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If that were true, then baby boomers should be leaving a poorer American economy.
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Not necessarily. I don't think the crests and troughs would correspond to the retirement of the previous generation, but rather the peak years of production around an average age of 43. As the more efficient generation slowly leaves the workforce we will see a more gradual decline than would be intuitive because there isn't a perfect line between generations. The farther you go from the main 'bump' the less productive the workers, but it's a gradual decline in and of itself. We are just now entering a downstroke in the cycle, our economy has been good overall but it's heading downhill.