed countries.  The baby boomer generation was born during the prosperous years after World War II, creating a population “boom” that continued for decades due to the substantial economic growth that occurred during this period. 

The growth in population created a secondary spur to the economy. More people created more consumer demand, triggering an increase in production. Average income rose during these decades, which further increased demand. This upward spiral created a long lasting economic boom that raised the standard of living throughout the developed world. 

Now, as the baby boomer generation enters retirement years, it is anticipated that there will be more demands for government and health-related services. The problem, however, is that the baby boomer generation is much larger than the generations that followed. This potentially means that there will not be enough taxpaying workers to support the needs of the aging baby boomer population. 

For instance, during the years baby boomers were in the work force, there were six workers for every one retiree. But it is estimated that by the time the entire baby boomer generation reaches retirement age, that ratio will fall to three workers for every one retiree.

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