Final answer:
The U.S. workforce is not declining over the long term; despite economic downturns like the Great Recession, the unemployment rate has not shown a sustained upward or downward trend and the number of jobs has grown from 71 million in 1970 to 145 million in 2014.
Step-by-step explanation:
The question revolves around whether there is a decline in the U.S. workforce. To answer this, we must look at historical data for context. Between 1900 and 2017, the U.S. population increased significantly, while the share of adults in the paid workforce also rose, particularly with the inclusion of more women. Moreover, despite various economic shifts, like globalization and technological advancements, the overall number of jobs has grown. The unemployment rate has not shown a long-term upward or downward trend, as one might expect with a declining workforce.
During the Great Recession of 2008-2009, unemployment did spike, with a rise from 6.8 million unemployed individuals in May 2007 to 15.4 million in October 2009. This period saw a temporary downturn with small businesses closing and layoffs peaking. Yet, the United States' economy recovered, with unemployment dropping to under 5% by the end of 2016, and the number of jobs increasing from 71 million in 1970 to 145 million in 2014.
These patterns show that while the U.S. has encountered economic downturns leading to temporary increases in unemployment, over extended periods, there has been no sustained decline in the number of jobs or workforce participation rates. The U.S. labor market's resilience and ability to recover post-recessions suggest that the workforce is not steadily declining.