The chart below details full US population growth (%) versus US GDP growth (%). The '98 peak in population growth and deceleration since is clear. But given the low labor force participation rate among 65 to 74 year olds and just 8% labor force participation rate among 75+ year olds...a fresh look at the population growth is necessary. Those who claim the US need create 225 thousand jobs monthly to keep up with population growth are totally off base given the changes in US demographics. The present reality is that the US need only create about 40 thousand jobs monthly, as this is the actual monthly growth in the labor force!
For those curious to see the change in the segments isolated. The large decelerations of growth among the 0-64 year olds prior to the last two recessions and now the decelerating growth among the 65 to 74 year olds is disconcerting. But the imminent shift to the majority of growth among 75+ year olds is an obvious and forseeable economic catastrophe.