What might the U.S. economy look like by 2060 if birth rates keep declining?

Supporting details:

• Labor Shortages: Fewer young people entering the workforce would result in a smaller overall labor pool, potentially leading to difficulties in filling jobs and maintaining productivity.
• Aging Population: The proportion of older individuals would increase relative to younger, working-age people, placing greater demands on social support systems.
• Slower Economic Growth: A shrinking and aging workforce can reduce overall economic output and innovation, leading to lower GDP growth rates.
• Fiscal Strain: Public finances would face increased pressure due to higher expenditures on social security, Medicare, and other age-related services, with a smaller tax base to support them.
• Shifts in Demand: Consumer spending patterns would likely shift from goods and services catering to families and younger demographics towards those focused on healthcare, retirement, and elder care.
• Increased Automation and Immigration: To counteract labor shortages and maintain economic output, there might be a greater reliance on automation and a potential need for increased immigration to supplement the workforce.