The population of the United States is getting older. In 1950, when the baby boom was just getting underway, 8.2 percent of Americans were age 65 or older; now, 12.6 percent are. The U.S. population's aging is the result of two long-term trends: declining fertility rates and increasing longevity. This report presents data and criteria for judging the alternatives for finding the public finances necessary to deal with this new demographic situation. (May 2002)

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