The Census Bureau projects that the American population will clock to 460 million people in the year 2050 compared to 304 million people in 2008. The increased population will also manifest increased diversity, which means that there will be an increase in Hispanics, African-Americas, Asians, and other non-white groups (McConnell et al. 55). The American population is experiencing a slow aging rate, increased diversity and a slow growth rate. In the year 2000 compared to 1950, the American population is constituted of a diversified, older, and female inclusive labor force (Toossi 15). Toossi expects that the future workforce composition will depend on the same influences that affected labor’s size and composition during the period of 1950 to 2000 (Toossi 15).
The Bureau of Labor Statistics projections show an expectation a reduction in the working population of the White Non-Hispanic population from 73% in 2000 to 53 % in 2050. An increase in Hispanic, African American, and Asian populations will occupy the 20% decrease in the White Non-Hispanic population. In addition to the diversification of the workforce towards 2050, the statistics show an increase in women participation in the labor market. The statistics show women’s labor participation as 18389, 65616, and 91545 for the years 1959, 2000, and 2050 respectively (Toossi 16). It is notable that women’s labor participation has been catching up with men’s labor participation over the years. The trend of women’s participation shows that the number of women working will surpass the number of men working after 2050 (Toossi 16).
There is consistency in the working age-group population growth. The 16-24 age bracket account for the least number of participants followed by the over-55 age bracket, then the 25-54 age bracket accounts for the largest labor participants over the period of 1950 to 2050 (Toossi 16). The statistics do not show the number of children that participate in the labor market as was the case in the 1800’s (Hyclak 92). Child labor is illegal.
The increase in the Hispanic and Asian populations will boost America’s fertility rate from 2.05 children per woman to 2.22 children per woman. Increased immigration and fertility levels will reverse the increased aging of the American population (McConnell et al. 55). The projected population growth means that the number of people receiving Social Security benefits will not increase so much against the number of Social Security contributors (McConnell et al. 55). The increased racially diverse populations will need education and training in preparation for entry to the job market (McConnell et al. 55). The increase of non-whites to the population will also change the composition of business owners, managers, and workers. America will also need to tolerate racial diversity in order to maintain high standards of living as well as high rate of labor productivity (McConnell et al. 55). There is an expectation of slow labor force growth between 2000 and 2050 as compared to the rate of growth between 1950 and 2000. There will be an increase in labor growth but at a lower rate (Toossi 15).
Works Cited
Hyclak ,Thomas. Fundamentals of Labor Economics. South Western. 2005. Print
McConnell, C., Brue Stanley, and Macpherson David. Contemporary Labor Economics. McGrawHill.2009. print
Toossi, Mitra. A Century of change: The U.S. Labor Force, 1950-2050. Bureau of labor Statistics. 2002. Print
