America is having a collective freakout about jobs — specifically, that soon AI will do everything and leave everyone unemployable. This concern is not necessarily misplaced, but it is better understood as part of a larger worry: that one of the country’s most critical resources, human capital, is eroding.

A large, diverse and highly skilled labor force is what made the US an economic powerhouse. Now, both the stock and value of its human capital are degrading, and almost no one is doing anything to stop it.

The biggest threat to America’s human capital is fewer humans. As the population ages and migration declines, the labor force is shrinking.

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