The "graying of America" will substantially increase the fraction of the population that is retired in the decades to come. To illustrate the implications for U.S. living standards, suppose that over the 56 years following 2016 the share of the population that is working returns to its 1960 level, while average labor productivity increases at the same rate as it did during 1960-2016. Under this scenario, what would be the net change in real GDP per person between 2016 and 2072? Year 1960 2016 Average labor productivity 47,263 110,384 Instructions: Enter your response as whole numbers for dollar values and rounded to one decimal place for percentages. Real GDP per person in 2016: $ Real GDP per person in 2072: $ Net change in real GDP per person between 2016 and 2072: $1 Share of population employed 36.4% 46.8% which is an increase of % from 2016.

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