Fewer people working because they have elected to retire makes it more difficult to cure the economy's supply-demand imbalance.
The baby boomers are hitting their retirement years, and that may make it more challenging — and economically costly —With retirements driving slow labor force growth, more of the burden of bringing inflation down will fall on the Fed's efforts to reduce demand — meaning a more severe downturn than might occur otherwise.
The generations coming behind them are smaller and immigration rates have fallen, making for a less favorable "dependency ratio" of those working to those not.
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