GDP growth remains below trend and even with the recent
tax reform that was passed in Washington, DC, it may seem as though the economy
is relegated to a low-growth trajectory. However, as it turns out, the economy
is agnostic to politics in the long run. Prosperity is ultimately determined by
deep-seated, secular phenomena; namely, demographics and productivity. Because
demographics change slowly over time, the potential effects on growth may be
reliably forecast. Can understanding demographic changes reveal the likelihood
of returning to a 3% trend growth?