In June, the National Center for Health Statistics released the total number of births in the U.S. during 2015. Given that the economy has been growing for six years since the recession ended in 2009, most economists were expecting the number of births to increase. However, there were actually fewer births in 2015 than in 2014 with the U.S fertility rate (the number of births per 1000 women ages 15 to 44) reaching an all-time low.
Source: Chart produced by the Centers for Disease Control
Altogether there have been 3.4 million fewer births since 2007 than would have been expected if pre-recession fertility rates had not declined. The continuing decline in births has caused economists to worry about its long term impact on society and the economy. Recently, the Census Bureau cut its 2008 projection of the U.S. population in 2050 from 439 million to 398 million, in part because of lower fertility rates. The Social Security Administration has also warned that the decline in births could cause the size of the social security deficit to double because there will be fewer workers to support the rapidly growing retiree population.Read Full Article →