This has significant implications for the labor share of income in the economy. Generally speaking, it means higher profit margins and a lower labor share of income. Second, throughout the developed world, including the United States, the population is aging. There is an unprecedented share of the population living past 65 years of age, when people tend to leave the workforce. When the US social security system was created in the 1930s, most people barely made it to retirement age. The duration of retirement was just a few years on average. Today, it’s not unusual for people to spend 20 years
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