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Much more significant is the inflection in the curve of the country's working-age population.Given that immigration, or "open borders", will be more limited by policy, the jobs part of the lower-tax promise becomes a bit problematic. When Mr Reagan became president in January 1981, there were 144,346,000 people in the US working-age population. Even if there is a fantastic and unexpected baby boom among the native-born population over the next 10 or 15 years, it will not be possible to replicate the Reagan jobs magic. According to the Pew Research Center, without the originally projected immigration to the US, the working-age population will decline by about 18m people by 2035 . Neither Mr Bannon nor Ms Ghilarducci are particularly pro-Wall Street or solicitous of investment managers. Financial people have a problem when both the right and the left do not trust them to manage the economics of an ageing work force.Unfortunately the simple arithmetic of the shrinking working-age population says that is not true.The current political noise is really about having too few young people to support old people.
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