The Birth-Rate Crisis Isn’t as Bad as You’ve Heard—It’s Worse

First, the bad news: Global fertility is falling fast. The aging populations of rich countries are relying on ever fewer workers to support their economy, dooming those younger generations to a future of higher taxes, higher debt, or later retirement—or all three. Birth rates in middle-income countries are also plummeting, putting their economic development at risk. Practically the only countries set to continue growing are desperately poor.