Final answer:
The 'graying of America' refers to the rapid increase in the proportion of the U.S. population over 65, which has grown at twice the rate compared to the rest of the population. This shift has implications for policy and the economy as the old-age dependency ratio increases.
Step-by-step explanation:
The proportion of older Americans has grown at a rate that is twice the rate of the rest of the population. This trend is expected to continue, a phenomenon known as the "graying of America." This term refers to an increasing percentage of the population over sixty-five years old. In fact, the elderly population has experienced a tenfold increase, while both the total population and the population under sixty-five years old have only tripled. These demographic shifts are significant because they influence major policy decisions and affect the day-to-day life of Americans.
It is projected that the dependency ratio, which is the number of people 65 and older to every 100 people of traditional working ages, will rise significantly, indicating a greater potential burden on the working-age population. Additionally, life expectancy has played a role in this demographic shift, with average life spans increasing and the number of centenarians growing rapidly.