Just as baby boomers are reaching retirement or fleeing the state, a dearth of children threatens to turn the Golden State into the golden years state with potentially dire economic consequences.
California was once a leader where the “next big thing” would happen and then migrate to the rest of the country.
With an economy among the world’s largest if it were a separate country, it in a sense still is, having already gone over its own fiscal cliff, beset by low growth, high taxes and regulations, an exodus of business and population, and a staggering debt of unfunded liabilities.
As the basic transformation of America promised by President Obama continues, California offers a glimpse into the future of what happens when governments operating on progressive socialist ideas start running out of other people’s money. To make matters worse, California is about to run out of those “other people.”
In 1970, children made up 33% of California’s population, a number that’s expected to shrink to just over a fifth by 2030, a report by the University of Southern California and the Lucile Packard Foundation shows.
That year California averaged about 21 seniors per 100 working age adults. By 2030, that number is predicted to rise to 36% of working age adults. This birth dearth means there will be fewer people pulling the wagon that state government is inviting more people to ride.