The evidence for my contention begins with the 25-54yr/old US population, which peaked in December 2007 and remains below that peak ever since (this population is presently about 400k fewer than Dec of '07). However, total US full time employment is now 3.6 million above the previous peak in 2007. This 25-54 to FT employment relationship is now 1:1...just as it was in 1980 and 1970.
Taking a look at the annual 15-64 population growth should be pretty telling. 2008 wasn't a debt crisis...it was an end of an atypical period of abnormally high growth which so many had assumed was in fact "normal".
The chart below taking the 8 year changes in the wider 15-64yr/old US population vs. full time employment.
But the absence of a growing consumer base isn't just a US issue...this is a global problem. The annual growth of the 0-64yr/old population of the combined OECD nations (most the EU, US, Canada, Mexico, Chile, Japan, S. Korea, Australia / New Zealand) plus China, Brazil, and Russia show the growth that has driven nearly all economic growth has come to an end...and begins declining from here on. And when importers are shrinking, exporters have no one to export to...and on and on and on. A recent article helps to detail the depopulation we are now facing...not simply a demographic issue that so many believe, HERE.