Baby boomer is a name that was used to refer to the population of America after the year 1945 when the World War 2 ended. They are approximately 45 to 63 years of age. During this period, there was an increase in population and consequently an economic growth. These are the times in America when the number of people in America and other nations had risen and there was a boost in their economy. Infrastructure, employment and the general living standards of an average American improved with the increase in economy.
The term baby boomers was put in use in the year 1974 when the promoters acknowledged the output and the high demands of the youngsters. They were the last generation to revolutionize the society. They were brought up in a safe environment full of prosperity. By the year 1960s they were grownups and had great beliefs on the ideas of growth, transformation and development. They go for promotion by working for many hours and being loyal to the nation. Today this group of individuals referred to as baby boomers are the biggest generation and forms the majority of the working class group. Boomers are hopeful since they were brought up at the time when mothers were to be home while fathers worked hard in various workplaces. They are therefore holding on to the belief that the higher the number of hours one works the higher the amount one is paid.
Boomers were born to the fathers who fought during the 2nd world war. They were fighting for their brothers and sisters who still had a long life to live in future. They fought against corruption, financial exploitation. The boomers were to carry on the tasks of their fathers after the world war. They were not to eat fast foods keep the environment clean and fight acts of corruption to the bitter ends. They were to be educated to greater levels of learning and educate the generations to come. This generation is associated with the redefinition of traditional family values and privileges. They are less likely to have bigger families like their parents as they have few adult children and most of them are living as single parents.
Baby boomers tend to have a huge impact on the Past and future economy of America. Some of these demographic factors include immigration and Age. Baby boomers are mostly within the ages of 45-63. This is the age of retirement and moving out of cities. This immigration has major impacts on the economy in a number of ways. Immigration causes decongestion of populations to the targeted non metropolitan counties. In line with this immigration, they must plan for housing facilities, transportation, and infrastructure improvement, healthcare and social amenities. Since most of them are of retirement age and therefore become empty nests, their lifestyles are predictable in that they plan and budget for their spending, unlike other adults. The main explanation of this baby boom is that during this time, there was a sharp increase in male income with a decrease in female income. Some suggestions are also offered that there was an increase in fertility level with the increase in economy at this time but this argument is not substantive as there has been a decline of population growth with an increase in economy.
The major favors of their immigration to counties are employment opportunities, scenic amenities as ways of relaxation and proximity to large cities. Local governments make investments for social services, healthcare and other amenities they may need. A surge in population growth however has the negative impact of suffering from lack of planning and strained monetary resources.
Impacts of baby boomers on the future of America include but not limited to employment, natural amenities and recreational facilities, demographic factors and regional variations. Most of the areas they migrate to tend to offer employment opportunities and business opportunities to the locals. Old baby boomers are beyond the employment age, while the younger one are still employed and are at child rearing ages. They are therefore attracted to areas with employment opportunities. High labor markets and inputs consequently increase the economy of the country.
Natural Amenities and recreational facilities areas with high social amenities and scenic views attract more baby boomers hence increasing the population in that area. With the population, other economic and social areas are bond to improve.
Age increases the rate of migration as most of them get tired with the hustle of city life; they then migrate to non metropolitan counties hence reducing the population in cities. This reduces the stress on social amenities in cities while increasing the pressure at their destinations. The final impact of baby boomers to America’s future is the regional variations. Regional variation refers to distinctive population context and continent that saw baby boomers reside in one particular area where as other age groups reside in another part of the country. Baby boomers mainly reside in non-metropolitan counties, slightly far from the major cities. Because of the above factors, it is clear to note a variation in regions between those that host the old and those meant for the younger generations.
Baby boomers are generally attracted to residential areas with cultural opportunities, reasonable housing costs, scenic and recreational amenities that support outdoor activities. In connections to their impacts on the future of America, are their economic effects to the country and its future. Their economic effects are presented in growth models that explain there changing way of lives in response to the economic advancement of America. These models are neoclassical growth model, the dependency ratio model and the overlapping generations’ model.
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The neo-classical model
This model relates the population growth rate to economic growth rate. It states that each individual provides labor in-elastically. During this period of baby bloomers which is approximately 15 years, this model predicts a high economic growth in relation to population growth, this model however fails to address retirement of baby boomers which was quite significant to America’s economy. Following Neo-classical model is the Dependency-ratio growth model.
The variables emphasized in this model are labour ratio, capital and savings. It suggests that a steady capital is independent of labor ratio. However capital is usually depressed by an increase in labor force. Its main weakness however is that it does not incorporate retirement savings and the effects of this in the economy. The last mode discussed in this category is the Overlapping generations growth models. This model covers the after retirement of baby boomers and discusses the continuation of the economy being steady even after that. This is because of the subsequent generations that follow the baby bloomers. This continuation of economy is more so because of the consumption and savings relationship during the bloomer period.
Market value of baby boomers refers to their ways of purchase, what they purchase, where, hoe and the frequency of purchasing these items. Baby bloomers dominate markets in respect to user friendly consumer packaged goods and house hold products. Because they are empty nests, they are more conscious to bargains and goods that are discounted, cash back savings and saving coupons. They also buy in relation to social security benefits. Their average age is 49 hence their interests in housing projects and home ownerships. They are listed to listen to radio a little more than other adults. A big percentage are not able to afford the housing and healthcare they require, therefore most of their savings are channeled to products that either reduce life threatening disease and illnesses, and housing with less maintenance.
For vacation, baby boomers engage in outdoor activities like camping, going to the beach, shopping, hiking, golfing, and visiting historical scenes, among others. Their main health concerns are heart disease, eyesight and vision reduction and aging. This makes them vulnerable to operations and products that reduce the above. The Golden years for baby boomers are their active working years when they accumulated wealth and became actively involve din the rising economy of America. These years when they went to better schools, got better health care systems compared to the parents, and were raised in better neighborhoods. America as a country also saw golden years by the improved living standards of its citizens, expansion of trade with other countries, rising economies, improved infrastructures, communication and relationship with the neighboring countries.
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In order for America to maintain its golden years, there are certain adjustments and improvements she need to do. Social security and Medicare payments to wealthier members of the society must be reduced. The retirement age must be raised to coincide with the life expectancy age. It is also important to restrain the accelerating healthcare costs and an open immigration policy maintained. A golden opportunity is an opportunity to work and gain handsomely in America. After the economic growth, America became a wish destination to many people because of its opportunities in job placements and the high incomes related to it. Educational facilities were improved with American Universities topping charts for best Universities in the world. Because of these, it attracted many immigrants and investors. These improvements and can be related to the activities within the baby boom period.
After retirement, baby bloomers remain physically active and are known to engage in societal activities like teaching, and offering guidance to teenagers, the minorities, disadvantaged members of the society. Unlike their parents, baby bloomers are better educated, have increased life span and are quite eager to pursue new passions even after retirement. They are able to return to workforce after retirement and are mainly involved in some form of money generating activities.
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Future prospects of the baby boomers are a major concern for the American nation as a whole. This is because if the population of retirees is more than that of the tax payers, then there will be undue pressure on the federal government in its bid to provide the welfare for its dependants. This pressure will later hinder growth of investments, productivity and wages. In comparison to their parents, baby bloomers are considered better of as is likely that they will be able to maintain their lifestyle through out their life time. This is because they saved more compare to their parents and had better employment and business opportunities.
Baby boomers are amongst the wealthiest citizens of America as at today and live in better homestead, running companies and employing others. They are administrators, CEO, and managers. The old people are retired and reside outside the cities. Amongst baby boomers widely known are Oprah Winfrey, president Obama, Bill Gates, CEO of IBM and CEO of Electra Paul Allen among others. This is not to say that there are no poor boomers. There actually one tenth of boomers who are high school dropouts. Approximately 18 million boomers are members of racial minorities.
Since baby boomers delay retirement, this reduces their need for retirement savings and increases their social security benefits by some percentage. They are therefore not likely to over depend on the government and this raise hope for their future, especially the security if their future in monetary form.
Baby boomers are adequately active members since childhood and are not know to sit or idle around. This lifestyle is ensuring by their continuous hard work to gain property and wealth in a growing economy. They therefore will go to restaurants, movies and golf course instead of sitting or idling, way after retirement. Their nutrition mainly contains a 1.5 g protein per kg body weight. This protein consumption is high in Amino acid to overcome age resistance and build strong muscles. They also watch chronic disease by their active lifestyle.
In conclusion, baby boomers refer to the post world war two periods, and those born within this period are referred to as baby boomers. This period is characterized with high birth rates, high income levels and an increase in economy and improvement in the living standards of many Americans. Those born within this period also have general characteristics. They are goal oriented because of the increased educational and financial opportunities. They are generally competitive especially in the workplace as they believe in prestige and work position, equating the two with self worth. Baby boomers are confident, independent, and self reliant. Compared to the generations before them and after, baby boomers are work centric and quite committed to their work places; they are hard-working and always strive to climb the corporate ladder at work. Because of this mind set, they have been major contributors to the rise in economy and other sectors in America.