Final answer:
The retirement of the baby boomer generation will increase pressure on the Social Security program and may affect the standard of living for Americans. A smaller, younger workforce will need to support more retirees. Job markets requiring advanced degrees like psychology may see growth opportunities as baby boomers retire. The correct option is d. 20% growth expected
Step-by-step explanation:
As the baby boomer generation retires, a significant demographic shift occurs, impacting various aspects of the economy and job market.
For the Social Security program, there will likely be increased pressure due to a higher ratio of retirees to workers, potentially leading to larger budget deficits unless adjustments are made in revenue collection or benefits.
Additionally, the standard of living for the average American may be affected as a smaller, younger workforce is burdened with supporting a larger retired population. This demographic shift may also influence wages and employment, with the potential for changes in demand leading to wage adjustments.
Regarding the job market for psychologists, as this question specifically asks about projected job growth rates, it does not directly inform about the impact of retiring baby boomer psychologists.
However, referencing employment projections related to education, jobs requiring higher degrees like a master's or professional degree are expected to see growth of around 20 to 22 percent, which suggests that as baby boomers retire, there could be opportunities for growth in fields that require advanced education, like psychology. The correct option is d. 20% growth expected