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Declining fertility rates also mean it will be harder to bear the brunt of Social Security payments, particularly as boomers age into retirement. Baby boomers are estimated to exert "peak burden" on the US economy in 2029, which is when all boomers will be 65 or older.
"We will have a great deal of trouble figuring out how to pay the retirements. The promised retirement payments for senior citizens Medicare and Social Security are going to go in vast deficits," Buchholz added.
If the birthrate doesn't increase soon, he estimates there will eventually be two full-time workers for every retiree, down from around 20 workers per retiree in the 1930s.
"That is simply not sustainable," he said.