(AmericanProsperity.com) – When the coronavirus pandemic and stay at home orders hit America in mid-March, many jokes were told about the baby spike that would follow in nine months. But, that’s unlikely to happen. Instead, there may actually be a COVID ‘baby bust’ that could greatly influence America.
Since 2015, the US population has barely increased. It only went up 0.48% from July 2018 to December 2019. Even that number seems large compared to what we could face this year.
Around 3.8 million births occurred in the US in both 2017 and 2018. In 2019, the estimated number of births is 3.75 million. Now, there could be a decrease of nearly half a million babies in 2020. This, combined with other factors, could stall the population growth to almost zero.
Why the sudden drop in births? The coronavirus pandemic brought on an economic recession that hit certain industries, like hospitality, incredibly hard. With job insecurity on the rise across the board and other unknowns, such as the 2020 election outcomes, people are choosing a fiscally-responsible option: not having children.
This is backed up by various studies that show when income or housing wealth increases, so does the number of children born per person. Similarly, when rent is hiked or income decreases, the number of births drops.
Children’s Effect on the Economy
While the number of children one has is a personal choice, that decision affects everyone. In the coming years, the American workforce will be shrinking. In turn, there will be fewer students in college, forcing many colleges to adapt or close. Likewise, companies must also find the right mix of technology and human-power to keep going with a shrinking workforce.
This also affects government programs and strategies. Social Security has more people claiming benefits and fewer people paying into the system. This trend will continue for quite some time.
Our national debt is also increasing daily, but the amount of people to eventually pay it off is decreasing. What kind of burden are we leaving for future generations?
As Americans secure our businesses, future, and liberty, we must be prepared for the shrinking population and how to adapt. However, with American ingenuity and the competitive spirit of capitalism, we will succeed.
~Here’s to Your Prosperity!
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