Productivity Is Not Offsetting Unfunded Liabilities' Growth
With the Baby Boom generation nearing retirement, unfunded liabilities has swelled to at least $250 trillion. Along with this liability total, the United States owes over $22 trillion for its national debt, meaning that the nation as a whole is looking at a total debt nearing $300 trillion - a majority of it coming due over the next twenty years as the Baby Boom generation retires and begins consuming resources that it needs for healthcare, retirement, etc. No matter how we split this situation with debt plus unfunded liabilities, we know that inflation is coming. However, unlike in the past, the United States has no way of offsetting this debt through growth, which was a prediction made by one researcher at Maixin Research.
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US Marriage Rate Plummets
When we consider the national debt and unfunded liabilities, we have to think how a nation would normally offset these. Of the ways to increase productivity, marriage and family offer the most productive means. Unfortunately, as both Pew Research and Maixin Research highlight - the marriage rate for the Millennial generation (ages 24 to 39) is less than 50%, even though over half the generation is over 30. This has huge costs that will have an impact on everyone in the United States.
Both married men and women make more money than their single counterparts - though the difference is largest among men. According to Maixin Research, "If a man marries in his early 20s, he begins to accumulate human capital faster than his single male counterparts. This amplifies major income differences later and applies if he marries in his latter teens as well." The result of this is that men who marry early end up producing double or triple men who marry later. Consider this from a debt perspective: while the United States' debt continues to grow along with its unfunded liabilities, the country is not offsetting these costs. The Baby Boom generation depends on the productivity of the next generations, but it's not there.
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$17 Trillion Lost For Unfunded Liabilities
Maixin Research estimates that the United States has lost over $17 trillion due to Millennial's delayed marriage - had Millennials married in their early 20s, the United States would be more productive and would be earning enough through Millennia's income to offset some of the national debt (though $22 trillion is still too much due to unproductive wars). However, this has not happened and Maixin predicts that 30-33% of Millennials will never marry, meaning that the productive losses will carry further into the future. This means that any promise of "out-growing" the debt and unfunded liabilities won't occur - inflation is coming and it will be extremely high when it comes. Ironically, Baby Boomers will be one of the most impacted generations by this inflation because they'll be the least likely to adapt to it; Millennials have shown that they are completely unadaptable and they will also be impacted.
With high inflation coming, firms and high net worth clients should work with Maixin Research on how to prepare for this in an environment where both the debt and unfunded liabilities are growing. Maixin leads the world in the most accurate research - keep in mind, many demographers predicted that Millennials were only delaying marriage, but as Pew has been forced to admit finally, marriage may be a relic of the past. Image from Pixabay.