Global Population: Overview
Population is defined as the total number of people residing in a country or region.
In 2020 the global population reached 7.8 billion people. The global population is currently increasing at a low single-digit annual rate. The population is expected to rise at a rate of 81 million people every year. Between 1959 and the 2000s, the world's population more than doubled. In the late 1960s, the annual population growth rate peaked. Since then, the rate of increase has practically halved, and it is predicted to continue to fall in the future years around the world.
Age and Gender Composition
According to World Bank sources, in 2021, 18.4% of the population was below 14 years of age, 65.0% was in the working-age bracket of 15–64 years, and 16.6% were aged above 65 years. The year 2010 had the highest percentage of population belonging to less than 14 years of age and 15-64 years of age bracket. People belonging to the 65 years and above category have been constantly increasing since 2014, raising concern over of aging population in the US.
Aging Population in the US
As the baby boomer generation grows older, the aging population has become a cause for concern in the US. Government financing will be increasingly pressured by the needs of an aging population and a declining labor force. Various studies and information from the Social Security Administration indicate that around one-third of total retirees depend on social security benefits as their sole source of income. This indicates that the burden on government finances will increase. The increasing age of the population has raised concerns among policymakers about social security funds, as the level of expenditure will far exceed contributions to the fund. According to the 2020 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance (OASDI) Trust Funds, the combined trust funds are expected to be depleted by 2035. Therefore, unless the government carries out social security reforms, there will be an excessive burden on its finances.
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