1. Baby boomers retiring; i.e. less investment and more consumption, both public & private. That will pressure stock & bond markets and also public debt (social security + medicare deficits)
2. Demographic shift: more births (and immigration) are from less educated, less skilled and lower earning families. Look at high and increasing school dropouts, unwed/teen births as indicators. Lower quality Human Capital will gradually shift our GDP per worker lower.
