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Francisco Cerna-Serrano Prof. Tom Malcomson Working in the 21st Century GNED 1202 3 April 2006 The Labor Shortage Time Bomb The labor shortage time bomb is a phenomenon that is predicted to hit many industrialized countries in the next decade or two such as the U.S., United Kingdom., and yes it will hit us hard here in Canada unless governments take preventative steps now to boost the economy with a new labor force. Left unchecked, this could cripple Canada's economic growth and place government finances under huge strains as the costs of retirement systems will significantly increase. The causes for this labor force shortage that industrialized countries face are all quiet similar. Over the past 25-30 years, in Canada particularly, fertility rates have been below the level that leads to replacement of one generation by the next. In the same period life expectancies have risen and we're now faced with an aging population known...

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