Summary and Implications

Abstract

This chapter begins with a summary of the findings for each of the preceding chapters. It then demonstrates that the negative effects of demographic change can be overcome through measures to reduce levels of socioeconomic inequality between racial/ethnic groups. It indicates that higher levels of income are associated with higher levels of education for all racial/ethnic groups across occupational groups. It shows that past growth rates from 1980 through 2010, if continued through 2060, do not close the socioeconomic gaps between racial/ethnic groups or lead to levels of economic growth equal to those of the past. Further results indicate that current patterns of growth in aggregate household income, aggregate net worth, mean household income, net worth per household, consumer expenditures and tax revenues per household have not kept pace with household growth and decreasing per household values. Only poverty rates exceed the growth rate in households. The analysis shows net reductions in per capita and mean household income, consumer expenditures, employment in higher skilled occupations, and educational attainment levels in 2060 compared to 2010 if rates for 2010 are applied to 2060 population bases, but increases if average 1980–2010 rates were to characterize the future. Finally data are shown that demonstrate that the highest rates of economic growth will result from complete closure of socioeconomic levels between minority and nonHispanic Whites.