How baby boomer retirements change the economy

Baby boomers' retirements are reshaping the U.S. economy, and policy changes must adapt to that reality, write Kenneth Baer and Jeffrey Liebman, both former Office of Management and Budget executives. Spending on Medicaid, Medicare and Social Security, for example, is growing in large part because boomers are retiring. In addition, the dynamics of the labor market are different now that boomers are exiting.

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