The Baby Boom appeared when the s
oldiers came back to their home from the war. The term “Baby Boom” usually refers to the dramatic post world war ll baby boom between 1946 and 1964. According To Wikipedia, there are an estimated 78.3 million Americans who were born at this time period. You can see the graph on the right side of the post how it grew dramatically in that time period.
This event is very important because it changes the market and the society. First, the market has greatly impacted by the baby boom because as more babies born, there will be more baby supplies and more hospitals for babies. And as time passes, the baby boomers will grow and the market will lean more into teenager interests such as bags, club, and so on. Finally, when they get older, and become elderly, there will be more nursing homes.
Second, it also chaged our society. As baby boomers became teenagers and young adults, they wanted the society to be changed. There was a movement to get away from conservative 1950’s and eventually resulted in revolutionary ways of thinking and actually changed the hackneyed American life. Boomers’ new ways of thinking affected education, lifestyle, laws and entertainments. Many of revolutionary ideas which began by Baby Boomers are still continuing to develop these days.
China’s Mao said “Many hands make light work.” Yes, but more people also mean more resources need to be prepared for these people. I remember I saw a piece of news mentioning that the first baby boomer filed early retirement on Oct 15, 2007. There are more than 78 million boomers are going to retire in next 15 years and it gives big pressure to our social security system.
From the 1950s to 1960s, it may be good for society at that time since more people meant more businesses. However, anything has its dual characters. When baby boomers become old, it’s a big trial to our social security system, which needs to evaluate if the system has sufficient funds to satisfy all those baby boomers. Report says our social security system may run out of money in 2017. So, how can our government deal with this crisis? How can boomers prepare their retirement life? It is a big issue both for our government and retirees.
More and more people rely on social security benefits for their retirement. It is crucial for boomers to get less benefit after their retirement. Federal and state governments shall find a way to fund the social security system before it is too late.